# EDGAR Filing Document

**Accession Number:** 0002098430
**File Stem:** 0001193125-26-142875
**Filing Date:** 2026-4
**Character Count:** 2664910
**Document Hash:** 1fa86fda81f32997bc3b5264d21a996a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-142875.hdr.sgml**: 20260406

**ACCESSION NUMBER**: 0001193125-26-142875

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

**PUBLIC DOCUMENT COUNT**: 63

**FILED AS OF DATE**: 20260406

**DATE AS OF CHANGE**: 20260406

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Madison Air Solutions Corp
- **CENTRAL INDEX KEY:** 0002098430
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294156
- **FILM NUMBER:** 26839530

**BUSINESS ADDRESS:**
- **STREET 1:** 444 WEST LAKE STREET, SUITE 4460
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 512-298-1671

**MAIL ADDRESS:**
- **STREET 1:** 444 WEST LAKE STREET, SUITE 4460
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

[**<u>**Table of Contents**</u>**](#toc_page)

**As filed with the Securities and Exchange Commission on April 6, 2026.** 

**Registration No. 333-294156** 

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**AMENDMENT NO. 2**

**TO**

**FORM S-1** 

**REGISTRATION STATEMENT** 

***UNDER*** 

***THE SECURITIES ACT OF 1933*** 

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**Madison Air Solutions Corporation** 

**(Exact name of registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| **Delaware** | **3564** | **41-2529345** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(Primary Standard Industrial<br>Classification Code Number)** | **(I.R.S. Employer<br>Identification Number)** |

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**444 West Lake Street, Suite 4460** 

**Chicago, IL 60606** 

**Telephone: (312) 262-6374** 

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

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**Jill Wyant** 

**Madison Air Solutions Corporation** 

**President and Chief Executive Officer** 

**444 West Lake Street, Suite 4460** 

**Chicago, IL 60606** 

**(312) 262-6374** 

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

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

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| | | |
|:---|:---|:---|
| **Robert M. Hayward, P.C.**<br>**Robert E. Goedert, P.C.**<br>**A.J. Million**<br>**Kirkland & Ellis LLP**<br>**333 West Wolf Point Plaza**<br>**Chicago, Illinois 60654**<br>**(312) 862-2000** | **John Lavorato**<br>**General Counsel**<br>**Madison Air Solutions Corporation**<br>**444 West Lake Street, Suite 4460**<br>**Chicago, Illinois 60606**<br>**(312) 262-6374** | **John L. Savva**<br>**Catherine M. Clarkin**<br>**Sullivan & Cromwell LLP**<br>**125 Broad Street**<br>**New York, New York 10004**<br>**(212) 558-4000** |

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

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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, 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.

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

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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. ☐

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

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[**<u>**Table of Contents**</u>**](#toc_page)

**The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.** 

**Subject to Completion, dated April 6, 2026** 

**82,692,308 Shares**![img249127520_0.jpg](img249127520_0.jpg)

**Class A Common Stock** 

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This is an initial public offering of shares of Class A common stock of Madison Air Solutions Corporation, par value $0.0000001 per share. Madison Air Solutions Corporation is offering 82,692,308 shares of its Class A common stock to be sold in this offering.

Prior to this offering, there has been no public market for our Class A common stock. We currently estimate that the initial public offering price per share will be between $25.00 and $27.00. We have been approved to list our Class A common stock on the New York Stock Exchange ("NYSE") under the symbol "MAIR."

Following this offering, Madison Air Solutions Corporation will have two authorized classes of common stock: Class A common stock and Class B common stock. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to 10 votes per share and, upon the occurrence of certain events described herein, will be converted into one share of Class A common stock. All holders of Class A common stock and Class B common stock will vote together as a single class except as otherwise required by applicable law or our certificate of incorporation. See "Description of Capital Stock."

Madison Industries Holdings LLC ("Holdings"), an entity controlled by our founder, Larry Gies, intends to enter into a subscription agreement with us pursuant to which Holdings will agree to purchase, and we will agree to sell, in a concurrent private placement transaction (the "concurrent private placement"), $100.0 million of Class B common stock at a price per share equal to the initial public offering price in this offering. The closing of the concurrent private placement is expected to be completed concurrently with the closing of this offering. We intend to rely upon the "private placement" exemption from the registration requirements of the Securities Act of 1933, as amended, provided by Section 4(a)(2) thereof and, accordingly, the shares of Class B common stock issued to Holdings in the concurrent private placement will not be registered under the Securities Act. The underwriters will not receive any underwriting discount or commission on the shares of Class B common stock sold to Holdings in the concurrent private placement.

Immediately following this offering and the concurrent private placement, all of our Class B common stock will be held by Holdings. Accordingly, Larry Gies will control 100% of the voting power over our outstanding Class B common stock, representing approximately 95.2% of the voting power of our outstanding capital stock assuming no exercise of the underwriters' option to purchase additional shares. As a result, we will be a "controlled company" within the meaning of the corporate standards of the NYSE. See the section entitled "Management—Corporate Governance—Controlled Company Status." In addition, pursuant to the director nomination agreement that we will enter into with Madison Industries Holdings LLC in connection with this offering, our founder, Larry Gies may initially nominate all of the directors of Madison Air Solutions Corporation.

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**Investing in our Class A common stock involves risks. See "**[**<u>Risk Factors</u>**](#risk_factors)**" beginning on page 36 to read about factors you should consider before buying shares of our Class A common stock.** 

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**Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.** 

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| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
| Initial public offering price | $| $|
| Underwriting discount<sup>(1)</sup> | $| $|
| Proceeds, before expenses, to Madison Air Solutions Corporation | $| $|

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&nbsp;&nbsp;&nbsp;&nbsp;(1)See the section entitled "Underwriting" for a description of compensation payable to the underwriters.

We have granted the underwriters the option to purchase up to an additional 12,403,846 shares of our Class A common stock at the initial public offering price less the underwriting discount for a period of 30 days after the date of this prospectus.

Counterpoint Global (Morgan Stanley Investment Management), Durable Capital Partners LP and HRTG GPE, LLC or one or more investment vehicles managed thereby (collectively, the "cornerstone investors") have, severally and not jointly, indicated an interest in purchasing up to an aggregate of $525.0 million in shares of Class A common stock in this offering at the initial public offering price. The shares of Class A common stock to be purchased by the cornerstone investors will not be subject to a lock-up agreement with the underwriters. However, because indications of interest are not binding agreements or commitments to purchase, the cornerstone investors may determine to purchase more, less or no shares of Class A common stock in this offering or the underwriters may determine to sell more, less or no shares of Class A common stock to the cornerstone investors. The underwriters will receive the same underwriting discounts and commissions on any of our shares of Class A common stock purchased by the cornerstone investors as they will from any other shares of Class A common stock sold to the public in this offering.

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

***Joint Lead Book-Running Managers***

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

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***Joint Bookrunners***

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| | | | |
|:---|:---|:---|:---|
| **BofA Securities** | **Citigroup** | **Baird** | **RBC Capital Markets** |

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| | | | |
|:---|:---|:---|:---|
| **Guggenheim Securities** | **Santander** | **Wolfe \| Nomura Alliance** | **CIBC Capital Markets** |

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***Co-Managers***

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| | | | | |
|:---|:---|:---|:---|:---|
| **Comerica Securities** | **William Blair** | **Stifel** | **Capital One Securities** | **PNC Capital Markets LLC** |

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**Prospectus dated , 2026** 

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![img249127520_1.jpg](img249127520_1.jpg)

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![img249127520_2.jpg](img249127520_2.jpg)

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![img249127520_3.jpg](img249127520_3.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> According to Ponemon Institute, *Cost of Data Center Outages*, January 2016.<br><sup>2</sup> According to Meegle, *Cleanroom Airflow Strategies,* 2025.<br><sup>3</sup> According to Science News Explores, *Stuffy classrooms may lower test scores,* 2015. | <sup>4</sup> Volatile Organic Compounds (VOCs).<br><sup>5</sup> According to Atmospheric Environment, Volume 345, *Comparative analysis of indoor volatile organic compound levels in an office: Impact of occupancy and centrally controlled ventilation,* 2025. |

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[**<u>**Table of Contents**</u>**](#toc_page)

![img249127520_4.jpg](img249127520_4.jpg)

<sup>1</sup>Financial information presented on a Pro Forma basis solely to give effect to the AprilAire Acquisition as if such transaction had occurred on January 1, 2025. These measures do not give effect to the offering-related adjustments presented in accordance with Article 11 under Regulation S-X and described in detail in the section entitled "Unaudited Pro Forma Combined Financial Information." See the unaudited pro forma combined statements of operations in the section entitled "Unaudited Pro Forma Combined Financial Information" for a description of the adjustments and assumptions underlying the Pro Forma financial information.

<sup>2</sup>Adjusted EBITDA Margin is a non-GAAP financial measure. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by net sales for the same period. For a reconciliation of Adjusted EBITDA Margin to net income (loss) margin presented on an actual basis for the historical periods presented, the most directly comparable financial measure calculated and presented in accordance with GAAP, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures."

<sup>3</sup>FCF Conversion is a non-GAAP financial performance measure. We define FCF Conversion as FCF divided by net income (loss) from continuing operations. For a reconciliation of FCF to operating cash flow conversion — continuing operations, the most directly comparable financial measure calculated and presented in accordance with GAAP, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures."

<sup>4</sup> Based on historical averages of net sales and management estimates. Note: Values are approximate.

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![img249127520_5.jpg](img249127520_5.jpg)

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![img249127520_6.jpg](img249127520_6.jpg)

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[**<u>**Table of Contents**</u>**](#toc_page)

**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | &nbsp;&nbsp;**Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Basis of Presentation</u>](#basis_of_presentation) | &nbsp;&nbsp;ii |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Trademarks, Service Marks and Tradenames</u>](#trademarks_service_marks_and_tradenames) | &nbsp;&nbsp;v |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Market and Industry Data</u>](#market_and_industry_data) | &nbsp;&nbsp;vi |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Prospectus Summary</u>](#prospectus_summary) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>The Offering</u>](#the_offering) | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Summary Consolidated and Unaudited Pro Forma Combined Financial Information</u>](#summary_consolidated_and_unaudited_pro) | &nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Risk Factors</u>](#risk_factors) | &nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Forward-Looking Statements</u>](#forward_looking_statements) | &nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Use of Proceeds</u>](#use_of_proceeds) | &nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Dividend Policy</u>](#dividend_policy) | &nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Capitalization</u>](#capitalization) | &nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Dilution</u>](#dilution) | &nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Unaudited Pro Forma Combined Financial Information</u>](#unaudited_pro_forma_combined_financial) | &nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#management_discussion_and_analysis_of) | &nbsp;&nbsp;86 |
| [<u>A Letter to Prospective Shareholders</u>](#a_letter_to_prospective_shareholders) | &nbsp;&nbsp;114 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Business</u>](#business) | &nbsp;&nbsp;116 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Management</u>](#management) | &nbsp;&nbsp;143 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Executive Compensation</u>](#executive_compensation) | &nbsp;&nbsp;149 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Director Compensation</u>](#director_compensation) | &nbsp;&nbsp;163 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Principal Stockholders</u>](#principal_stockholders) | &nbsp;&nbsp;164 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Organizational Transactions</u>](#organizational_transactions) | &nbsp;&nbsp;166 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Certain Relationships and Related Party Transactions</u>](#certain_relationships_and_related_party) | &nbsp;&nbsp;173 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Description of Certain Indebtedness</u>](#description_of_certain_indebtedness) | &nbsp;&nbsp;177 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Description of Capital Stock</u>](#description_of_capital_stock) | &nbsp;&nbsp;182 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Shares Eligible for Future Sale</u>](#shares_eligible_for_future_sale) | &nbsp;&nbsp;191 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Material U.S. Federal Income Tax Consequences to Non-U.S. Holders</u>](#material_u_s_federal_income_tax_conseque) | &nbsp;&nbsp;194 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Underwriting</u>](#underwriting) | &nbsp;&nbsp;198 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Legal Matters</u>](#legal_matters) | &nbsp;&nbsp;210 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Experts</u>](#experts) | &nbsp;&nbsp;211 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Where You Can Find More Information</u>](#where_you_can_find_more_information) | &nbsp;&nbsp;212 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Index to Consolidated Financial Statements</u>](#index_to_consolidated_financial_stmt) | &nbsp;&nbsp;F-1 |

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Neither we nor any of the underwriters have authorized anyone to provide any information or make any representations other than those contained in this prospectus or in any free writing prospectus filed with the U.S. Securities and Exchange Commission (the "SEC"). Neither we nor any of the underwriters take any responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We are offering to sell, and seeking offers to buy, shares of our Class A common stock only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of our Class A common stock. Our business, financial condition, results of operations, and prospects may have changed since such date.

For investors outside of the United States, neither we nor any of the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about, and to observe any restrictions relating to, this offering and the distribution of this prospectus outside of the United States.

**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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**Basis of Presentation** 

**Organizational Transactions** 

Madison Air Solutions Corporation, the registrant whose name appears on the cover of this registration statement, is a Delaware corporation. In connection with the consummation of this offering, we will engage in a series of transactions that will result in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Madison Air Solutions Corporation owning all of the outstanding ownership interests in Madison Industries IAQ Solutions Corporation ("MIAQ Solutions");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•certain holders of non-controlling interests in intermediary holding entities between MIAQ Solutions and Madison Indoor Air Solutions LLC ("Madison IAS") exchanging their respective non-controlling interests for shares of our Class A common stock and, as a result, each subsidiary in the chain below Madison Air Solutions Corporation becoming wholly owned; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Holdings (as defined below) becoming the holder of all the shares of Class B common stock of Madison Air Solutions Corporation.

Madison IAQ (as defined below), the borrower under our Credit Agreement and the issuer of our Notes (each, as defined herein), will become an indirect wholly owned subsidiary of MIAQ Solutions prior to the completion of this offering. Unless otherwise stated or the context otherwise requires, all information in this prospectus reflects the consummation of the organizational transactions, which we refer to collectively as the "Organizational Transactions," and this offering. See "Organizational Transactions."

Unless we state otherwise or the context otherwise requires, the terms "we," "us," "our," "our business," "the Company," "Madison Air" and similar references refer: (1) on or following the consummation of the Organizational Transactions, including this offering, to Madison Air Solutions Corporation and its consolidated subsidiaries, including MIAQ Solutions and its consolidated subsidiaries, and (2) prior to the consummation of the Organizational Transactions, including this offering, to MIAQ Solutions and its consolidated subsidiaries. Shares of Class A common stock of Madison Air Solutions Corporation are being offered by this prospectus.

**Basis of Financial Presentation** 

Except as disclosed in this prospectus, the consolidated financial statements and other financial information included elsewhere in this registration statement are those of MIAQ Solutions and its consolidated subsidiaries and do not give effect to the Organizational Transactions. We do not expect that the Organizational Transactions will have a material effect on our results of operations.

**Acquisitions and Dispositions** 

On October 7, 2024, we completed the divestiture of Nortek Global HVAC LLC, a leading manufacturer of air conditioning products ("NGH"), to Rheem Manufacturing Company. Madison Air's divestiture of NGH included the sale of assets, products and<br>services primarily related to the design, manufacture and distribution of HVAC systems for the residential and manufactured housing<br>end-markets, as well as associated accessories, controls and replacement parts. The divestiture did not include any brands used in<br>Madison Air's ongoing businesses. Notably, the divestiture did not include the Nortek or Mammoth brands, which continue to be<br>used by Madison Air. Following the divestiture, Madison Air continues to own and operate the Nortek Air Solutions and Nortek Data<br>Center Cooling businesses, which are not part of NGH and remain focused on highly engineered, custom and semi-custom air quality<br>and thermal management solutions for commercial, industrial and data center applications. We do not provide standalone historical financial statements for NGH because they are not required under SEC rules. We classify the results of operations and cash flows of NGH as discontinued operations in our consolidated statements of income and consolidated statements of cash flows for all periods presented. We include the operating results of the divestiture in the Company's results of discontinued operations through the date of divestiture. As a result, the divestiture of NGH may impact the comparability of our period-to-period operating results. The divestiture generated $1,147.8 million of net proceeds, of which $1,000.0 million was used to issue a cash distribution to Holdings (as defined herein) and noncontrolling interests. For additional information regarding the divestiture of NGH, see Note 7 of our audited consolidated financial statements.

On January 13, 2025, we acquired AcoustiFLO, LTD. ("AcoustiFLO" and such acquisition, the "AcoustiFLO Acquisition") for $11.7 million in cash, net of cash acquired, and $1.4 million in deferred consideration. Our audited consolidated financial statements included elsewhere in this prospectus do not include the impact of the AcoustiFLO Acquisition prior to the date of such acquisition. Because this acquisition is not "significant" under applicable SEC rules, we do not provide standalone historical financial statements

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for AcoustiFLO in this prospectus. Accordingly, our financial statements for the period prior to the AcoustiFLO Acquisition may not be comparable to those of the respective periods after such acquisition.

On May 6, 2025, we acquired AprilAire, a leader in innovative indoor air solutions for both commercial and residential environments, for $2,289.2 million in cash, net of cash acquired, $217.3 million in rollover equity, and $90.0 million in deferred consideration, subject to certain customary purchase price adjustments. The AprilAire Acquisition was primarily funded with $1,750.0 million in proceeds from the Incremental Term Loan Facility (as defined herein), which closed concurrently with the AprilAire Acquisition. We include the financial results of AprilAire in our consolidated financial statements from the date of the AprilAire Acquisition. Our audited consolidated financial statements included elsewhere in this prospectus do not include the impact of the AprilAire Acquisition prior to the date of the AprilAire Acquisition. We separately provide audited consolidated financial statements of AprilAire for the fiscal years ended December 31, 2024 and 2023 and unaudited consolidated financial statements of AprilAire for the three months ended March 31, 2025 and 2024. Accordingly, our consolidated financial statements for the periods prior to the AprilAire Acquisition may not be comparable to those of the period after the AprilAire Acquisition. Except where designated as "Pro Forma" or "Pro Forma Adjusted," or as otherwise specifically provided or the context otherwise requires, all information in this prospectus is presented on a historical basis and does not give effect to the AprilAire Acquisition, except for periods following consummation of the AprilAire Acquisition on May 6, 2025.

**Pro Forma Financial Information** 

Certain financial information included in this prospectus is presented (i) on a "Pro Forma" basis to give effect to, where applicable, the AprilAire Acquisition as if such transaction had occurred on January 1, 2025 and (ii) on a "Pro Forma Adjusted" basis to give effect to, where applicable, the AprilAire Acquisition, the Organizational Transactions, the concurrent private placement, this offering, the use of proceeds from this offering and the concurrent private placement, and all other items required to be presented in accordance with Article 11 under Regulation S-X as if such transactions had occurred on January 1, 2025. The historical financial information presented in this prospectus, except where designated as "Pro Forma" or "Pro Forma Adjusted," or as otherwise specifically provided or the context otherwise requires, includes the historical results of MIAQ Solutions and its consolidated subsidiaries.

The unaudited Pro Forma combined financial information of MIAQ Solutions presented in this prospectus for the year ended December 31, 2025 has been derived from the application of pro forma adjustments to the historical consolidated financial statements of MIAQ Solutions included elsewhere in this prospectus. The unaudited pro forma combined statement of income gives effect to the AprilAire Acquisition, the Organizational Transactions, the concurrent private placement, this offering, the use of proceeds from this offering and the concurrent private placement, and all other items required to be presented in accordance with Article 11 under Regulation S-X, as if these occurred on January 1, 2025. The unaudited Pro Forma combined financial information does not account for the AcoustiFLO Acquisition. See "Unaudited Pro Forma Combined Financial Information" for a complete description of the adjustments and assumptions underlying the unaudited Pro Forma Adjusted combined financial information included in this prospectus.

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**Certain Definitions** 

Unless otherwise noted or the context otherwise requires, as used in this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"AprilAire" means Research Products Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"AprilAire Acquisition" means the acquisition of AprilAire on May 6, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Brands" refers to all of the brands that we currently own and, where the context requires, gives effect to all acquisition and disposition activity as if such brands had been owned or disposed for all periods presented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Common stock" means, collectively, the two authorized classes of common stock of Madison Air Solutions Corporation, Class A common stock and Class B common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Co-Investors LLC" means Madison Air Co-Investors LLC, which, following the consummation of this offering, will be managed by Holdings and owned by certain unaffiliated investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Credit Agreement" means the Credit and Guaranty Agreement, dated as of June 21, 2021, by and among Madison IAQ, a wholly owned subsidiary of the Company, as borrower, Madison IAQ II, certain of Madison IAQ's domestic subsidiaries and a syndicate of lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Fifth Amendment" means the Fifth Amendment to Credit and Guaranty Agreement, dated as of November 6, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Founder" means Larry Gies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Fourth Amendment" means the Fourth Amendment and Joinder Agreement to Credit and Guaranty Agreement, dated as of May 6, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Holdings," "Madison" or "Madison Industries" mean Madison Industries Holdings LLC, an entity controlled by our Founder, Larry Gies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"IAQ Holdings" means Madison IAQ Holdings LLC, a holding company with no assets other than the equity interests of Madison IAQ Holdings II LLC, its direct subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"IAQ Holdings II" means Madison IAQ Holdings II LLC, a holding company with no assets other than the equity interests of Madison IAQ Holdings III LLC, its direct subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"IAQ Holdings II Investors" means certain unaffiliated institutional investors, who, prior to the consummation of this offering, own outstanding LLC units of IAQ Holdings II;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"IAQ Holdings III" means Madison IAQ Holdings III LLC, a holding company with no assets other than the equity interests of Madison Indoor Air Solutions LLC, its direct subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"IAQ Holdings III Investors" means certain unaffiliated investors, who, prior to the consummation of this offering, own outstanding LLC units of IAQ Holdings III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Kedge" means, collectively, K.C. Armada, LP and Kedge Capital Principal Opportunities V, LP., an unaffiliated institutional investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Madison IAQ" means Madison IAQ LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Madison IAQ II" means Madison IAQ II LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Madison IAS" means Madison Indoor Air Solutions LLC, a holding company with no assets other than the equity interests of Madison IAQ LLC, its direct subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Madison IAS Investors" means Management Investors with certain other current and former employees and consultants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Madison Industries International" means Madison Industries International Holdings LLC, a direct wholly owned subsidiary of Madison Industries Holdings LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Madison Industries US" means Madison Industries US Holdings Corporation, a direct wholly owned subsidiary of Madison Industries International Holdings LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Management Investors" means certain of our executive officers, including Jill Wyant, JJ Foley and Jeffrey Krautkramer, who, prior to the consummation of this offering, own outstanding units of Madison IAS; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"MIAQ Solutions" means Madison Industries IAQ Solutions Corporation.

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**Trademarks, Service Marks and Tradenames** 

This prospectus includes our trademarks and service marks such as "Madison Air," "Return on Air," "AprilAire," "Nortek," "Big Ass Fans," "Addison," "Broan-NuTone," "Reznor," "Healthy Air System" and the Madison Air logo, as well as trademarks and service marks belonging to our subsidiaries, each of which is protected under applicable intellectual property laws and is the property of us or our subsidiaries. This prospectus also contains trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, trademarks and trade names referred to in this prospectus may appear without the <sup>®</sup> or <sup>™</sup> 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 rights of the applicable licensor to these trademarks and trade names.

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**Market and Industry Data** 

Unless otherwise indicated, information in this prospectus concerning economic conditions, our industry, our markets (including total addressable market ("TAM") estimates) and our competitive position is based on a variety of sources, including information from independent industry analyses, publications, interviews with industry participants, public company data, analyst reports, government reports, as well as our own internal estimates and research. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. While we believe the information presented in this prospectus is generally reliable, forecasts, assumptions, expectations, beliefs, estimates and projections involve risk and uncertainties and are subject to change based on various factors, including those described under "Forward-Looking Statements" and "Risk Factors."

Certain information in the text of this prospectus is contained in third-party sources and independent industry publications including, but not limited to, the third-party sources and independent industry publications discussed below. Such third-party sources and independent industry publications used in this prospectus were not prepared on our behalf. In addition, this prospectus includes references to our TAM on both a consolidated and product-level basis. We calculate our TAM separately for each material business within our Commercial and Residential segments using a variety of methodologies, which are based upon a variety of sources, including information from independent industry analyses, publications, interviews with industry participants, public company data, analyst reports, government reports, as well as our own internal estimates and research.

The sources of these independent industry publications are provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A1 Mechanical Heating & Cooling, *How Often Should Your HVAC Be Serviced?* (August 2024);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Atmospheric Environment, Volume 345, *Comparative analysis of indoor volatile compound levels in an office: Impact of occupancy and centrally controlled ventilation* (2025);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•CBRE, *Global Data Center Trends 2025* (June 24, 2025);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Grand View Research, *HVAC Systems Market (2026-2033) Size, Share & Trends Analysis Report By Equipment (Heating, Cooling, Ventilation), By Application (Residential, Commercial, Industrial), By Distribution Channel (Online, Retail Stores, Wholesale Stores), By Geography, and Segment Forecasts* (2026);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Growth Market Reports, *Ice Arena Dehumidification Market Research Report 2033*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Market Data Forecast, *North America Energy Recovery Ventilator Market Report* (June 2025);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Meegle, *Cleanroom Airflow Strategies* (2025);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Melius Research, *Melius Weekly Video* (October 20, 2025);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Meticulous Research, *Cleanroom HVAC Market by Filter Type (HEPA, ULPA), System Type (Recirculating, Single Pass), Component (AHU, FFU, Laminar Flow), Cleanroom Class (ISO 1-9), Application, End User, and Geography—Global Forecast to 2035* (October 2025);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Omdia, *Omdia research predicts data center cooling market to reach $16.87 billion in 2028* (June 2024);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Ponemon Institute, *Cost of Data Center Outages* (January 2016);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Precedence Research, *Desiccant Dehumidifier Market Size, Share and Trends 2025 to 2034* (November 2025);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Science News Explores, *Stuffy classrooms may lower test scores* (2015);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Silicon Semiconductor, *HVAC for semiconductor back-end market to surpass $4.7 billion by 2044* (November 2025);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. Census Bureau, *American Community Survey* (2024);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. Energy Information Administration, *End Use: September 2025* (November 2025); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•United States Environmental Protection Agency, *Mold Course* (2025).

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**PROSPECTUS SUMMARY** 

This summary highlights selected information contained elsewhere in this prospectus. This summary does not contain all of the information that you should consider before investing in our Class A common stock. For a more complete understanding of us and this offering, you should read and carefully consider the entire prospectus, including the more detailed information set forth in the sections entitled "Risk Factors," "Use of Proceeds," "Unaudited Pro Forma Combined Financial Information," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and the related notes thereto. Some of the statements in this prospectus are forward-looking statements. See the section entitled "Forward-Looking Statements."

**Overview** 

**Our Company** 

We take up to 25,000 breaths a day and spend up to 90% of our lives indoors, often breathing air that's two to five times more polluted than outdoor air. Clean air is absolutely essential to human life, yet most people rarely think about the air we breathe at home, in our schools, in healthcare facilities and in the workplace. Poor air quality doesn't just affect comfort; it undermines health, productivity and performance. Improving air quality is a fundamental principle that is a key tenet in everything we do.

At Madison Air, we see air differently. Our mission is to make the world safer, healthier and more productive through the power of better air. We've built a business that transforms air into tangible outcomes for customers, creating the potential for long-term growth opportunities for investors.

From protecting uptime in a data center with Nortek Data Center Cooling, to purifying air in a semiconductor fabrication facility with Nortek Air Solutions, to keeping families safer with AprilAire's Healthy Air System and improving workplace productivity, health and retention with Big Ass Fans – better air delivers better outcomes. That's the Madison Air advantage.

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![img249127520_7.jpg](img249127520_7.jpg)

<sup>1</sup> Financial information presented on a Pro Forma basis solely to give effect to the AprilAire Acquisition as if such transaction had occurred on January 1, 2025. These measures do not give effect to the offering-related adjustments presented in accordance with Article 11 under Regulation S-X and described in detail in the section entitled "Unaudited Pro Forma Combined Financial Information." See the unaudited pro forma combined statements of operations in the section entitled "Unaudited Pro Forma Combined Financial Information" for a description of the adjustments and assumptions underlying the Pro Forma financial information.

<sup>2</sup> Adjusted EBITDA Margin is a non-GAAP financial measure. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by net sales for the same period. For a reconciliation of Adjusted EBITDA Margin to net income (loss) margin presented on an actual basis for the historical periods presented, the most directly comparable financial measure calculated and presented in accordance with GAAP, see "Management's Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures."

**Our Market Opportunity** 

At Madison Air, we don't just participate in the indoor air quality market, we're shaping it. We serve an estimated $40 billion addressable North American market, separate and distinct from the broader approximately $200+ billion traditional heating and cooling market, where air can serve as an asset rather than simply a commodity. With only an estimated 8% market share today (based on Madison Air's reported net sales of $3.3 billion for the year ended December 31, 2025), we believe our path to growth is clear and compelling. We have been continually expanding our served markets through new product introductions and strategic acquisitions, both of which are consistent with our core mission of improving air quality.

![img249127520_8.jpg](img249127520_8.jpg)

<sup>1</sup> According to Grand View Research, HVAC Systems Market (2026-2033).

<sup>2</sup> Based on management estimates.

<sup>3</sup> Based on Madison Air's reported net sales of $3.3 billion for the year ended December 31, 2025.

Note: Values are approximate.

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As a business with category-defining indoor air quality solutions, we believe Madison Air holds distinct and dynamic competitive advantages: trusted brands, deep application expertise, patent-protected innovation and strong channel and customer partnerships. In most markets, we compete with smaller fragmented players and, in a few select areas, we compete with non-core product lines from large HVAC original equipment manufacturers. We win because we deliver Return on Air – tangible performance gains through highly engineered, differentiated solutions backed by trusted brands and deep channel and customer relationships.

We use our scale to amplify these advantages. We leverage a broad, decentralized manufacturing footprint and enterprise-level procurement strength to deliver cost efficiencies that smaller, specialized competitors struggle to match. As a result, we believe Madison Air offers one of the most comprehensive, scaled solutions for both Commercial and Residential customers.

We focus on environments where air drives outcomes – uptime, compliance, process control and human health – because when air impacts outcomes, customers are willing to invest.

Our market is expanding, fueled by powerful megatrends that are redefining how air is managed across sectors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Human Health** – Clean air is now recognized as essential to respiratory health, cognitive performance and productivity, driving investment across homes, schools, healthcare and workplaces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Aging Residential Housing Stock** – With the average U.S. home now over 40 years old, according to the U.S. Census Bureau, sustained demand for replacement and upgrade solutions is accelerating, creating long-term opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Commercial Refurbishment** – Many commercial and industrial facilities built during the mid- and late-twentieth century rely on aging systems nearing end-of-life. Buildings constructed before 1980 account for 46% of U.S. commercial building stock, yet fewer than 25% of these buildings have received an HVAC upgrade since 2000, according to Melius Research. This creates a substantial opportunity for modernization, as advanced air solutions are critical to driving operational efficiency, creating healthy indoor air and reducing energy consumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**AI and Data Center Growth** – Explosive data center expansion driven by artificial intelligence ("AI") and cloud computing workloads is fueling demand for highly engineered precision air and liquid cooling systems capable of managing high thermal loads at hyperscale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Reshoring of Advanced Manufacturing** – Investments in high-specification manufacturing facilities, including semiconductor fabrication facilities and pharmaceutical cleanrooms, require tightly managed and highly regulated air environments. These applications require specialized low-humidity air handling and contamination control to protect yield, ensure compliance and maintain operational integrity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Energy Resilience and Electrification** – As energy demand grows, efficient and highly controllable air systems are increasingly important to integrate with evolving building envelopes and energy recovery technologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Industrial Productivity** – Tight labor markets are challenging manufacturers to improve employee productivity and retention. We believe this means that the safer, more comfortable environments that our products help to create, will increasingly be seen as a source of competitive advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Regulation and Building Standards** – New and more stringent ventilation building codes, energy efficiency mandates and indoor air quality regulations are raising performance baselines across commercial and residential settings, expanding the market for Madison Air's differentiated technologies.

As we continue to scale our platform, we expect that our TAM will expand across these sectors. We estimate that the total North American addressable market opportunity for our products and services across all of these sectors is approximately $40 billion as of December 31, 2025.

Using our decentralized model, we leverage the local expertise of our personnel at each of our material businesses within our Commercial and Residential segments to understand how each business views and estimates its TAM. As a result, we calculate TAM separately for each material business within our Commercial and Residential segments using a variety of methodologies, which are based upon a variety of sources, including information from independent industry analyses, publications, interviews with industry participants, public company data, analyst reports, government reports, as well as our own internal estimates and research. See "Market and Industry Data."

After calculating the TAM for each material business within our Commercial and Residential segments, management then aggregates each business-level TAM estimate to arrive at an aggregate estimated TAM for Madison Air. Utilizing this methodology, we estimate that our aggregate North American TAM across our businesses is approximately $40 billion as of December 31, 2025, with approximately $28 billion of growth since 2021.

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While we believe our TAM estimates are reasonable, such information is inherently imprecise and we cannot assure you of the accuracy or completeness of our estimates. See "Risk Factors—Risks Related to Our Business—Our estimate of total addressable market is subject to numerous uncertainties. If we have overestimated the size of our total addressable market now or in the future, our future growth rate may be limited."

**Segment Overview** 

Madison Air is purpose-built to serve two high-impact, complementary segments – Commercial and Residential – each positioned for durable, scalable long-term growth. Unified by our commitment to highly engineered, scalable performance and tangible outcomes, we see air as essential infrastructure, whether powering mission-critical environments or protecting the health and safety of the home. The Commercial segment serves high-specification environments where air quality is essential to the performance of critical infrastructure, regulatory compliance and operational productivity. The Residential segment meets accelerating demand driven by health, comfort and home preservation priorities, evolving and expanding regulation and rising consumer awareness and expectations around indoor air quality.

**Commercial Segment** 

***Overview*** 

Representing approximately 66% of Madison Air's net sales for the year ended December 31, 2025, our Commercial businesses deliver highly engineered, custom and semi-custom air quality systems to support process control, regulatory compliance, energy efficiency and productivity in mission-critical environments. While our solutions often represent a small portion of total project spend or ongoing operating costs, the cost of failure in these environments is extremely high, making performance, reliability and service increasingly imperative to customer success. Our well-established brands, including Nortek, Big Ass Fans, Addison and Reznor, are trusted across foundational sectors, including healthcare and life sciences, advanced manufacturing, data centers, logistics and education. For the period from January 1, 2025 to May 6, 2025 and for the years ended December 31, 2024 and 2023, AprilAire's commercial brands generated net sales of $34.1 million, $100.5 million and $96.5 million, respectively, that would have been accounted for in Madison Air's Commercial segment had we owned AprilAire and its associated commercial brands during those periods.

![img249127520_9.jpg](img249127520_9.jpg)

***Technology Platforms*** 

Our Commercial segment centers on five core platforms, each engineered to solve complex challenges for our customers and deliver tangible Return on Air:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Air Handling** – Custom and semi-custom engineered technologies that enable precise airflow control, humidity management and air exchange across diverse environments. These solutions support critical applications in hospitals, life sciences, advanced manufacturing, as well as commercial buildings, data centers, education, hospitality and large-scale industrial facilities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Air and Liquid Cooling** – Advanced thermal management solutions designed for reliability, efficiency and scalability at hyperscale, supporting data centers and high-intensity industrial environments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Air Movement and Heat** – High-performance heating and cooling technologies that enhance employee safety, comfort and productivity while improving energy efficiency in logistics hubs, manufacturing facilities, public spaces and institutions, such as schools, restaurants and sporting facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Humidity Control and Dedicated Outdoor Air Systems ("DOAS")** – Systems that manage humidity and ventilation in healthcare, institutional and retail settings supporting process integrity, occupant comfort and sustainability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Energy Efficiency Enablers** – Precision-engineered energy recovery components and systems that reduce operating costs, improve energy efficiency and protect sensitive processes in critical sectors such as low-humidity manufacturing, EV charging infrastructure, renewable power generation and education and workplace safety and productivity.

**Residential Segment** 

***Overview*** 

The Residential segment accounted for approximately 34% of Madison Air's net sales as of December 31, 2025, and is anchored by trusted brands like AprilAire, Broan-NuTone and Zephyr. The acquisition of AprilAire in 2025 was pivotal in building our differentiated Residential platform. For the period from January 1, 2025 to May 6, 2025 and for the years ended December 31, 2024 and 2023, AprilAire's residential brands generated net sales of $144.6 million, $389.9 million and $334.7 million, respectively, that would have been accounted for in Madison Air's Residential segment had we owned AprilAire's residential brands during those periods. We estimate that net sales of the AprilAire brand have grown at a CAGR of approximately 8.4% from 2007 to December 31, 2025 (based on management estimates, including for periods preceding the brand's acquisition by Madison Air). Madison Air is one of the leading players in the industry, offering a full suite of Healthy Air System solutions, an integrated portfolio that addresses the five foundational pillars of indoor air quality – purification, ventilation, humidification, dehumidification and sensors and digital controls. These trusted brands enjoy wide-reaching distribution breadth, with multiple channels serving professionals, consumers and retailers.

Approximately 70% of Residential net sales came from replacement and upgrade demand for the year ended December 31, 2025, which generates recurring, highly visible revenue streams. We estimate that AprilAire's patent-protected filters, for example, can generate a recurring aftermarket opportunity with up to nine times aftermarket sales potential over the life of an air cleaner. The remaining approximately 30% of net sales for the year ended December 31, 2025 were driven by new construction, supported by evolving standards and builder demand for integrated code-compliant air quality solutions.

We believe we play a leading role in advancing Healthy Air solutions for single- and multi-family homes. As residential construction trends toward increasingly airtight building envelopes to improve energy efficiency, the need for indoor air quality solutions, including purification, ventilation, humidification, dehumidification and sensors and digital controls, has become increasingly more critical. When properly specified and installed, our highly engineered solutions are designed to meet these ventilation targets for builders and professionals while providing real-world benefits for homeowners like health, comfort, home preservation and energy efficiency.

Our products deliver meaningful and tangible benefits as consumers increasingly prioritize wellness and energy efficiency at a fraction of the cost of a traditional HVAC system overhaul. For example, instead of installing a complete heating and cooling system in a home (which can range from $5,000 to $15,000), a fully installed whole home humidifier (often $500 to $2,500) or bath fan (around $100, and that can often be installed by the homeowner) can provide better indoor air quality and comfort to a family, making them increasingly attractive for homeowners, builders and professionals.

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![img249127520_10.jpg](img249127520_10.jpg)

***Technology Platforms*** 

Our Healthy Air System is built around five foundational pillars of indoor air quality – each engineered to address the performance, comfort and compliance demands of today's homes, while consistently delivering our tangible Return on Air value proposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Purification** – High-efficiency filtration removes particulates, pollutants and allergens to enhance health and comfort. We estimate that AprilAire's patent-protected filters can generate a recurring aftermarket opportunity with up to nine times aftermarket sales potential over the life of an air cleaner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Ventilation** – Replaces stale indoor air in increasingly airtight homes with clean, conditioned outdoor air. Supports cognitive function, reduces indoor pollutants and enables compliance with building codes and energy standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Humidification** – Maintains optimal humidity levels during dry seasons through whole-home systems that support respiratory health, improve overall HVAC efficiency and durability and enhance comfort.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Dehumidification** – Manages moisture in humid climates and below-ground spaces like basements and crawlspaces. Helps prevent mold growth and structural damage, supporting health, comfort and home preservation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Sensors and Digital Controls** – Smart sensors, zoning solutions and digital applications monitor indoor air quality in real time and automate system performance – delivering consistently Healthy Air with minimal homeowner involvement.

![img249127520_11.jpg](img249127520_11.jpg)

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As homeowners invest in better air quality and healthier living environments, we believe Madison Air is uniquely positioned to lead with the Healthy Air System. With an estimated 92% of AprilAire's U.S. addressable market still unpenetrated based on the number of homes in the United States that have at least one indoor air quality device installed as compared to U.S. housing stock, we believe the growth opportunity is significant.

**Our Strengths** 

Madison Air enters this moment from a position of strength, supported by a scalable foundation designed for growth. We firmly believe that these three defining strengths power our ability to deliver better air, better outcomes for our customers and better returns:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Differentiated by Return on Air

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Leadership in growth markets

Together, these strengths create a business with category-defining products, real momentum and a compelling long-term growth story. With a footprint weighted toward replacement and upgrade demand, and a market still largely untapped, we believe Madison Air is poised to capture high-value whitespace across both Commercial and Residential markets. Importantly, tightening state and local ventilation codes are increasingly influencing homeowner and contractor choices – making high-performance solutions not just desirable, but often necessary for compliance. As North America's infrastructure continues to modernize, we believe building standards around air quality and energy efficiency will become more stringent and prevalent. As awareness for the power of air accelerates, we believe we are at the forefront of driving performance, unlocking potential and creating tangible value in this market.

**1. Differentiated by Return on Air** 

We invented the Return on Air value proposition, which is the tangible value created when air becomes a strategic asset. Air is not just about comfort, it impacts a broader set of critical outcomes, including uptime, efficiency, compliance, productivity and health. We don't just move air – we engineer it to deliver a tangible return in environments where air quality has a direct and significant impact on business performance.

![img249127520_12.jpg](img249127520_12.jpg)

<sup>1</sup> According to Ponemon Institute, *Cost of Data Center Outages,* January 2016.

<sup>2</sup> According to Meegle, *Cleanroom Airflow Strategies,* 2025.

<sup>3</sup> According to the United States Environmental Protection Agency, *Mold Course,* 2025.

<sup>4</sup> According to Science News Explores, *Stuffy classrooms may lower test scores,* 2015.

<sup>5</sup> Volatile Organic Compounds (VOCs).

<sup>6</sup> According to Atmospheric Environment, Volume 345, *Comparative analysis of indoor volatile compound levels in an office: Impact of occupancy and centrally controlled ventilation,* 2025.

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Our customers realize a tangible return because our products are engineered for their specific, high-stakes environments. For a data center, Return on Air is captured through energy-efficient solutions. In an environment where we estimate a 100 megawatt data center can save up to $11 million annually per 0.1 reduction in Power Usage Effectiveness, this prevents downtime that can cost as much as $9,000 per minute. For a logistics operator, it is increased productivity and return on investment driven by a reduction in idle time each day. For a hospital, it is the improved patient safety from air systems engineered for leakage rates of 1% or less compared to 3-5% for conventional HVAC systems.

This unwavering focus on delivering a tangible return for our customers is the foundation of our strategy. It drives our innovation, strengthens our customer partnerships, and creates a durable competitive advantage in the markets we serve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Proprietary Technology Platforms Built with Deep Application Expertise and IP Protections** 

Madison Air's strength lies in understanding how systems perform in the field, not just on paper. Our engineering, sales and applications teams work alongside operators, builders and design engineers to solve complex air challenges tied to performance, compliance, and environmental conditions.

This expertise enables us to deliver highly engineered custom and semi-custom solutions designed to fit customer site requirements. From cleanroom air handling for semiconductor fabrication facilities to humidity control in healthcare settings, our mandate is to deliver precision where it counts. In markets where performance, not price, drives selection, this is a decisive advantage.

We bring the same rigor to Residential markets, partnering with professionals, builders and distributors to advance Healthy Air solutions like purification, ventilation, humidification, dehumidification and sensors and digital controls. By staying embedded in customer workflows, we are better able to anticipate needs and accelerate innovation.

Our technology platforms combine proprietary designs, patent-protected innovations and integrated controls and are engineered to deliver precision, reliability and efficiency in critical environments. With approximately 600 research and development ("R&D") engineers and over 900 issued patents and pending patent applications, our technology spans advanced thermal management, cleanroom air handling, energy efficiency technologies and the Healthy Air System.

From advanced air and liquid cooling to purification, humidity management and intelligent sensing, our solutions are engineered to perform in the most demanding environments – hyperscaler data centers, semiconductor fabrication facilities, hospitals, schools and homes. Our mandate is to create environments that work better, so our customers can too.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Strong, Long-standing Customer and Channel Relationships** 

We invest in sales enablement, training, digital design tools, channel marketing and technical support – embedding Madison Air into customer and channel partner workflows. This alignment gives us visibility into market needs, accelerates conversions and connects us directly to decision-makers and influencers who shape demand. It's an advantage that we believe positions us to fuel growth and drive stronger sales performance across channels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Improved Outcomes Through Return on Air** 

Return on Air turns engineering differentiation into customer outcomes that drive uptime, productivity and lifetime economics. In mission-critical digital infrastructure, Nortek Data Center Cooling strives to deliver 99% on-time and on-quality. Consistent delivery protects customers in high-stakes environments from commissioning delay exposure, which we estimate is up to $1.5 million per day for a 100 megawatt site. In an operating room where patient safety is paramount, Nortek Air Solutions reliably delivers clean, healthy air. With its redundant system design, leak-rates are up to 80% lower than traditional HVAC systems.

We believe these tangible advantages deepen loyalty, strengthen specification preference and reinforce Madison Air as a leader in engineered air systems where performance drives business results.

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**2. Leadership in Growth Markets** 

Our focus on high-growth, performance-driven markets is a second key differentiator. From data centers to homes, cleanrooms to classrooms, Madison Air continues to embed itself where air quality is important and demand is accelerating. These aren't traditional HVAC markets – they're high-stakes spaces where better air drives better outcomes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Established Brands in Growth Markets** 

Madison Air brings together powerhouse brands – Big Ass Fans, Nortek, Addison, Reznor, AprilAire and Broan-NuTone – that are recognized for superior performance. Our brands hold strong positions, with several setting specification standards, to deliver in high performance environments. Recognized for innovation and trusted for reliability, they serve both Commercial and Residential markets.

We believe Madison Air plays a leading role in precision air management, putting us at the center of fast-growing segments where air quality, energy efficiency and environmental control are critical to success. Brand strength builds loyalty and positions us well to attack the vast whitespace opportunity across our brands. Customers choose Madison Air for proven performance and differentiated solutions, not lowest cost. With deep customer relationships and several category-defining products, we believe our portfolio provides a durable edge in markets that demand more and are growing fast.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Strategic North American Presence** 

A broad North American footprint, deep channel partnerships and local engineering expertise enable speed, precision and close customer alignment. We believe this local agility at enterprise scale is a structural advantage in dynamic markets where reliability, responsiveness and technical excellence are critical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Resilient Growth: Replacement, Upgrade and Growing Services and Aftermarket Business** 

With roughly 60% of demand expected to be tied to replacement, upgrade and aftermarket activity based on historical averages of net sales and management estimates, we benefit from a durable revenue stream less sensitive to new construction cycles and economic fluctuations. Our growing installed base unlocks recurring revenue through aftermarket services and parts, reflecting our focus on lifecycle value and customer retention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Specialized End Markets That Value Return on Air** 

We serve technically demanding sectors – semiconductor manufacturing, high-density data centers, healthcare and life sciences, logistics, education and advanced manufacturing – where air quality impacts uptime, yields, safety and productivity. In Residential markets, our mandate is to create Healthy Air Systems to help professionals reduce installation time and callbacks while enhancing health, comfort, home preservation and energy efficiency for homeowners.

Across these specialized markets, Madison Air acts as a strategic partner, not just a supplier. Our deep application expertise and highly engineered solutions deliver tangible outcomes, which we believe gives us a distinct edge. It's how we deliver on our Return on Air value proposition.

Well-established brands, strong channel partnerships and an efficient North American manufacturing footprint help enable rapid, precise delivery of solutions. Scaled procurement and operational expertise create cost advantages that strengthen margins and build lasting structural benefits – which we believe fuels Madison Air's momentum to attack whitespace, capture market share, outperform competitors and deliver lasting value in growth markets.

Madison Air is built on a clear, disciplined operating philosophy that runs through the fabric of the company – from how we set priorities, to how we organize our teams and allocate capital. We combine entrepreneurial agility with strategic discipline, which we believe enables our businesses to stay close to customers, focus on what matters most and consistently execute through changing environments and market opportunities. This model has allowed us to scale efficiently, sustain performance through cycles and compound enterprise value over time.

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![img249127520_13.jpg](img249127520_13.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Mission and Culture** 

Our mission is simple yet powerful: make the world safer, healthier and more productive through the power of better air. This purpose shapes how we build, grow and operate—whether protecting critical infrastructure, enabling safe hospital operations, supporting learning environments, or keeping families healthy at home. It drives a culture of integrity and ownership that attracts and retains top talent, with retention rates exceeding industry averages.

Moreover, our decentralized model empowers leaders to think and act like owners. Enterprise-wide mobility enables talent to move across brands, functions and geographies, sharing best practices and accelerating innovation. This culture of entrepreneurship and accountability scales with our business and strengthens our platform as we deepen our bench with leaders capable of leading Madison Air for generations to come.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**80/20 Operating Model** 

At the core of Madison Air's execution is an 80/20 operating model. We focus relentlessly on the few priorities that drive outsized impact. Our culture is to cut through complexity, sharpen accountability and redeploy resources toward the highest return opportunities.

Madison Air's 80/20 operating model is a core management philosophy that underpins our approach to delivering best-in-class customer service and financial performance. The model is based on Pareto's Law which states that 80% of consequences (outputs) come from 20% of causes (inputs) or a minority of inputs or efforts lead to the majority of results (formulated by economist Vilfredo Pareto in 1896). This principle is widely used for prioritization, optimization and increasing efficiency across business. Under this model, we focus on the products, customers and markets that generate the most value (our "80s"), while streamlining and reducing resource allocation to lower-value activities (our "20s"). By focusing on these high-impact areas, we believe we are able to better address our customers' needs, eliminate unnecessary complexity and cost, and enhance our ability to deliver exceptional service and solutions. The 80/20 model is embedded in our culture and is actively promoted by leadership at every level of the Company, guiding strategic planning, capital allocation, and talent deployment. By aligning our resources with our customers' greatest needs, we dedicate investments toward our highest-value opportunities to drive profitable growth.

Our management implements the 80/20 model across all aspects of the business, including through direct interactions with employees, suppliers and customers. For employees, the 80/20 model empowers teams to focus on high-impact activities and customers, and encourages a culture of prioritization and accountability. With suppliers, we concentrate relationships on partners that deliver the greatest value, focusing our supply chain to support our most critical products and markets. For customers, we direct significant sales and service efforts toward those who drive the majority of our results, with the goal of delivering superior service and solutions to our most important partners. In practice, we believe this approach has enabled us to accelerate growth by serving our best customers and markets, expand margins by shifting our revenue mix toward higher-margin opportunities and enhance cash conversion by simplifying operations and focusing on recurring, high-value revenue streams. Our critical priorities, as supported by the 80/20 operating model, are to drive profitable growth, expand margins and increase cash conversion by focusing on the opportunities we believe present the highest value and eliminating unnecessary costs and complexities.

We have assembled recognizable name brands that collectively represent sustained performance gains across the economic cycle. We believe this ability to generate durable top-line growth is reflected in our reported net sales growing at a management estimated 54.6% compound annual growth rate ("CAGR") from January 1, 2020 to December 31, 2025, with our current portfolio of brands' collective net sales growing at a management estimated 7.8% CAGR over the same period, calculated giving effect to all merger and acquisition activity as if such brands had been owned for all periods presented.

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Since completion of the transformational acquisitions of Nortek and Big Ass Fans in June and July of 2021, respectively, Madison Air's management has leveraged our 80/20 operating model to drive operational improvements across the portfolio. We believe our ability to drive sustainable margin improvements using our 80/20 operating model is reflected in our management estimated net income (loss) margin expansion of approximately 410 basis points from January 1, 2022 to December 31, 2025, with management estimated reported Adjusted EBITDA margin expansion of approximately 680 basis points over the same period.

We believe discipline strengthens margin sustainability by concentrating sales, marketing, engineering and operational resources on the products, markets and customers that deliver the highest margins. By eliminating complexity and shifting our revenue mix toward higher-margin opportunities, we strive to accelerate growth, enhance cost competitiveness and expand our installed base – unlocking more recurring revenue. As scale builds, we believe these benefits will support a durable margin engine that drives long-term profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Owner's Mindset** 

Madison Air empowers leaders to think and act like owners, placing decision-making closest to the point of impact: in the hands of our teammates who are speaking with our customers, developing our products and leading our front-line teams. This approach drives speed, accountability and agility across the organization. Supported by clear metrics, shared values and our delegation of authority framework, our teams stay focused on what drives performance and long-term value.

Our decentralized structure keeps businesses deeply connected to customers, enabling rapid problem solving and application of specific expertise. We remain lean at the center with approximately 0.5% of total headcount focused on strategic direction, capital allocation and enterprise and compliance talent. We have the advantages of a large organization, with the ability to share technologies, source strategically and cross-pollinate best practices, while preserving the entrepreneurial energy that fuels innovation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Sustainable Growth** 

Madison Air has driven sustainable growth through a balanced approach that combines organic growth and market expansion with strategic M&A. We invest in innovation, channel development and operational excellence to accelerate organic growth in high-performance markets, while selectively acquiring businesses that strengthen our portfolio and extend leadership in strategic categories.

Our capital allocation discipline is a cornerstone of this model. With capital expenditures targeted at 2% or less of net sales and a cash conversion target above 100%, we strive to maintain a strong balance sheet while funding both organic growth initiatives and strategic M&A. We believe our discipline and the strength of our balance sheet allow us to scale faster in markets where we have a clear advantage, without compromising long-term financial health.

**Our Growth Strategy** 

Madison Air's growth strategy is focused, disciplined and rooted in our core strengths. We plan to continue to build from a foundation of leadership in high-performance markets – by winning new customers, penetrating the share of wallet for our current customers, advancing targeted innovation and entering adjacent segments where demand is accelerating. Strategic M&A will continue to serve as an additional catalyst, which we seek to apply with precision to create meaningful value and strengthen our competitive position.

Our strategy is backed by deliberate and disciplined investment in growth capabilities. We invest in our sales and R&D capabilities to deepen customer engagement and broaden market reach, with the goal of accelerating innovation, driving organic growth and delivering next-generation solutions. We've committed over $300 million in capital since 2021 toward R&D, including potential growth opportunities and upgraded manufacturing equipment to enhance safety, quality and employee engagement.

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A key enabler of growth is our highly flexible, decentralized manufacturing footprint. With over five million square feet of manufacturing and distribution capabilities across 33 manufacturing facilities in North America, two facilities in Europe and two facilities in APAC, we believe we have the capacity to support significant growth without outsized investment. We believe this is a structural advantage that allows us to reposition production rapidly, align resources to the highest-value opportunities and scale with speed.

We believe that our consistent execution and the success of our growth strategies is demonstrated by the durable, compounding growth of our current portfolio of brands. We estimate that Madison Air's reported net sales have grown at a CAGR of 54.6% on average from January 1, 2020 to December 31, 2025. We estimate that our current portfolio of brands' collective net sales have grown at a CAGR of 4.6% on average from 2007 to 2020 and 7.8% on average from January 1, 2020 to December 31, 2025 calculated giving effect to all merger and acquisition activity as if such brands had been owned for all periods presented, respectively, outpacing the U.S. GDP growth rate in 15 of the last 17 years on a historical basis.

***Fortify and Grow the Core*** 

With our estimated 8% share of an estimated $40 billion North American addressable market (based on Madison Air's reported net sales of $3.3 billion for the year ended December 31, 2025), we estimate that Madison Air has approximately $36 billion of runway for growth in existing markets. We intend to continue to invest in fortifying our foundation for durable, profitable growth by strengthening capabilities that expand our competitive advantage and unlock organic share gains. Our efforts to grow our core business are focused on the following objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Expand Market Share and Win New Customers** 

Having unlocked organic growth through a focus on high-value segments like data centers, cleanroom manufacturing, life sciences and clean energy, we are committed to sustaining this momentum by deepening investments across direct, representative and other channel sales. This includes expanding our direct sales force, adding regional sales managers in key geographies and strengthening relationships with manufacturers' sales representatives to capture share where demand is accelerating.

To win new customers and drive share gains, we launched the Madison Air Sales Academy in 2022 to deliver advanced sales and leadership training. We also redesigned incentive plans to reward profitable growth. At the same time, we are scaling marketing capabilities, building retail channel-focused teams and deploying generative AI-based channel enablement tools which we believe will increase visibility and stimulate demand. Together, we believe these initiatives form a high-performance commercial engine equipped with the talent, tools and motivation to grow share with existing customers and capture new opportunities.

![img249127520_14.jpg](img249127520_14.jpg)

<sup>1</sup> According to Omdia, *Omdia research predicts data center cooling market to reach $16.87 billion in 2028,* June 2024.

<sup>2</sup> According to Market Data Forecast, *North America Energy Recovery Ventilator Market Report,* June 2025.

<sup>3</sup> According to Silicon Semiconductor, *HVAC for semiconductor back-end market to surpass $4.7 billion by 2044,* November 2025.

<sup>4</sup> According to Meticulous Research, *Cleanroom HVAC Market by Filter Type (HEPA, ULPA), System Type (Recirculating, Single Pass), Component (AHU, FFU, Laminar Flow), Cleanroom Class (ISO 1-9), Application, End User, and Geography—Global Forecast to 2035, October 2025.*

<sup>5</sup> According to Precedence Research, *Desiccant Dehumidifier Market Size, Share and Trends 2025 to 2034,* November 2025; and Growth Market Reports, *Ice Arena Dehumidification Market Research Report 2033.*

<sup>6</sup> Based on management estimates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Leveraging AI and Advanced Digital Platforms for Growth** 

Madison Air is investing in AI and advanced digital platforms to transform customer experiences and make our solutions easier to design, sell and purchase. Key initiatives include ERP upgrades in several businesses and major enhancements to Nortek Air Solutions Design Assist ("NASDA"). NASDA is powerful design and modeling software that uses machine learning to help engineers optimize air handler design for efficiency, acoustics and stringent performance standards. We believe its collaborative interface allows our team to work closely with customers to configure solutions tailored to specific building requirements, which we believe will reduce operating costs and improve lifecycle performance.

Beyond design, we believe predictive AI capabilities, including NASDA and Broan-NuTone's smart sales planning algorithm will help enable us to anticipate subtle shifts in demand, capture new customers and deepen relationships with existing ones to drive speed, efficiency and growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Invest in Innovation** 

We believe Madison Air's innovation pipeline strengthens our competitive advantage and reinforces our market position in high-performance air solutions. We have expanded product development capabilities across Commercial and Residential markets and introduced differentiated solutions for the most demanding applications – addressing rising thermal loads in data centers, delivering advanced heating and cooling solutions for logistics providers and creating air movement solutions specifically for new construction projects. We are also launching next-generation products that are designed to align with the industry's accelerating shift to electrification.

In Residential markets, we are investing to deliver technologies across purification, ventilation, humidification, dehumidification and sensors and digital controls – advancing our market position in several Healthy Air categories. Robust new product roadmaps are in place and actively executed, helping to ensure Madison Air continues to be a standard-setter for innovation and tangible Return on Air.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Expand Aftermarket and Service Capabilities** 

We believe Madison Air is in the early stages of unlocking significant value from our installed base. We believe these opportunities represent a structural source of recurring, predictable and compounding revenue—enhancing both earnings stability and lifetime customer value. Across both Commercial and Residential markets, our solutions are deeply embedded in environments where performance and reliability are key. We believe this drives consistent demand for aftermarket services and parts. Approximately 50% of our aftermarket component sales are proprietary parts, creating high-margin, recurring revenue streams. Over time, we believe these aftermarket offerings have and should return multiples of the initial equipment sale, making them a powerful engine for long-term growth. For example, we estimate that Nortek Data Center Cooling's cooling systems can generate a recurring aftermarket opportunity with up to three times the initial equipment sale value over the lifecycle of a cooling system. As our installed base grows, we expect demand to naturally rise for replacement components, scheduled maintenance, upgrades and system optimization. Our presence in performance-driven markets – data centers, semiconductor fabrication facilities, cleanrooms, advanced manufacturing and residential – is expected to further increase aftermarket intensity and heighten customer reliance on our products throughout the lifecycle.

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![img249127520_15.jpg](img249127520_15.jpg)

<sup>1</sup> AprilAire sells media air cleaners, which purify the air, for $70 per unit and replacement filters for $40 per unit, on average, at trade professional pricing.

<sup>2</sup> According to A1 Mechanical Heating & Cooling, *How Often Should Your HVAC Be Serviced?*, August 2024.

***Strategic Expansion in Underpenetrated Markets*** 

Madison Air strives to accelerate growth by targeting high-value whitespace in markets where performance requirements are rising and our innovative solutions portfolio gives us a clear edge. Our unique value creation model aims to focus resources on the highest return opportunities, deploying dedicated teams and capital with precision while maintaining overall spend efficiency.

A flexible North American-focused manufacturing footprint of over five million square feet enables rapid capacity shifts to capture growth. For example, we recently repositioned production to meet surging data center cooling needs without adding new facilities, which we believe is a significant advantage versus competitors in these fast-paced environments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Capitalize on Significant Whitespace** 

We are unlocking growth potential in adjacent segments aligned with macro tailwinds like electrification, demand for Healthy Air and rising precision requirements. Examples include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Big Ass Fans, a brand that brings performance and innovation with industrial high-volume, low speed ("HVLS") fans, a category we estimate has an approximate 4% market penetration based on a management estimated industrial HVLS fan market size of $256.5 million for the year ended December 31, 2025, and a management estimated whitespace opportunity of $6.80 billion for the industrial HVLS fan category. We estimate this whitespace opportunity based on the average price of our fans multiplied by our estimate of the total number of fans that can be installed in the United States, using an estimate of the total 'fanable' floor space based on data from published private and governmental studies and management estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Residential indoor air quality, where only 8% of U.S. homes have indoor air quality devices – and we estimate that those homes mostly have only one – where a Madison Air complete Healthy Air System includes up to five devices to improve indoor air, making it one of the most complete portfolios of Healthy Air Solutions.

We believe these whitespace segments are underserved, tightly aligned with our core strengths and offer a clear path to scalable growth and category leadership. Beyond these examples, we see opportunity in emerging adjacencies like adding connectivity to our Healthy Air Systems and providing aftermarket services – market opportunities with the potential to be powerful levers for recurring revenue and margin expansion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Expand our TAM** 

As we continuously work to strengthen our position in "close to the core" adjacent markets, we are also looking ahead – with a goal to identify the next wave of high-growth opportunities. Since 2021, Madison Air estimates that it has tripled its North American TAM by entering specialized markets such as data centers, advanced manufacturing cleanrooms and residential fresh air systems. We believe these sectors grow at mid-single to double-digit rates, and we believe these sectors are structurally resilient and well-positioned to create durable vectors for long-term value. By applying the same disciplined approach that has fueled our success, we believe we are well-positioned to extend the strength of our market position into the next wave of air innovation.

![img249127520_16.jpg](img249127520_16.jpg)

<sup>1</sup>Based on management estimates.

Our estimated $28 billion increase in TAM is based on management estimates and independent industry analysis and publications, and is comprised of: (a) our entry into the data center cooling market, which we estimate at $8 billion based upon estimates from independent industry analysis; (b) a management-estimated $15 billion addressable market for indoor air quality solutions accessed through the AprilAire Acquisition; (c) our entry into the $0.5 billion residential balanced ventilation market (according to Market Data Forecast); (d) our entry into the $1.5 billion semiconductor chip fabrication market (according to Silicon Semiconductor); (e) our entry into the $0.5 billion low humidity manufacturing market (according to Precedence Research and Growth Market Reports); (f) our entry into a $0.5 billion life sciences market (according to Meticulous Research) and (g) a management-estimated $2 billion of growth in existing markets since 2021. For more information, see "Market and Industry Data."

While we believe our TAM estimates are reasonable, such information is inherently imprecise and we cannot assure you of the accuracy or completeness of our estimates. See "Risk Factors—Risks Related to Our Business—Our estimate of total addressable market is subject to numerous uncertainties. If we have overestimated the size of our total addressable market now or in the future, our future growth rate may be limited."

***Strategic M&A*** 

Madison Air uses select M&A to accelerate organic growth and strengthen our portfolio. More than 80% of our acquisitions have been sourced outside of auction processes through longstanding relationships, underscoring our reputation as a trusted, long-term partner and acquirer of choice. We target acquisitions that fill critical gaps, enhance technology platforms, expand market reach

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and unlock synergies, while aligning with our cultural and operational fit. This approach allows acquired companies to retain their domain expertise and benefit from shared capabilities across our enterprise.

Each strategic acquisition aims to open new avenues for innovation and customer value, extending our ability to deliver Return on Air. This disciplined strategy has delivered growth and margin expansion, compounding enterprise value over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Portfolio Enhancements** 

We target businesses that bring differentiated technologies, expand our presence in attractive end markets and deepen customer and channel access. Every acquisition is aimed to complement and extend Madison Air's core capabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Platform Synergies** 

The addition of AprilAire to our Residential segment in May 2025 is a powerful example. This acquisition expands our Healthy Air opportunities by bringing together the power of the AprilAire and Broan-NuTone brands to support our channel partners and customers. We believe this combination positions us to drive scaled growth at attractive margins.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**M&A Track Record** 

Since 2017, Madison Air has deployed over $8 billion of capital across 13 acquisitions, ranging in enterprise values from $10 million tuck-ins to our transformational transaction with Nortek in 2021, which exceeded $3 billion. In May 2025, we also completed the AprilAire Acquisition for approximately $2.6 billion. This breadth demonstrates our ability to recognize the right opportunities, achieve ambitious synergy targets and deliver the value that defines Madison Air's success. Just as importantly, we know when to pivot to divest misaligned businesses to keep our portfolio strong. As an example, we divested NGH, a residential HVAC business, in 2024 as we believed it focused on the more commoditized markets within residential HVAC, which did not fit with our Return on Air value proposition to customers and channel partners.

The divestiture did not include any brands used in Madison Air's ongoing businesses, notably the Nortek or Mammoth brands (which continue to be used by Madison Air).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Disciplined Execution** 

We aim to guide every acquisition by using rigorous strategic and financial criteria. Our disciplined integration approach is designed to ensure that M&A activity consistently compounds enterprise value, as evidenced by our management estimated 1,800 basis point expansion of Nortek Air Solutions' gross margin from January 1, 2021 to December 31, 2025 and 16.6% net sales CAGR over the same period, which we believe demonstrates our ability to drive performance and unlock value.

Madison Air's growth strategy centers on a disciplined plan to strengthen our core business, expand into adjacent markets and selectively enter high-growth niches through organic initiatives and strategic M&A. With our estimated 8% share of an estimated $40 billion North American addressable market (based on $3.3 billion of Madison Air's reported net sales for the year ended December 31, 2025), we believe Madison Air has meaningful, substantial and impressive room for organic growth. We believe our growth will be fueled by portfolio alignment with attractive end markets, expanded sales capabilities, innovation that delivers Return on Air and untapped potential across both Commercial and Residential segments, positioning us well to attack the vast whitespace opportunity across our brands.

**The Power of Madison Air** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Mission** 

Our mission is simple yet powerful: make the world safer, healthier and more productive through the power of better air. This purpose shapes how we build, grow and operate—whether protecting critical infrastructure, enabling safe hospital operations, supporting learning environments, or keeping families healthy at home. It drives a culture of integrity and ownership that attracts and retains top talent, with retention rates exceeding industry averages.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Science of Healthy Air** 

The science of Healthy Air is proven and growing. Principles of air quality, humidity and thermal management apply across a variety of environments, from hyperscaler data centers to residential homes. We believe this shared foundation connects our Commercial and Residential businesses, helping to enable cross-portfolio innovation, application expertise sharing and engineering breakthroughs that amplify impact across our different end-markets. Every solution we deliver is engineered to improve health, protect assets, drive performance or provide other demonstrable benefits.

We believe our position among the leaders is reinforced by our IP portfolio, design-first engineering and scale advantages. Together, we believe these assets and advantages advance the science of Healthy Air and create the potential for a durable competitive advantage, positioning Madison Air to compete in the next wave of air innovation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**80/20: A Performance Model** 

Since our founding, the 80/20 operating model has been ingrained in Madison Air's culture and strategy. We focus relentlessly on the critical priorities that drive the greatest impact. This 80/20 operating model eliminates complexity, accelerates decision-making and aims to unlock profitable growth across the enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Our Decentralized Model** 

Our decentralized model empowers leaders to think and act like owners, placing decision-making closest to the point of impact: those teammates within each specific business who are speaking with our customers, developing our products and leading our front-line teams. Enterprise-wide mobility enables talent to move across brands, functions and geographies, sharing best practices and accelerating innovation. This culture of entrepreneurship and accountability scales with our business and strengthens our platform as we deepen our bench with leaders capable of leading Madison Air for generations to come.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Capital Allocation** 

Capital allocation is our most important centralized capability, ensuring that our time, talent and treasury flow to the highest return priorities. We believe balanced and disciplined capital allocation with a focus on areas where we see the greatest return works to secure our position in our markets and deliver the Return on Air value proposition.

While our business model is highly decentralized, we centralize select services that have the potential to create significant value. Procurement is one example. We centralize procurement to leverage our scale, allowing us to secure certain materials at lower cost, helping to drive competitive advantage. We also aim to maintain a diversified and resilient supply chain to further minimize risk and manage pricing volatility.

We believe this disciplined approach protects and provides the opportunity to continue to enhance margins, ensures stability, powers growth and positions Madison Air to be a leader in the markets we serve.

**Concurrent Private Placement**

Holdings intends to purchase in a concurrent private placement transaction, $100.0 million of our Class B common stock at a price per share equal to the initial public offering price in this offering. Based on an assumed initial public offering price of $26.00 per share (which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus), Holdings would purchase approximately 3,846,154 shares of our Class B common stock in the concurrent private placement. The closing of the concurrent private placement is expected to be completed concurrently with the closing of this offering. The underwriters will not receive any underwriting discount or commission on the shares sold to Holdings in the concurrent private placement. We intend to rely upon the "private placement" exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof and, accordingly, the shares of Class B common stock issued to Holdings will not be registered under the Securities Act. See the section entitled "Certain Relationships and Related Party Transactions—Concurrent Private Placement" for more details with respect to the concurrent private placement.

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**Summary of Risk Factors** 

There are a number of risks related to our business, this offering and our Class A common stock that you should consider before you decide to participate in this offering. You should carefully consider all the information presented in the section entitled "Risk Factors" in this prospectus. Some of the principal risks related to our business include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our growth may be adversely affected if our target markets decline, underperform or are in a cycle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our estimate of total addressable market is subject to numerous uncertainties, and if we have overestimated the size of our total addressable market now or in the future, our future growth rate may be limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business depends on key megatrends and exposure to North American home improvement and construction markets. Any slowdown, shift or failure to adapt to these trends, or adverse housing and economic conditions, could reduce demand and financial performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our industry is highly competitive, and if we do not compete successfully, our business, financial condition and results of operations could be adversely affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•it may be difficult for us to implement our 80/20 operating model and other strategies for improving organic growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an inability to demonstrate or communicate the benefits of our Return on Air value proposition could damage our reputation and competitiveness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the loss of key customers could negatively impact our results of operations and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if we are unsuccessful in developing and commercializing new versions of products and new features and accessories, our business could be adversely impacted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our efforts to expand into adjacent markets may not succeed, which could adversely affect our business, financial condition, results of operations and growth prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•supplier shortages, rising raw material costs or disruption of our distribution network could impair our ability to meet customer demand and operate effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our decentralized organizational structure presents certain risks, including inconsistent practices and controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•failure to execute, integrate or realize benefits from acquisitions, dispositions or joint ventures, could hinder our growth and expose us to unexpected liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an impairment of goodwill could have a material adverse effect on our results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disruption of our operations in our manufacturing facilities, wholesale locations or key customer operations could have an adverse effect on our financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability to protect or defend our intellectual property, including trade secrets or proprietary know-how, or our infringement, misappropriation or other violation of others' intellectual property, could harm our business, reputation, competitiveness and profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•operational disruptions at manufacturing, wholesale, or key customer locations, as well as labor shortages, disruptions or challenges in attracting and retaining qualified personnel, could negatively impact our business and financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•geopolitical conflicts, cybersecurity attacks, natural disasters, climate change, weather and seasonality may disrupt, and have previously disrupted, operations, impact demand or adversely affect our business and financial performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•compliance with varying domestic and foreign laws, regulations and government contracting requirements may restrict or adversely impact our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•warranty, product liability, recall claims, litigation or other legal proceedings, including alleged intellectual property infringement claims, could harm our business, results of operations and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our operations and products are subject to environmental, health and safety laws and regulations, and violations have adversely affected and could continue to adversely affect our operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in government regulations, trade policies and tariffs may materially and adversely affect our sales and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our Founder controls us, and his interests may conflict with ours or yours in the future; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the other factors set forth in the section entitled "Risk Factors."

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

**Our Founder** 

We have a valuable relationship with our Founder, Larry Gies, who beneficially owns and controls the shares of Class B common stock held by Holdings, and, through his control of Holdings, the shares of Class A common stock held by Co-Investors LLC. Co-Investors LLC is a newly formed entity which is managed by Holdings and will receive shares of our Class A common stock as part of our spin-off from Madison Industries in connection with the Organizational Transactions. Following the completion of this offering, our Founder, through his ownership in Holdings, is expected to maintain the single largest economic interest in the Company, at over 15%, aligning his financial interests with those of our public stockholders.

Larry Gies founded the predecessor to Madison Industries, a global industrial company, in 1994. Madison builds entrepreneurially driven, branded market leaders that are committed to making the world safer, healthier and more productive by creating innovative solutions that deliver outstanding customer value. The team at Madison is committed to building something truly remarkable that long outlasts them while coaching others to reach their highest potential. Its business participates in various industries, including the filtration, medical, safety, industrial technologies and indoor air quality markets.

In connection with this offering, we will enter into (i) a director nomination agreement (the "Director Nomination Agreement") with Holdings that will provide Holdings the right to designate nominees to our board of directors (the "Board"), subject to certain conditions, and (ii) a registration rights agreement (the "Registration Rights Agreement") with Holdings, Kedge and certain affiliates of Kedge. As discussed further below under "Organizational Transactions" and above under "Concurrent Private Placement," Holdings will own approximately 95.2% of the voting power of our outstanding common stock (or 94.8% of the voting power of our outstanding common stock if the underwriters' option to purchase additional shares is exercised in full) after this offering, and we will be a "controlled company" within the meaning of the rules of the NYSE.

The Director Nomination Agreement will provide Holdings the right to nominate (i) all of the nominees for election to our Board for so long as Holdings controls, in the aggregate, 50% or more of the total number of shares of our common stock beneficially owned by Holdings upon completion of this offering, as adjusted for any reorganization, recapitalization, stock dividend, stock split, reverse stock split or similar changes in our capitalization (the "Original Amount"); (ii) a number of director nominees (rounded up to the nearest whole number) equal to 50% of the total directors for so long as Holdings controls, in the aggregate, more than 40%, but less than 50% of the Original Amount; (iii) a number of director nominees (rounded up to the nearest whole number) equal to 40% of the total directors for so long as Holdings controls, in the aggregate, more than 30%, but less than 40% of the Original Amount; (iv) a number of director nominees (rounded up to the nearest whole number) equal to 30% of the total directors for so long as Holdings controls, in the aggregate, more than 20%, but less than 30% of the Original Amount; (v) a number of director nominees (rounded to the nearest whole number) equal to 20% of the total directors for so long as Holdings controls, in the aggregate, more than 10%, but less than 20% of the Original Amount; and (vi) a number of director nominees (rounded up to the nearest whole number) equal to 10% of the total directors for so long as Holdings controls, in the aggregate, more than 5% but less than 10% of the Original Amount, which could result in representation on our Board that is disproportionate to Holdings' beneficial ownership. Upon the death or disability of Larry Gies, Holdings will no longer hold the nomination rights specified in (i) through (vi). In each case, Holdings' nominees must comply with applicable law and stock exchange rules. See the section entitled "Certain Relationships and Related Party Transactions—Related Party Transactions—Director Nomination Agreement" for more details with respect to the Director Nomination Agreement.

The Registration Rights Agreement will provide Holdings and Kedge with the right to request that we register their shares of capital stock on a registration statement for resale in the future. Additionally, Holdings and Kedge will be entitled to participate in certain of our registered offerings, subject to certain restrictions. We will pay expenses in connection with the exercise of these rights. See the section entitled "Certain Relationships and Related Party Transactions—Related Party Transactions—Registration Rights Agreement" for more details with respect to the Registration Rights Agreement.

Following the closing of this offering and the concurrent private placement, the holders of approximately 44,854,187 shares of Class A common stock and 324,429,147 shares of Class B common stock, or their transferees, have the right to require us to register the offer and sale of their shares, which we refer to as registration rights.

**Organizational Transactions** 

Madison Air Solutions Corporation, the registrant whose name appears on the cover of this registration statement, is a Delaware corporation formed to serve as a holding company that will conduct substantially all of its activities through its

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subsidiaries. Madison Air Solutions Corporation has not engaged in any business or other activities other than in connection with its formation and this offering.

Prior to the Organizational Transactions, Holdings has indirectly (through its wholly owned subsidiaries Madison Industries International Holdings LLC ("Madison Industries International") and Madison Industries US Holdings Corporation ("Madison Industries US")) owned all of the equity interests of MIAQ Solutions, the entity whose consolidated financial statements are included in this prospectus and which will be treated as the accounting predecessor to Madison Air Solutions Corporation. Prior to the Organizational Transactions, certain institutional investors and rollover investors own non-controlling interests in intermediary holding entities between MIAQ Solutions and Madison IAS.

Prior to the consummation of this offering, we will engage in a series of Organizational Transactions, including (i) a spin-off of MIAQ Solutions from Madison Industries International whereby ownership interests in MIAQ Solutions will be distributed up through Madison Industries US and Madison Industries International to Holdings, which will then contribute such ownership interests in MIAQ Solutions to Madison Air Solutions Corporation in exchange for shares of our Class B common stock and, as a result, MIAQ Solutions will become a wholly owned subsidiary of Madison Air Solutions Corporation and (ii) certain holders of non-controlling interests in intermediary holding entities between MIAQ Solutions and Madison IAS will engage in a series of transactions that will result in such holders of non-controlling interests receiving shares of our Class A common stock in exchange for their respective non-controlling interests in the intermediary holding entities and, as a result, each entity in the chain below Madison Air Solutions Corporation will be a wholly owned subsidiary thereof. The completion of the Organizational Transactions is conditioned on the pricing of this offering. The Organizational Transactions and related transactions are intended to qualify as transactions that are tax-free under Section 355 and Section 351 of the Code.

The diagram below depicts our historical organizational structure immediately prior to the completion of the Organizational Transactions. This diagram is provided for illustrative purposes only and does not purport to represent all legal entities owned or controlled by us, or owning a beneficial interest in us.

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![img249127520_17.jpg](img249127520_17.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Madison Industries International is a wholly owned subsidiary of Holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Madison Industries US is a wholly owned subsidiary of Madison Industries International.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Kedge, an unaffiliated institutional investor, collectively owns approximately 15.3% of the outstanding LLC units of Madison IAQ Holdings LLC ("IAQ Holdings"), a holding company with no assets other than the equity interests of Madison IAQ Holdings II LLC ("IAQ Holdings II"), its direct subsidiary.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Certain unaffiliated institutional investors (the "IAQ Holdings II Investors") collectively own approximately 4.6% of the outstanding LLC units of IAQ Holdings II, a holding company with no assets other than the equity interests of Madison IAQ Holdings III LLC ("IAQ Holdings III"), its direct subsidiary, with no individual institutional investor holding more than 2% of IAQ Holdings II prior to the completion of the Organizational Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Certain unaffiliated investors (the "IAQ Holdings III Investors") collectively own approximately 3.1% of the outstanding LLC units of IAQ Holdings III, a holding company with no assets other than the equity interests of Madison IAS, its direct subsidiary, with no single unaffiliated investor holding more than 1% of IAQ Holdings III prior to the completion of the Organizational Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Certain of our executive officers (the "Management Investors"), including Jill Wyant, JJ Foley and Jeffrey Krautkramer, together with certain other current and former employees and consultants (together with the Management Investors, the "Madison IAS Investors"), collectively own approximately 2.6% of the outstanding LLC units of Madison IAS, a holding company with no assets other than the equity interests of its direct subsidiary, Madison IAQ LLC ("Madison IAQ"), prior to the completion of the Organizational Transactions.

In connection with the consummation of this offering, the following transactions will take place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we will enter into a Separation Agreement (the "Separation Agreement") with Holdings, Madison Industries International and Madison Industries US, which sets forth our agreements with Holdings, Madison Industries International and Madison Industries US regarding the principal actions to be taken in connection with the Organizational Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we will enter into a Tax Matters Agreement (the "Tax Matters Agreement") with Madison Industries International which sets forth our agreements with Madison Industries International with respect to tax liabilities and benefits, tax attributes, tax contests and other tax sharing regarding U.S. federal, state, local and foreign income taxes, other tax matters and related tax returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we will enter into a Transition Services Agreement (the "Transition Services Agreement") with Madison Industries International, pursuant to which Madison Industries International will agree to continue to provide us with certain services that were historically provided by Holdings, including tax compliance and reporting services and other miscellaneous services as may be requested, for a transitional period in exchange for the fees specified in the Transition Services Agreement. For additional information regarding the Separation Agreement, the Tax Matters Agreement and the Transition Services Agreement, see the section entitled "Certain Relationships and Related Party Transactions—Related Party Transactions";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Madison Industries US will distribute 100% of the outstanding equity interests in MIAQ Solutions to Madison Industries International;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Madison Industries International will distribute the equity interests in MIAQ Solutions received from Madison Industries US to Holdings, resulting in Holdings owning 100% of the outstanding equity interests in MIAQ Solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Holdings will contribute the equity interests in MIAQ Solutions received from Madison Industries International to Madison Air Solutions Corporation in exchange for shares of our Class B common stock, resulting in (i) Madison Air Solutions Corporation owning 100% of the outstanding equity interests in MIAQ Solutions and (ii) Holdings owning 100% of our issued and outstanding shares of Class B common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Immediately following Holdings' contribution of the equity interests in MIAQ Solutions received from Madison Industries International to Madison Air Solutions Corporation in exchange for shares of our Class B common stock, we will cancel the 1,000 shares of Class A common stock previously issued to Holdings for no consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Kedge will contribute its LLC units of IAQ Holdings to Madison Air Solutions Corporation in exchange for shares of our Class A common stock. We will enter into lock-up agreements with each of Kedge and Holdings (collectively, the "Two-Year Lock-up Agreements"), pursuant to which such shares of Class A common stock (and Holdings' shares of Class B common stock) will be subject to certain transfer restrictions until the two-year anniversary of the closing date of this offering, as more fully described in the section entitled "Certain Relationships and Related Party Transactions—Related Party Transactions";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the IAQ Holdings II Investors will contribute their LLC units of IAQ Holdings II to Madison Air Solutions Corporation in exchange for shares of our Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Holdings will form Co-Investors LLC, a Delaware limited liability company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the IAQ Holdings III Investors will contribute their LLC units of IAQ Holdings III to Madison Air Solutions Corporation in exchange for shares of our Class A common stock, and will then immediately contribute such shares of Class A common stock to Co-Investors LLC in exchange for LLC units of Co-Investors LLC. Holdings, an entity managed by our

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Founder, Larry Gies, will serve as the sole manager of Co-Investors LLC, but will not otherwise have an economic interest in Co-Investors LLC. By virtue of Mr. Gies' control of Holdings, as the sole manager of Co-Investors LLC, Mr. Gies may be deemed to beneficially own all shares of Class A common stock held by Co-Investors LLC. The IAQ Holdings III Investors will not retain beneficial ownership of any shares of our Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Madison Air Solutions Corporation will form MIAS Merger Sub, LLC, a Delaware limited liability company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•MIAS Merger Sub, LLC will merge with and into Madison IAS, with Madison IAS as the surviving entity in the merger. As a result of the merger of MIAS Merger Sub, LLC with and into Madison IAS, the interests held by the Madison IAS Investors will be converted into shares of our Class A common stock. The shares of Class A common stock and Class B common stock to be issued in connection with the Organizational Transactions will be issued pursuant to one or more exemptions from the registration requirements of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•holders of unvested EAR awards at Madison IAS will receive EAR units, with such EAR units subject to the same vesting terms as the underlying unvested EAR award. Upon vesting, each EAR unit will convert into one share of Class A common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Madison Air Solutions Corporation will contribute the equity interests in IAQ Holdings, IAQ Holdings II and IAQ Holdings III to MIAQ Solutions, IAQ Holdings and IAQ Holdings II, respectively, resulting in each subsidiary being wholly owned by its direct parent entity.

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The diagram below depicts our expected organizational structure immediately following completion of the Organizational Transactions, the concurrent private placement and this offering. This diagram is provided for illustrative purposes only and does not purport to represent all legal entities owned or controlled by us, or owning a beneficial interest in us.

![img249127520_18.jpg](img249127520_18.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Immediately following the consummation of this offering and the concurrent private placement, Holdings will hold all 324,429,147 outstanding shares of Class B common stock. Accordingly, our Founder, Larry Gies will control 100% of the voting power over our outstanding Class B common stock, representing approximately 95.2% of the voting power of our outstanding capital stock (or approximately 94.8% of the voting power of our outstanding capital stock if the underwriters' option to purchase additional shares is exercised in full). See the section entitled "Our Founder" for additional information about our Founder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Immediately following the consummation of this offering, Kedge will own 44,854,187 shares of our outstanding Class A common stock, representing approximately 1.3% of the voting power of our outstanding capital stock (or approximately 1.3% of the voting power of our outstanding capital stock if the underwriters' option to purchase additional shares is exercised in full).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Immediately following the consummation of this offering, the IAQ Holdings II Investors collectively will own 14,316,295 shares of our outstanding Class A common stock, representing approximately 0.4% of the voting power of our outstanding capital stock (or approximately 0.4% of the voting power of the outstanding capital stock if the underwriters' option to purchase additional shares is exercised in full).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Immediately following the consummation of this offering, the Madison IAS Investors collectively will own 10,337,382 shares of our outstanding Class A common stock, representing approximately 0.3% of the voting power of our outstanding capital stock (or approximately 0.3% of the voting power of the outstanding capital stock if the underwriters' option to purchase additional shares is exercised in full). See the section entitled "Principal Stockholders" for additional information regarding the ownership of our Class A common stock by our executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Immediately following the consummation of this offering, Co-Investors LLC will own 12,297,006 shares of our outstanding Class A common stock, representing approximately 0.4% of the voting power of our outstanding capital stock (or approximately 0.4% of the voting power of the outstanding capital stock if the underwriters' option to purchase additional shares is exercised in full). Holdings, an entity managed by our Founder, Larry Gies, will serve as the sole manager of Co-Investors LLC, but will not otherwise have an economic interest in Co-Investors LLC. By virtue of Mr. Gies' control of Holdings, as the sole manager of Co-Investors LLC, Mr. Gies may be deemed to beneficially own all shares of Class A common stock held by Co-Investors LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Shares of Class A common stock and Class B common stock will vote as a single class except as otherwise required by law or our certificate of incorporation. Each share of Class A common stock is entitled to one vote per share on all matters to be voted on by shareholders generally. Each outstanding share of Class B common stock is initially entitled to 10 votes per share on all matters to be voted on by shareholders generally. Each share of Class B common stock will be convertible into shares of Class A common stock on a one-for-one basis at the option of the Class B stockholder. Each share of Class B common stock held by Holdings shall automatically convert into a share of Class A common stock on a one-for-one basis (i) upon any sale or transfer, subject to limited exceptions, such as transfers to Larry Gies or entities under his control, as described in our certificate of incorporation, (ii) 12 months following the death or disability of Larry Gies, which may be extended to 18 months upon affirmative approval of a majority of the independent directors of the Board, or (iii) a date fixed by the Board, which date will be no less than 61 days and no more than 180 days following the first date on which the outstanding shares of Class B common stock represent less than 10% of the then-outstanding shares of Common Stock.

The number of shares of Class A common stock that will be delivered to Kedge, the IAQ Holdings II Investors, the Madison IAS Investors and the IAQ Holdings III Investors, and the shares of Class B common stock that will be delivered to Holdings, will depend on the initial public offering price per share of Class A common stock. The numbers of shares of Class A common stock and Class B common stock and the percentage ownership in this prospectus assume an offering price of $26.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus. A $1.00 increase in the initial public offering price would result in Kedge, the IAQ Holdings II Investors, the Madison IAS Investors and the IAQ Holdings III Investors being allocated 27,437 fewer shares of Class A common stock, in the aggregate, and Holdings being allocated 115,014 fewer shares of Class B common stock. A $1.00 decrease in the initial public offering price would result in Kedge, the IAQ Holdings II Investors, the Madison IAS Investors and the IAQ Holdings III Investors being allocated 29,631 more shares of Class A common stock, in the aggregate, and Holdings being allocated 124,215 more shares of Class B common stock.

The number of EAR units that will be granted to holders of unvested EAR awards at Madison IAS will depend on the initial public offering price per share of Class A common stock. The number of EAR units granted to holders of unvested EAR awards assumes an offering price of $26.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus. A $1.00 increase in the initial public offering price would result in holders of unvested EAR awards being allocated 8,628 more EAR units. A $1.00 decrease in the initial public offering price would result in holders of unvested EAR awards being allocated 9,373 fewer EAR units.

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The Organizational Transactions impact the equity and do not impact the total assets or total liabilities of MIAQ Solutions. Except as disclosed in this prospectus, the consolidated financial statements and other financial information included elsewhere in this registration statement are those of MIAQ Solutions and its consolidated subsidiaries and do not give effect to the Organizational Transactions. We do not expect that the Organizational Transactions will have a material effect on our results of operations. <br>

**Recent Developments**

On March 20, 2026, our subsidiary, Madison IAQ LLC, together with certain other subsidiaries, entered into an amendment (the "Sixth Amendment") to the Credit Agreement which, upon effectiveness, will amend the Credit Agreement (as so amended by the Sixth Amendment, the "Amended Credit Agreement"), and a related agency assignment agreement with the lenders party thereto and Wells Fargo Bank, National Association. Upon effectiveness, the Sixth Amendment will replace the existing revolving commitments under the Credit Agreement with new incremental revolving loan commitments in an aggregate principal amount of $1,300.0 million (the "2026 Incremental Revolving Facility"), and Wells Fargo Bank, National Association will succeed to, and become, the administrative agent and collateral agent under the Amended Credit Agreement and the related credit documents.

The Sixth Amendment is subject to a number of conditions to effectiveness and is not effective as of the date of this prospectus. These conditions include, among other things, the consummation of this offering, the use of substantially all of the net proceeds of this offering to prepay the initial term loans under the Credit Agreement in part or in full, the payment of accrued and unpaid interest and fees on the initial term loans, the refinancing of any existing revolving loans with borrowings under the 2026 Incremental Revolving Facility, the termination of the existing revolving commitments and the satisfaction or waiver of certain other customary conditions set forth in the Sixth Amendment and the Amended Credit Agreement. The Sixth Amendment will not become effective until the date that is 30 days after substantially all of the net proceeds of this offering have been used to prepay a portion of the initial term loans under the Credit Agreement. Additionally, the Sixth Amendment will automatically terminate on June 3, 2026 (the date that is 75 days after the date of the Sixth Amendment) unless the Sixth Amendment has become effective in accordance with its terms or unless extended by us and the lenders. There can be no assurance that the Sixth Amendment will become effective on the terms described herein, or at all. Given the Sixth Amendment is expected to close after the consummation of this offering and remains subject to certain other closing conditions, the 2026 Incremental Revolving Facility has not been reflected in Pro Forma Adjusted financial information included elsewhere in this prospectus.

If the Sixth Amendment becomes effective, the 2026 Incremental Revolving Facility will mature on the earliest of (i) the fifth anniversary of the Sixth Amendment effective date, (ii) March 31, 2028 (unless, on or prior to such date, all then outstanding indebtedness with respect to the senior secured notes is extended or refinanced to mature on a date that is at least 91 days after the fifth anniversary of the Sixth Amendment effective date) and (iii) March 31, 2029 (unless, on or prior to such date, all then outstanding indebtedness with respect to the senior unsecured notes is extended or refinanced to mature on a date that is at least 91 days after the fifth anniversary of the Sixth Amendment effective date).

If the Sixth Amendment becomes effective, the 2026 Incremental Revolving Facility would bear interest at a variable rate per annum equal to, at our option, either (i) term SOFR plus a 2.00% spread or (ii) alternative base rate (as set forth in the Amended Credit Agreement) plus a 1.00% spread, with a 25 basis points step up if the first lien net leverage ratio exceeds 2.50:1.00 and a 25 basis points step down if the first lien net leverage ratio is less than or equal to 1.50:1.00. A commitment fee of 0.25% per annum would apply on the unused commitments under the 2026 Incremental Revolving Facility, with a 5 basis points step up if the first lien net leverage ratio exceeds 2.50:1.00 and a 5 basis points step down if the first lien net leverage ratio is less than or equal to 1.50:1.00.

**General Corporate Information** 

Our principal executive offices are located at 444 West Lake Street, Suite 4460, Chicago, Illinois 60606. Our telephone number is (312) 262-6374. Our website address is www.madisonair.com. The information contained on, or that can be accessed through, our website is not incorporated by reference into this prospectus, and you should not consider any information contained on, or that can be accessed through, our website as part of this prospectus or in deciding whether to purchase our Class A common stock.

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**The Offering** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A common stock offered**  | 82,692,308 shares.  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Option to purchase additional shares of Class A common stock**  | 12,403,846 shares.  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A common stock to be outstanding immediately after this offering**  | 164,497,178 shares (or 176,901,024 shares if the underwriters' option to purchase additional shares is exercised in full).  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class B common stock to be outstanding immediately after this offering and the concurrent private placement**  | 324,429,147 shares. Immediately after this offering and the concurrent private placement, Holdings will own 100% of the outstanding shares of our Class B common stock.  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Voting**  | Each share of our Class A common stock entitles its holder to one vote on all matters to be voted on by stockholders generally.  |
|  | Each share of our Class B common stock entitles its holder to 10 votes on all matters to be voted on by stockholders generally. Each share of Class B common stock may be converted into one share of Class A common stock at the option of the Class B stockholder. In addition, each share of Class B common stock held by Holdings will automatically convert into one share of Class A common stock (1) upon sale or transfer, subject to limited exceptions, such as transfers to Larry Gies or entities under his control, as described in our certificate of incorporation, (2) 12 months following the death or disability of Mr. Gies (which may be extended to 18 months by action of the independent members of the Board) or (3) a date fixed by the Board, which date will be no less than 61 days and no more than 180 days following the first date on which the outstanding shares of Class B common stock held by Holdings represent less than 10% of the then-outstanding shares of Class A common stock and Class B common stock. As a result of Holdings owning all of the Class B common stock, Holdings, and ultimately our Founder, Mr. Gies, will have the ability to control the outcome of matters requiring stockholder approval, even if they own significantly less than a majority of the shares of our outstanding Class A and Class B common stock, including the election of directors and significant corporate transactions, such as a merger or other sale of the Company or its assets. See the section entitled "Description of Capital Stock."  |
|  | Holders 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 as otherwise required by applicable law or our certificate of incorporation.  |
|  | Upon completion of this offering and the concurrent private placement and assuming an offering size as set forth on the cover page of this prospectus, we will be controlled by Holdings, which will control approximately 95.2% of the voting power of our outstanding common stock (or approximately 94.8% if the underwriters' option to purchase additional shares is exercised in full) on account of its ownership of Class B common stock. Additionally, Holdings may, pursuant to the Director Nomination Agreement, nominate all of the directors of the Company. See the section entitled "Certain Relationships and Related Party Transactions—Director Nomination Agreement."  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Voting power held by holders of Class A common stock**  | Approximately 4.8% (or 5.2% if the underwriters' option to purchase additional shares is exercised in full, and 100% if all outstanding Class B common stock were exchanged for newly issued shares of Class A common stock on a one-for-one basis).  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Voting power held by holders of Class B common stock**  | Approximately 95.2% (or 94.8% if the underwriters' option to purchase additional shares is exercised in full, and 0% if all outstanding Class B common stock were  |

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| | |
|:---|:---|
|  | exchanged for newly issued shares of Class A common stock on a one-for-one basis).  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Use of proceeds**  | We estimate, based upon an assumed initial offering price of $26.00 per share (which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus), that our net proceeds from this offering will be approximately $2,073.1 million (or approximately $2,385.1 million if the underwriters' option to purchase additional shares is exercised in full) after deducting the underwriting discount and estimated offering expenses payable by us. We expect to receive additional proceeds of approximately $100.0 million from the concurrent private placement. |
|  | The principal purposes of this offering are to increase our capitalization and financial flexibility, create a public market for our Class A common stock and enable access to the public equity markets for us and our stockholders. We expect to use approximately $2,173.1 million of the net proceeds of this offering and the concurrent private placement (or $2,485.1 million of the net proceeds of this offering if the underwriters' option to purchase additional shares is exercised in full) to repay $2,173.1 million of borrowings under the initial Term Loan Facility, including accrued and unpaid interest, with the remainder of such net proceeds to be used for general corporate purposes. We may use any additional net proceeds received in connection with the underwriters' exercise of their option to purchase additional shares to repay additional borrowings under the initial Term Loan Facility or the Incremental Term Loan Facility, in each case including accrued and unpaid interest, or for general corporate purposes. At this time, other than repayment of indebtedness under our Credit Agreement, we have not specifically identified a large single use for which we intend to use the net proceeds and, accordingly, we are not able to allocate the net proceeds among any of these potential uses in light of the variety of factors that will impact how such net proceeds are ultimately utilized by us. See the section entitled "Use of Proceeds."  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Indications of Interest** <br>| The cornerstone investors have, severally and not jointly, indicated an interest in purchasing up to an aggregate of $525.0 million in shares of Class A common stock in this offering at the initial public offering price. The shares of Class A common stock to be purchased by the cornerstone investors will not be subject to a lock-up agreement with the underwriters. However, because indications of interest are not binding agreements or commitments to purchase, the cornerstone investors may determine to purchase more, less or no shares of Class A common stock in this offering or the underwriters may determine to sell more, less or no shares of Class A common stock to the cornerstone investors. The underwriters will receive the same underwriting discounts and commissions on any of our shares of Class A common stock purchased by the cornerstone investors as they will from any other shares of Class A common stock sold to the public in this offering. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Controlled company**  | After this offering and the concurrent private placement, Holdings and Co-Investors LLC will collectively own approximately 95.5% of the voting power of our outstanding common stock (or approximately 95.2% of the voting power of our outstanding common stock if the underwriters' option to purchase additional shares is exercised in full) on account of Holdings' ownership of 100% of the outstanding shares of our Class B common stock and Co-Investors LLC's ownership of approximately 7.5% of our Class A common stock. As a result, we will be a controlled company within the meaning of the corporate governance standards of the NYSE. See the section entitled "Management—Corporate Governance—Controlled Company Status."  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Risk factors**  | Investing in our Class A common stock involves a high degree of risk. See the section entitled "Risk Factors" elsewhere in this prospectus for a discussion of  |

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|:---|:---|
|  | factors you should carefully consider before deciding to invest in our Class A common stock.  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Proposed trading symbol**  | "MAIR"  |

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The number of shares of Class A common stock to be outstanding following this offering is based on 81,804,870 shares of Class A common stock outstanding as of December 31, 2025 after giving effect to the Organizational Transactions. Unless otherwise indicated, all information in this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assumes an initial public offering price of $26.00 per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assumes the filing of our amended and restated certificate of incorporation (our "certificate of incorporation") and the adoption of our amended and restated bylaws (our "bylaws"), each in connection with the closing of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assumes no exercise by the underwriters of their option to purchase up to 12,403,846 additional shares of Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assumes the issuance of 71,467,488 shares of Class A common stock (based upon an assumed initial offering price of $26.00 per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus) to Kedge, the IAQ Holdings II Investors and the IAQ Holdings III Investors in connection with the Organizational Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assumes the issuance of 10,337,382 shares of Class A common stock (based upon an assumed initial offering price of $26.00 per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus) to the Madison IAS Investors in connection with the Organizational Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•excludes 44,003,369 shares of Class A common stock (based upon an assumed initial offering price of $26.00 per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus) reserved for future issuance under the Madison Air Solutions Corporation 2026 Omnibus Incentive Plan (the "2026 Plan"), which will be adopted prior to or in connection with this offering, and under which 8,496,759 shares of Class A common stock (based upon an assumed initial offering price of $26.00 per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus) may be issued upon the vesting of outstanding unvested equity appreciation awards under the Madison Indoor Air Solutions LLC Equity Appreciation Plan (the "EAR Plan"), which had an estimated value of $220.9 million as of December 31, 2025 (see "Executive Compensation—Compensation in Connection with This Offering—EAR Plan Awards"); and <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•excludes 324,429,147 shares of Class A common stock (based upon an assumed initial offering price of $26.00 per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus) reserved for future issuance upon the exchange of 324,429,147 shares of Class B common stock on a one-for-one basis.

The number of shares of Class A common stock that will be delivered to Kedge, the IAQ Holdings II Investors, the Madison IAS Investors and the IAQ Holdings III Investors, and the shares of Class B common stock that will be delivered to Holdings, will depend on the initial public offering price per share of Class A common stock. The number of shares of Class A common stock in this prospectus assumes an offering price of $26.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus. A $1.00 increase in the initial public offering price would result in Kedge, the IAQ Holdings II Investors, the Madison IAS Investors and the IAQ Holdings III Investors being allocated 27,437 fewer shares of Class A common stock, in the aggregate and Holdings being allocated 115,014 fewer shares of Class B common stock. A $1.00 decrease in the initial public offering price would result in Kedge, the IAQ Holdings II Investors, the Madison IAS Investors and the IAQ Holdings III Investors being allocated 29,631 more shares of Class A common stock, in the aggregate and Holdings being allocated 124,215 more shares of Class B common stock.

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**Summary Consolidated and Unaudited Pro Forma** 

**Combined Financial Information** 

The following tables summarize our actual historical consolidated financial and other information and certain Pro Forma and Pro Forma Adjusted combined financial information. We derived the summary consolidated statements of operations data for the years ended December 31, 2025, 2024 and 2023 and summary consolidated balance sheet data as of December 31, 2025 and 2024 from our audited consolidated financial statements included elsewhere in this prospectus.

The summary unaudited Pro Forma and Pro Forma Adjusted combined financial information presented below has been derived from the application of Pro Forma adjustments to our historical consolidated financial statements included elsewhere in this prospectus. The Pro Forma combined statement of operations gives effect to the AprilAire Acquisition, while the Pro Forma Adjusted combined statement of operations gives effect to the AprilAire Acquisition, the Organizational Transactions, the concurrent private placement, this offering, the use of proceeds from this offering and the concurrent private placement, and all other items required to be presented in accordance with Article 11 under Regulation S-X, in each case as if these transactions had occurred on January 1, 2025. See the section entitled "Unaudited Pro Forma Combined Financial Information" for a complete description of the adjustments and assumptions underlying the unaudited Pro Forma combined financial information included in this prospectus.

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Our historical results are not necessarily comparable or indicative of the results that may be expected in the future. The following summary consolidated financial data and other data should be read in conjunction with the sections entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Unaudited Pro Forma Combined Financial Information" and our consolidated financial statements and related notes included elsewhere in this prospectus.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Pro Forma<br>(Unaudited)**<sup>(1)</sup> | **Pro Forma<br>Adjusted<br>(Unaudited)**<sup>(2)</sup> |
| *(in millions, except share, per share and margin)* | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
|  | **2025** | **2024** | **2023** | **2025** | **2025** |
| **Consolidated Statement of Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net sales | $3340.1 | $2624.7 | $2556.2 | $3518.9 | $3518.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold<sup>(3)</sup> | 2052.6 | 1617.8 | 1618.4 | 2154.6 | 2154.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 473.3 | 388.6 | 390.7 | 514.8 | 514.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible amortization | 141.6 | 101.0 | 104.9 | 163.1 | 163.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring expenses | 4.1 | 10.7 | 17.1 | 6.0 | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 136.6 | 30.8 | 23.4 | 184.8 | 184.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating Income** | $531.9 | $475.8 | $401.7 | $495.6 | $495.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and financing expenses | 351.3 | 295.2 | 314.5 | 398.0 | 255.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense | (11.4) | (8.6) | (1.0) | (11.7) | (11.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income (loss) from continuing operations before<br> income taxes** | $192.0 | $189.2 | $88.2 | $109.3 | $251.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 66.3 | 35.6 | 38.1 | 49.8 | 82.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income (loss) from continuing operations** | 125.7 | 153.6 | 50.1 | 59.5 | 168.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from discontinued operations, net of taxes | (1.4) | 82.6 | 26.4 | (1.4) | (1.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss)** | $124.3 | $236.2 | $76.5 | $58.1 | $167.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to noncontrolling interests | $27.3 | $61.0 | $18.3 | $27.3 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss) attributable to Madison Air** | $97.0 | $175.2 | $58.2 | $30.8 | $167.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss) margin from continuing<br>operations** | 3.8% | 5.9% | 2.0% | 1.7% | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss) margin** | 3.7% | 9.0% | 3.0% | 1.7% | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net sales growth rate** | 27.3% | 2.7% |  |  |  |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings (loss) from continuing operations per share, basic and diluted | $98395 | $92622 | $31864 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares used in computing net<br> earnings (per share, basic and diluted) | 1000 | 1000 | 1000 |  |  |
| **Pro Forma Per Share Data (unaudited):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings (loss) from continuing operations per share, basic and diluted<sup>(4)</sup> |  |  |  | $32200 | $0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares used in computing net<br> earnings per share, basic and diluted<sup>(4)</sup> |  |  |  | 1000 | 488926325 |
| **Consolidated Statement of Cash Flow Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash flows provided by operating<br> activities—continuing operations | $480.0 | $220.4 | $237.5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash flows used in investing activities—<br> continuing operations | (2353.2) | (82.4) | (32.0) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash flows used in financing activities—<br> continuing operations | 1736.6 | (1044.4) | (40.0) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flow conversion—continuing operations | 381.9% | 143.5% | 474.1% |  |  |
| **Non-GAAP and Other Financial Measures:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Net Income<sup>(5)</sup> | 349.3 | 266.7 | 169.2 | 341.7 | 451.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA<sup>(6)</sup> | 890.7 | 674.2 | 603.8 | 936.6 | 936.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA Margin<sup>(7)</sup> | 26.7% | 25.7% | 23.6% | 26.6% | 26.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Profit<sup>(8)</sup> | 1251.5 | 977.2 | 908.1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Profit Margin<sup>(8)</sup> | 37.5% | 37.2% | 35.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Gross Profit<sup>(9)</sup> | 1300.3 | 1006.9 | 937.8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Gross Profit Margin<sup>(10)</sup> | 38.9% | 38.4% | 36.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Organic Revenue Growth Rate<sup>(11)</sup> | 12.4% | 2.9% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Free Cash Flow<sup>(12)</sup> | 442.2 | 198.7 | 220.3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Free Cash Flow Conversion<sup>(13)</sup> | 351.8% | 129.4% | 439.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Backlog<sup>(14)</sup> | 2019.6 | 968.2 | 705.5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Orders<sup>(15)</sup> | 4389.6 | 2879.5 | 2450.5 |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Financial information presented on a Pro Forma basis solely to give effect to the AprilAire Acquisition as if such transaction had occurred on January 1, 2025. These measures do not give effect to the Organizational Transactions or offering-related adjustments presented in accordance with Article 11 under Regulation S-X and described in detail in the section entitled "Unaudited Pro Forma Combined Financial Information." See the unaudited pro forma combined statements of operations in the section entitled "Unaudited Pro Forma Combined Financial Information" for a description of the adjustments and assumptions underlying the Pro Forma financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Financial information presented on a Pro Forma Adjusted basis gives effect to (i) the AprilAire Acquisition as if such transaction had occurred on January 1, 2025 and (ii) the Organizational Transactions, the concurrent private placement, this offering, the use of proceeds from this offering and the concurrent private placement, and all other items required to be presented in accordance with Article 11 under Regulation S-X. See the unaudited pro forma combined statements of operations in the section entitled "Unaudited Pro Forma Combined Financial Information" for a description of the adjustments and assumptions underlying the Pro Forma Adjusted financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Exclusive of intangible amortization shown separately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Pro Forma basic and diluted earnings (loss) from continuing operations per share is computed by dividing the pro forma net income (loss) from continuing operations attributable to Madison Air Solutions Corporation by the pro forma weighted-average shares of Class A common stock and Class B common stock outstanding during the period. Pro Forma diluted earnings (loss) from continuing operations per share is computed by adjusting the pro forma net income (loss) from continuing operations attributable to Madison Air Solutions Corporation and the pro forma weighted-average shares of Class A common stock and Class B common stock outstanding to give effect to potentially dilutive securities. The computation of Pro Forma diluted earnings (loss) from continuing operations per share does not assume conversion, exercise or contingent issuance of securities that would have an antidilutive effect on earnings (loss) per share. <br>Pro Forma Adjusted basic earnings (loss) from continuing operations per share is computed by dividing Pro Forma Adjusted net income (loss) from continuing operations attributable to Madison Air Solutions Corporation by the weighted average number of shares of Class A common stock and Class B common stock outstanding for the period as if the Organizational Transactions, initial public offering, and concurrent private placement had occurred on January 1, 2025 and excludes the effects of any potentially dilutive securities. Pro Forma Adjusted diluted earnings (loss) from continuing operations per share is computed by adjusting the Pro Forma Adjusted net income (loss) from continuing operations attributable to Madison Air Solutions Corporation and the weighted-average shares of Class A common stock and Class B common stock outstanding to give effect to potentially dilutive securities. <br>

See the section entitled "Unaudited Pro Forma Combined Financial Information" for a fulsome discussion of all of the adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Adjusted Net Income (Loss) is a non-GAAP financial measure. We define Adjusted Net Income (Loss) as net income (loss) as adjusted for certain items that impact comparability from period to period. These adjustments include net (income) loss from discontinued operations, amortization expense, acquisition and divestiture expenses, restructuring expenses, equity appreciation rights expense, non-operating expenses (income), allocated Madison Industries costs, non-recurring professional and consulting expenses, gain on insurance proceeds, gain on legal settlement and the tax effect of net income (loss) adjustments. For a reconciliation of Adjusted Net Income (Loss) to net income (loss) presented on an actual basis for the historical periods presented, the most directly comparable financial measure calculated and presented in accordance with GAAP, and Adjusted Net Income (Loss) to net income (loss) presented on a Pro Forma and Pro Forma Adjusted basis, respectively, calculated and presented in accordance with Article 11 under Regulation S-X, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net income (loss) as adjusted for net (income) loss from discontinued operations, interest and financing expenses, income tax expense (benefit), depreciation and amortization, acquisition and divestiture expenses, restructuring expenses, equity appreciation rights expense, non-operating expenses (income), allocated Madison Industries costs, non-recurring professional and consulting expenses, gain on insurance proceeds, and gain on legal settlement. For a reconciliation of Adjusted EBITDA to net income (loss) on an actual basis for the historical periods presented, the most directly comparable financial measure calculated and presented in accordance with GAAP, and Adjusted EBITDA to net income (loss) presented on a Pro Forma and Pro Forma Adjusted basis, respectively, calculated and presented in accordance with Article 11 under Regulation S-X, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Adjusted EBITDA Margin is a non-GAAP financial measure. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by net sales for the same period. For a reconciliation of Adjusted EBITDA Margin to net income (loss) margin presented on an actual basis for the historical periods presented, the most directly comparable financial measure calculated and presented in accordance with GAAP, and Adjusted EBITDA Margin to net income (loss) margin presented on a Pro Forma and Pro Forma Adjusted basis, respectively, calculated and presented in accordance with

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Article 11 under Regulation S-X see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)Gross Profit and Gross Profit Margin are presented in accordance with GAAP. For a reconciliation of Gross Profit and Gross Profit Margin, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)Adjusted Gross Profit is a non-GAAP financial measure. We define Adjusted Gross Profit as Gross Profit on a GAAP basis as adjusted for technology intangible amortization and purchase accounting inventory adjustment. For a reconciliation of Adjusted Gross Profit to Gross Profit on an actual basis for historical periods presented, the most directly comparable financial measure calculated and presented in accordance with GAAP, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)Adjusted Gross Profit Margin is a non-GAAP financial measure. We define Adjusted Gross Profit Margin as Adjusted Gross Profit divided by net sales. For a reconciliation of Adjusted Gross Profit Margin to Gross Profit Margin on an actual basis for historical periods presented, the most directly comparable financial measure calculated and presented in accordance with GAAP, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)Organic revenue growth rate is a non-GAAP financial measure. We define organic revenue growth rate as net sales growth rate as adjusted for acquisitions and divestitures and fluctuations in currency exchange rates. For a reconciliation of organic revenue growth rate to net sales growth rate presented on an actual basis for the historical periods presented, the most directly comparable financial measure calculated and presented in accordance with GAAP, and organic revenue growth rate to net sales growth rate presented on a Pro Forma and Pro Forma Adjusted basis, respectively, calculated and presented in accordance with Article 11 under Regulation S-X, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)Free Cash Flow ("FCF") is a non-GAAP financial performance measure. We define FCF as net cash flows provided by operating activities—continuing operations less purchases of property, plant and equipment plus proceeds from sale of property, plant and equipment. For a reconciliation of FCF to net cash flows provided by operating activities—continuing operations, the most directly comparable financial measure calculated and presented in accordance with GAAP, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)FCF Conversion is a non-GAAP financial performance measure. We define FCF Conversion as FCF divided by net income (loss) from continuing operations. For a reconciliation of FCF to operating cash flow conversion—continuing operations, the most directly comparable financial measure calculated and presented in accordance with GAAP, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)Backlog is given as of December 31 for the year indicated. Backlog is a key performance indicator used to assist us in evaluating the performance of our business. Backlog represents the total expected future revenue from confirmed customer orders that have been received but not yet shipped or rendered as of a given date. Backlog is applicable to sales of products and systems and services. However, the timing and conversion of backlog is subject to numerous uncertainties and risks and are not necessarily indicative of the amount of revenue to be earned in the upcoming fiscal year. For a breakdown of backlog in the Commercial and Residential segments, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Performance Indicators."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)Orders are a key performance indicator used to assist us in evaluating the performance of our business. Orders represent the dollar value of customer purchase commitments signed over a given period, with confirmed pricing, quantities and delivery terms. Orders provide management with a signal of customer demand for the Company's products and services, as well as an indication of future revenues and performance. However, the timing and conversion of orders are subject to numerous uncertainties and risks and are not necessarily indicative of the amount of revenue to be earned in the upcoming fiscal year. For a breakdown of orders in the Commercial and Residential segments, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Performance Indicators."

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|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** |
| *(in millions)* | **Actual** | **Pro Forma<br>Adjusted<br>(unaudited)**<sup>(2)</sup> |
| **Consolidated Balance Sheet Data:** |  |  |
| Cash and cash equivalents | $208.4 | $208.4 |
| Working capital<sup>(1)</sup> | 454.6 | 510.8 |
| Total assets | 8177.1 | 8174.5 |
| Long-term debt (including current portion) | 5650.4 | 3529.1 |
| Total liabilities | 7212.1 | 5017.3 |
| Redeemable noncontrolling interests | 882.9 |  |
| Total equity | 82.1 | 3157.2 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)We define working capital as current assets less current liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)We define Pro Forma Adjusted as giving effect to (i) the AprilAire Acquisition as if such transaction had occurred on January 1, 2025 and (ii) the Organizational Transactions, the concurrent private placement, this offering, the use of proceeds from this offering and the concurrent private placement, and all other items required to be presented in accordance with Article 11 under Regulation S-X. See the section entitled "Unaudited Pro Forma Combined Financial Information" for a description of the adjustments and assumptions underlying the Pro Forma Adjusted financial information.

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The following table sets forth a reconciliation of AprilAire's Adjusted EBITDA to AprilAire's net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP. The figures herein do not contain pro forma adjustments.

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| | | | |
|:---|:---|:---|:---|
|  | **AprilAire** | **AprilAire** | **AprilAire** |
|  |  | **Year Ended December 31,** | **Year Ended December 31,** |
| ***(In millions)*** | **Period from<br>January 1, 2025<br>to May 6, 2025** | **2024** | **2023** |
| Net income (loss) | $(27.6) | $93.6 | $78.6 |
| **Adjustments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and financing expenses | (0.8) | (3.0) | (3.5) |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) | (4.9) | 25.1 | 20.6 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 5.3 | 12.8 | 10.8 |
| &nbsp;&nbsp;&nbsp;Acquisition and divestiture expenses<sup>(1)</sup> | 44.1 | 1.5 |  |
| &nbsp;&nbsp;&nbsp;Restructuring expenses<sup>(2)</sup> | 1.9 |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense | 23.1 | 2.6 | (1.1) |
| &nbsp;&nbsp;&nbsp;Non-operating expenses (income)<sup>(3)</sup> | 4.8 | 2.7 | 5.6 |
| **Adjusted EBITDA** | $45.9 | $135.3 | $111.0 |
| &nbsp;&nbsp;&nbsp;*Net income (loss) margin* | *(15.4*<br>*)%* | *19.1%* | *18.2%* |
| &nbsp;&nbsp;&nbsp;*Adjusted EBITDA Margin* | *25.7%* | *27.6%* | *25.7%* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Acquisition and divestiture expenses represent direct transaction costs related to acquisition and divestiture activity, including transaction fees, due diligence costs, purchase accounting adjustments, and other acquisition related charges, such as one-time transaction related compensation, professional and legal fees. Acquisition and divestiture expenses totaled $44.1 million for the period from January 1, 2025 to May 6, 2025 and related to the divestiture of AprilAire. These costs primarily included investment banking, legal, and accounting professional fees as well as one-time transaction related compensation. The acquisition and divestiture expense in 2024 related to the acquisition of EWC Controls, Inc. No acquisition and divestiture expenses were incurred in 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Represents costs and expenses in connection with various restructuring initiatives. For the period from January 1, 2025 to May 6, 2025, restructuring expenses were primarily driven by severance related to individuals terminated at the timing of the divestiture. No restructuring expenses were incurred in 2024 or 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Non-operating expenses (income) represent gains and losses on sale of fixed assets and other non-recurring items. During the period ended May 6, 2025, this primarily represents $4.5 million warranty charge related to restructured product line. For the year ended December 31, 2024, this represents $3.2 million warranty charge related to a restructured product line, $1.6 million for directors' fees and deferred compensation offset by $2.0 million reserve change for a previously reserved product recall for a discontinued product. For the year ended December 31, 2023, this represents $3.3 million product recall reserve for a discontinued product line, $1.0 million for loss on disposal of property, plant, and equipment and $0.7 million for directors' fees and deferred compensation.

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**Risk Factors** 

This offering and an investment in our Class A common stock involve a high degree of risk. You should carefully consider the risks described below, together with the financial and other information contained in this prospectus, before you decide to purchase shares of our Class A common stock. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that affect us. If any of the following risks actually occur, our business, financial condition, results of operations, cash flows and prospects could be materially and adversely affected. As a result, the trading price of our Class A common stock could decline and you could lose all or part of your investment.

Because of the following factors, as well as other factors affecting our business, financial condition, operating results and prospects, past financial performance should not be considered a reliable indicator of future performance, and investors should not rely on historical trends to anticipate trends or results in the future.

**Risks Related to Our Business** 

***Our growth could suffer if the markets into which we sell our products and services decline, do not grow as anticipated or experience cyclicality.*** 

Our business is affected by a number of economic factors, including the level of economic activity in the markets in which we operate. Global economic and political conditions affect each of our primary businesses and the businesses of our customers and suppliers. Recessions, economic downturns, price instability, inflation, slowing economic growth and social and political instability in the industries and/or markets where we compete could negatively affect our revenues and financial performance in future periods, and adversely impact our ability to grow or sustain our business. For example, sales in the commercial and industrial new construction markets correlate to the number of new homes and buildings that are built, which in turn is influenced by cyclical factors such as interest rates, inflation, consumer spending habits, tariffs, employment rates, and other macroeconomic factors over which we have no control. Any significant weakening of the economy, including labor shortages and rise in inflation, may adversely impact our business. In our Residential segment, a decline in economic activity as a result of these cyclical or other factors including the shortage of building materials and/or labor often results in a slowdown or decline in new construction and replacement purchases, which often impacts our sales volume and profitability. We are also exposed to the data center cooling market, which has shown substantial volatility due to investments in AI and other technology supported by colocators and hyperscalers. If this trend were to change, it would have an impact on our results of operations and financial condition. For instance, any slowdown or reversal in AI or cloud infrastructure investment in the market, or a shift in technology standards, could lead to a significant and immediate decline in orders for our data center cooling solutions. Additionally, as we increasingly integrate AI tools into our own product design, channel distribution and business operations, we may face legal, regulatory and other risks related to rapid technological change, potential disruption, and the need to continually adapt our offerings to remain competitive. AI technology is complex and rapidly evolving, and if we are unable to innovate quickly enough to keep pace with these rapid technological developments, our business could be harmed. Further, foreign, federal and state laws and policy are subject to change in ways that may adversely affect our business, see "—Risks Related to Litigation and Regulation—Our businesses are subject to varying domestic and foreign laws and regulations that may restrict or adversely impact our ability to conduct our business."

***Our estimate of total addressable market is subject to numerous uncertainties. If we have overestimated the size of our total addressable market now or in the future, our future growth rate may be limited.*** 

Our estimate of our 8% share of a $40 billion total addressable market is based on our separate calculation of TAM for each material business within our Commercial and Residential segments using a variety of methodologies, which are based upon a variety of sources, including information from independent industry analyses, publications, interviews with industry participants, public company data, analyst reports, government reports, as well as our own internal estimates and research. After calculating the TAM for each primary business within our Commercial and Residential segments, management then aggregates each business-level TAM estimate to arrive at an aggregate estimated TAM for Madison Air.

We cannot assure you of the accuracy or completeness of our estimates. While we believe our market size estimates and growth rates are reasonable, such information is inherently imprecise. If internally generated data used in our estimates proves to be inaccurate or we make errors in our assumptions or otherwise based on such data, our actual markets may be more limited than our estimates. In addition, these inaccuracies or errors may cause us to misallocate capital and other critical business resources, which could harm our business. Even if our total addressable market meets our size estimates and experiences growth, we may not continue to grow our share of these markets. Our growth is subject to many factors, including the successful implementation of our business strategy, which is subject to many risks and uncertainties. Accordingly, the estimates of our total addressable market included in this prospectus should not be taken as indicative of our ability to grow.

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Furthermore, we are pursuing opportunities in markets that are undergoing rapid changes, including technological and regulatory changes, and it is difficult to predict the timing and size of these opportunities. For example, data centers for AI require complex technology and are subject to uncertainties with respect to, among other things, the rate of consumer acceptance and the impact of current or future regulations. Because these data centers depend on technology from many companies, commercialization of some AI technologies could be delayed or impaired on account of certain technological components not being ready to be deployed. Regulatory, safety or reliability developments, many of which are outside of our control, could also cause delays or otherwise impair commercial adoption of these new technologies, which will adversely affect our growth.

***Our business and growth prospects rely on the continuation of key megatrends, and any slowdown or shift in these trends, or our failure to adapt to them, could adversely impact our demand, revenues, and financial performance.*** 

Our business strategy and future growth depend on the continuation and strength of several powerful megatrends, including energy resilience, expansion of AI and cloud computing, reshoring of advanced manufacturing, aging of commercial and residential building stocks, and increasing focus on human health. These megatrends are currently fueling demand for our products and solutions across both our Commercial and Residential segments. However, there can be no assurance that these trends will continue at their current pace or that they will not be disrupted or replaced by other market forces.

If these megatrends slow, reverse, or fail to materialize as anticipated, the demand for our products and services could decline, which would adversely affect our revenues, growth prospects, and financial performance. Additionally, our ability to anticipate, adapt to, and capitalize on these megatrends is subject to numerous uncertainties, including technological change, evolving customer preferences, and competitive dynamics, including those arising from the rapid development of generative AI-based solutions that could shift customer expectations or adoption patterns. If we fail to effectively respond to changes in these megatrends or if our strategic initiatives do not align with future market developments, our business, financial condition, results of operations, and prospects could be adversely affected.

***Our business has material exposure to home improvement, repair and remodeling activity in North America and new home construction activity levels, all of which are impacted by fluctuations in the housing market. Changes in the general economy, the housing market or other business conditions have in the past adversely affected and could in the future adversely affect our sales, operating results, cash flows and financial condition.*** 

A number of factors impact consumers' spending on home improvement projects as well as new home construction activity, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•consumer confidence levels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fluctuations in home prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•credit availability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•existing home sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unemployment and underemployment levels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•consumer income and debt levels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•household formation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•availability of home equity loans and mortgages and the interest rates for, and tax deductibility of, such loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•availability of skilled tradespeople for repair and remodeling work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•trends in lifestyle and housing design; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•weather and natural disasters.

In addition, the fundamentals driving our business are impacted by economic cycles. Adverse changes involving the factors listed above or economic downturns could result in a decline in spending on residential repair and remodeling activity and a decline in demand for new home construction, which could adversely affect our operating results and financial position.

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***Our industry is highly competitive. If we do not compete successfully, our business, financial condition and results of operations could be adversely affected.*** 

Substantially all of the markets that we serve are highly competitive. We compete worldwide with a number of other manufacturers and distributors that produce and sell similar products. There has been consolidation and new entrants (including non-traditional competitors) within our industries, and there may be future consolidation and new entrants which could result in increased competition and significantly alter the dynamics of the competitive landscape in which we operate. Due to our global footprint, we are competing worldwide with large companies and with smaller, local operators who may have customer, regulatory or economic advantages in the geographies in which they are located. In addition, some of our competitors may employ pricing and other strategies that are not traditional. While we understand our markets and competitive landscape, there is always the risk of disruptive technologies from companies that are not traditionally manufacturers or service providers of our products. As we integrate acquisitions, including the acquisition of AprilAire, into our portfolio of solutions, we may face new competitors in our target markets and experience increased competition from alternative solutions. We must continually innovate new or enhanced products and services to maintain and expand our brand recognition and market position to effectively compete in the markets that we serve. Our failure or inability to effectively address market trends, adapt to changes in customer preferences, and compete in our market may adversely affect demand for our products and services, which may cause a material adverse effect on our financial condition. Our customers continue to seek technological innovation, productivity gains, competitive prices, reliability and availability from us and their other suppliers. As a result of these and other factors, we may not be able to compete effectively, which could adversely impact our business, financial condition and results of operations.

***If our 80/20 operating model and other strategies for improving organic growth do not deliver as planned, our results of operations could suffer.*** 

Our growth depends in part on the growth of the markets which we serve. Any decline or lower than expected growth in our served markets could diminish demand for our products and services, which could adversely affect our results of operations and financial condition. To address this issue, we are pursuing a number of strategies to improve our organic growth, including the implementation of our 80/20 operating model, a strategic framework that predominantly allocates resources to what we believe are the most compelling growth opportunities, The strategies we choose to pursue may not be effective in identifying said growth opportunities. In addition, we are pursuing a number of other strategies to improve our organic growth, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•strengthening our presence in selected geographic markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•allocating research and development funding to products with higher growth prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•developing new applications for our technologies, including the deployment of AI tools to accelerate design and custom engineering offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expanding our service offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•continuing key customer initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•combining sales and marketing operations in appropriate markets to compete more effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•finding new markets for our products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•continuing the development of commercial tools and infrastructure to increase and support cross-selling opportunities of products and services to take advantage of our depth in product offerings.

We may not be able to successfully implement these strategies, and pursuing one or more of these strategies may impair the expected growth of our business. Our failure to fully implement these strategies in a cost-effective and timely manner could adversely impact our business, results of operations, financial condition and cash flows.

***If we are unable to measure, consistently deliver, or clearly communicate the tangible benefits of our proprietary Return on Air value proposition, our reputation, competitive differentiation, and ability to win and retain business could be adversely affected.*** 

Our business strategy and market differentiation rely heavily on our proprietary concept of Return on Air, which refers to the tangible outcomes and value delivered to customers when air is treated as a strategic asset rather than a commodity. The ability to quantify and communicate the tangible benefits of Return on Air such as improved productivity, compliance, health, energy efficiency, and cost savings, depends on a variety of factors, including the specific customer environment, the accuracy of our measurement methodologies, the availability and reliability of data, and the willingness of customers to attribute observed outcomes to our solutions. If our methodologies for measuring Return on Air are not sufficiently robust, transparent, or accepted by customers and industry stakeholders, or if the outcomes we claim are not consistently realized in practice, our reputation and competitive positioning could be adversely affected. If customers or potential customers do not perceive a clear, quantifiable benefit from our solutions, or if competitors are able to offer similar or alternative value propositions that are more easily measured or understood, our ability to win new business, retain existing customers, and maintain pricing could be negatively impacted.

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In addition, as we expand into new markets or introduce new products and services, the measurability of Return on Air may vary, and we may encounter challenges in adapting our value proposition or measurement frameworks to different customer needs and expectations. Any failure to effectively measure, communicate, and deliver on the promise of Return on Air could result in reduced demand for our products and services and an adverse effect on our business, financial condition, and results of operations.

***Restrictions imposed to preserve the tax-free treatment of the Organizational Transactions and related transactions may significantly limit our ability to raise capital and pursue strategic transactions for at least two years following this offering, and any breach of these restrictions could result in significant tax liabilities.*** 

To preserve the tax-free treatment of the Organizational Transactions and related transactions, we will be subject to restrictions under the Tax Matters Agreement that could limit our ability to pursue certain strategic transactions, equity issuances or repurchases or other transactions that we may believe to be in the best interests of our stockholders or that might increase the value of our business. Under Section 355 of the Internal Revenue Code, the Organizational Transactions could result in taxable gain to Madison Industries International, an affiliate of Holdings, if the Organizational Transactions were later deemed to be part of a plan (or series of related transactions) pursuant to which one or more persons acquired, directly or indirectly, shares representing a 50% or greater interest (by vote or value) in us.

Based on the size of this offering and the number of shares that will be outstanding immediately following the completion of this offering (based upon an assumed initial offering price of $26.00 per share (which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus)), but excluding the concurrent private placement (which is excluded because shares acquired by Holdings in the concurrent private placement are not counted for purposes of satisfying the continuity of interest requirement under Section 355 of the Internal Revenue Code), we estimate that approximately 94.0% of the total voting power of our outstanding common stock (or approximately 93.7% if the underwriters' option to purchase additional shares is exercised in full) and approximately 65.6% of the total economic interest in us (or approximately 63.9% if the underwriters' option to purchase additional shares is exercised in full), will be held by Holdings immediately after this offering. These ownership percentages are calculated in accordance with the SEC's beneficial ownership reporting rules under Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). However, the U.S. Internal Revenue Service (the "IRS") applies different rules and methodologies for calculating voting power and ownership percentages for purposes of Section 355 of the Internal Revenue Code, which may result in different percentage calculations that could provide more or less flexibility under the 50% threshold than indicated by the SEC calculations set forth herein. As a result, we will have limited flexibility under the 50% threshold before triggering potential adverse tax consequences. For at least two years following the Organizational Transactions, except in specific circumstances or unless Madison Industries International waives our obligation to comply with such restrictions, we and our subsidiaries will generally be prohibited from: (i) ceasing to conduct certain businesses, (ii) entering into certain transactions or series of transactions pursuant to which all or a portion of our common stock would be acquired or all or a portion of certain of our and our subsidiaries' assets would be acquired, (iii) liquidating, merging or consolidating with any other person, (iv) issuing equity securities beyond certain thresholds, (v) repurchasing our stock other than in certain open-market transactions or (vi) taking or failing to take any other action that would cause the Organizational Transactions, together with certain related transactions, to fail to qualify as tax-free for U.S. federal income tax purposes.

Given our proximity to the 50% threshold, we do not expect to be able to conduct any primary follow-on equity offerings during the two-year period following this offering without risking a breach of the 50% continuity of interest requirement. This restriction may significantly limit our ability to raise equity capital to fund growth initiatives, acquisitions or other strategic opportunities that may arise during this period. We will be required to rely primarily on cash flow from operations, existing cash balances and debt financing to fund our operations and growth during this restricted period. If our cash flow from operations is insufficient to fund our operations or if debt financing is unavailable or available only on unfavorable terms, our business, financial condition and results of operations could be materially adversely affected. For more information, see "—Risks Related to Taxes."

***Our results of operations and financial condition could be negatively impacted by the loss of key customers.*** 

For the year ended December 31, 2025, our top 10 customers accounted for approximately 32% of our revenue. Our results of operations could be negatively impacted by the loss of any of these customers to the extent we are not able to gain additional market share. In addition, in the future, we may have new major customers that represent a larger percentage of our revenues or with fewer customers representing a significant portion of our revenues, which could increase our customer concentration risk. As a result, the loss of, or significant reduction in sales to, key customers could have a material adverse effect on our results of operations, financial condition and cash flow.

***Our backlog and orders are subject to unexpected adjustments and cancellations.*** 

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Backlog represents the total expected future revenue from confirmed customer orders that have been received but not yet shipped or rendered as of a given date. Timing and conversion of backlog is subject to numerous uncertainties and risks and is not necessarily indicative of the amount of revenue to be earned in the upcoming fiscal year. As a result, we cannot guarantee that the revenue projected in our backlog will be realized or profitable or will not be subject to delay or suspension. As of December 31, 2025, backlog was $2,019.6 million for Madison Air. As of December 31, 2024, backlog totaled $987.4 million, consisting of $968.2 million for Madison Air as reported, $11.4 million for AprilAire, and $7.8 million for other brands acquired by Madison Air. Orders represent the dollar value of customer purchase commitments signed over a given period, with confirmed pricing, quantities, and delivery terms. Although terms are agreed upon for orders, project cancellations, scope adjustments or deferrals or foreign currency fluctuations may occur with respect to contracts reflected in our backlog and orders, which could reduce the dollar amount of our backlog, orders and the revenue and profits that we actually earn or cause the rate at which we perform on our backlog or orders to decrease. For the year ended December 31, 2025, orders were $4,389.6 million for Madison Air and for the period from January 1, 2025, to May 6, 2025, orders were $183.8 million for AprilAire. For the year ended December 31, 2024, orders totaled $3,428.1 million, consisting of $2,879.5 million for Madison Air as reported, $537.0 million for AprilAire, and $11.6 million for other brands acquired by Madison Air, giving effect to all merger and acquisition activity as if such brands had been owned for all periods presented. For the three months ended December 31, 2025, orders were $1,512.2 million for Madison Air. For the three months ended December 31, 2024, orders totaled $721.8 million, consisting of $580.4 million for Madison Air and $141.4 million for AprilAire. In addition, projects may remain in our backlog for an extended period of time. During periods of economic slowdown, the risk of projects being suspended, delayed or cancelled generally increases. Finally, poor project or contract performance could also impact our backlog, orders and profits. Such developments could have a material adverse effect on our business and our profits.

***If we are unsuccessful in developing and commercializing new versions of products and new features and accessories for our products, our business could be adversely impacted.*** 

Through in-house research and development and engineering efforts, we target product development to meet customer needs. However, there is no assurance that our product development efforts will be embraced by the market and potential customers. Customers in the industries we serve make frequent changes to maximize their operations and profits. To be successful, we must develop and commercialize new versions of our products and new features and functionalities that respond to our customers' needs and price points. Our products and any new features and accessories must keep pace with new products and feature introductions of our competitors. Because our products and any new features and accessories are technologically complex, developing new products or adding features and accessories to our existing products requires extensive design, development and testing at the technological, product and manufacturing stages. We expect to continue to incur significant expenditures for the development of our solutions which may not ultimately grow our business or cause long-term profitability, and we cannot guarantee that we will be able to timely produce new versions of our products or new features and accessories. To successfully develop and commercialize new versions of our products or new features and accessories we need to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•accurately assess and provide compelling solutions to customer needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•ensure the market is ready to accept new products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•develop products that are functional and easy to use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•price competitively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•manufacture and deliver on time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•control costs associated with manufacturing, installation, warranty and maintenance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•anticipate and compete effectively with our competitors' efforts.

Our failure to accomplish any of these criteria could delay or prevent the release of new products or new features and accessories. These difficulties and delays could cause our development expenses to increase and harm our financial and operating results.

Further, we must continue to effectively adapt our products and services to a changing technological and regulatory environment to drive growth and defend against disruption caused by competitors, regulators or other external forces impacting our business and operations. If we are unable to be agile and responsive to disruption in the development of new products, services and technologies, including technologies such as AI and machine learning, our business, financial condition, results of operations and cash flows could be adversely affected. Even after introduction, new or enhanced products may not satisfy customer preferences and product failures may cause customers to reject our products. Further, as we integrate emerging and rapidly evolving technologies, including AI and machine learning, into our products and services, we may not be able to anticipate or identify vulnerabilities, design flaws or security threats resulting from the use of such technology and develop adequate protection measures. As a result, these products may not achieve market acceptance and our brand image could suffer.

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***Our efforts to expand into adjacent markets may not succeed, which could adversely affect our business, financial condition, results of operations, and growth prospects.*** 

Our growth strategy includes expanding into adjacent markets by leveraging our existing product lines, technologies, and customer relationships. However, we may not be successful in identifying or achieving meaningful scale in these new markets. The success of our expansion efforts depends on a variety of factors, including our ability to accurately assess market opportunities, adapt our products and services to meet the unique needs and regulatory requirements of these markets, and effectively compete with established incumbents and new entrants. Adjacent markets may have different competitive dynamics, customer preferences, and technological requirements than our core markets, and we may face challenges in building brand recognition, establishing distribution channels, or achieving the necessary scale to operate profitably. In addition, our investments in adjacent markets may divert management attention and resources from our core business, and there can be no assurance that these initiatives will generate the returns or synergies that we anticipate. If we are unable to successfully execute our strategy to grow in adjacent markets, or if these markets do not develop as we expect, our business, financial condition, results of operations, and growth prospects could be adversely affected.

***Changes in our product or segment mix could impact our financial performance.*** 

We sell products across our segments that have varying profit margins. Our financial performance can be impacted depending on the mix of products we sell during a given period. Additionally, adverse trends in demand for our products could alter the balance of our Commercial and Residential sales or the balance of our product sales within either segment. In light of differing margins, changes in the relative amount and type of commercial and residential industrial activity or the mix of products sold may have an impact on our business and cause our revenues and profitability to fluctuate from period to period. Adverse trends in any of the foregoing factors could reduce our sales and have a material adverse effect on our business, financial condition and results of operations.

***We face the challenge of accurately aligning our capacity with our demand.*** 

We can experience capacity constraints and longer lead times for certain products in times of growing demand while we can also experience idle capacity as economies slow or demand for certain products decline. Accurately forecasting our expected volumes and appropriately adjusting our capacity have been, and will continue to be, important factors in determining our results of operations. In addition, to maintain profitability, we may need to relocate manufacturing of our products due to the impact of tariffs. We cannot guarantee that we will be able to change our manufacturing capacity to meet demand for our products, which could prevent us from meeting increased customer demand and could harm our business. However, if we overestimate our demand and overbuild our capacity, we may have underutilized assets and we may experience reduced margins. If we do not accurately align our manufacturing capabilities with demand, it could have a material adverse effect on our results of operations.

***We could be negatively impacted by supplier shortages or the rising cost of raw materials.*** 

In some cases, we are dependent on single or limited sources of supply for certain components and raw materials used in the manufacturing of our products. We select our suppliers based on total value (including price, delivery, quality and technology), taking into consideration location, production capabilities and financial condition. However, there can be no assurance that strong demand, capacity limitations or other problems experienced by our suppliers (including labor unrest, pandemics, weather emergencies, maritime disasters, commercial disputes, government actions, tariffs, riots, wars, sabotage, non-conforming parts, acts of God, including matters beyond the control of the Company, or acts of terrorism) will not result in occasional shortages or delays in the supply of components. In addition, there can be no assurance that our suppliers will deliver to our stated written expectations. If we were to experience a significant or prolonged shortage of critical components from any of our suppliers, particularly those who are our sole sources, and could not procure the components from other sources, we would be unable to meet our production schedules for some of our key products or to ship such products to our customers in a timely fashion, which could adversely affect sales, margins and customer relationships.

We also rely on certain materials such as steel, plastic, copper and aluminum. If the costs of any of these materials increase, and we are unable to pass these costs on to our customers, our profitability may be affected. In addition, an increase in fuel prices would increase our costs of distributing and shipping our products, which may also affect profitability.

Unfavorable industry conditions could result in financial distress within our supply base, an increase in commercial disputes and other risks of supply disruption. Any loss of a supplier, or the failure of any of our suppliers to provide sufficient product to us on a timely basis, may have a material adverse effect on our results of operations and financial condition.

We source a notable amount of our components from suppliers in Asia, accounting for 24% of our total direct material spend in 2025, of which less than half was sourced from Chinese suppliers. Prolonged disruptions to our Asian supply chain has and may again in the future have a material adverse effect on our results of operations and financial condition. If any of our suppliers in Asia were to

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cease operations or cease doing business with us, we may be unable to replace them at a reasonable cost. In addition, any loss of our suppliers in Asia could harm our reputation, negatively affect our customer relations and have a material adverse effect on our results of operations and financial condition.

***The loss of, or disruption in, our distribution network could have a negative impact on our abilities to ship products, meet customer demand and otherwise operate our business.*** 

We sell a significant portion of our products through independent distributors, sales representatives and other partners. We rely in large part on the orderly operation of this distribution network, which depends on adherence to shipping schedules and effective management. We conduct all of our shipping through independent third parties. Although we believe that our receiving, shipping and distribution process is efficient and well positioned to support our operations and strategic plans in the event of disruptions in our distribution network, we may not have effectively anticipated all issues or events that are beyond our control, such as natural disasters or other catastrophic events, labor disagreements, acquisition of distributors by a competitor or consolidation within our distributor network or shipping problems. If complications arise within a segment of our distribution network, the remaining network may not be able to support the resulting additional distribution demands. Any of these disruptions or complications could negatively impact our net sales and costs.

***Our operations outside of North America are subject to political, investment and local business risks.*** 

For the year ended December 31, 2025, 3.9% of our net sales originated from countries outside of North America from sales by our foreign business units. Sales and operations outside of the United States and Canada, particularly in emerging markets, are subject to a variety of risks which are different from or additional to the risks the Company faces within the United States and Canada. Risks of doing business internationally include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•local economic, political and social conditions, including potential hyper-inflationary conditions and political instability in certain countries, including as a result of the ongoing conflict between Russia and Ukraine and conflicts in the Middle East, including Iran (the "Conflicts");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adverse currency exchange rate fluctuations, including significant devaluations of currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•tax-related risks, including the imposition of taxes and the lack of beneficial treaties, which result in a higher effective tax rate for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•difficulties in enforcing agreements and collecting receivables through certain foreign legal systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•domestic and foreign customs, tariffs and quotas or other trade barriers or restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•limitation of ownership rights, including expropriation of assets by local governments, and limitations on the ability to repatriate earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•credit risk of local customers and distributors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•difficulty in staffing and managing global operations, including supply chain disruptions which may be exacerbated by pandemics or other public health crises, natural disasters, or other events affecting the supply of labor, materials and components;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increased costs for transportation and shipping;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•difficulties in protecting intellectual property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•required compliance with a variety of local laws and regulations which may be materially different than those to which we are subject in North America.

As we continue to operate our business globally, our success will depend, in part, on our ability to anticipate and effectively manage these and other related risks, any of which could have a material adverse effect on our international operations or on our financial condition and results of operations. In particular, the Conflicts could lead to disruption, instability, inflation, economic stagnation and volatility in global markets and industries that could negatively impact our operations. The U.S. government and other governments in jurisdictions in which we operate have imposed severe sanctions and export controls against Russia and Russian interests and threatened additional sanctions and controls. The impact of these measures and any other measures taken in connection with the Conflicts, as well as potential responses to them by Russia, is currently unknown and they could adversely affect the price and availability of resources, our business, supply chain, partners or customers.

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***Our decentralized organizational structure presents certain risks.*** 

We are a relatively decentralized company in comparison with some of our peers. This decentralization necessarily places significant control and decision-making powers in the hands of local management, which presents various risks, including the risk that we may be slower or less able to identify or react to problems affecting a key business than we would in a more centralized management environment. We may also be slower to detect or react to compliance related problems (such as an employee undertaking activities prohibited by applicable law or by our internal policies), and Company-wide business initiatives may be more challenging and costly to implement, and the risks of noncompliance or failures higher than they would be under a more centralized management structure. These challenges or resulting noncompliance or failure could have a material adverse effect on our business, financial condition or results of operations.

***Our growth strategy includes the execution of strategic acquisitions, dispositions or joint ventures. We may not be able to consummate future acquisitions or successfully integrate recent and future acquisitions.*** 

From time to time, we may seek to complement or expand our businesses through strategic acquisitions, joint ventures, and strategic relationships. For example, in May 2025, we completed our second largest acquisition to date of AprilAire for $2,289.2 million in cash, net of cash acquired, $217.3 million in rollover equity, and $90.0 million in deferred consideration, subject to certain customary purchase price adjustments, which we are continuing to integrate. We have incurred severance costs and expect to incur additional costs to integrate prior acquisitions, such as information technology ("IT") integration expenses and costs related to the renegotiation of redundant vendor agreements. The success of these transactions will depend, in part, on our ability to timely identify those relationships, negotiate and close the transactions and then integrate, manage, and operate those businesses profitably. If we are unable to successfully execute these functions, we may not realize the anticipated benefits associated with such transactions, which could adversely affect our business and results of operations.

Acquisitions, dispositions and joint ventures involve a number of special risks and factors, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•impairment of customer or vendor relationships or certain acquired assets such as inventory and goodwill;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the focus of management's attention to the assimilation of the acquired companies and their employees and on the management of expanding operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•difficulties in obtaining and verifying the financial statements and other business and due diligence information of acquired businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the incorporation of acquired products into our product line, including doing so without high costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the increasing demands on our operational and IT systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potentially insufficient internal controls over financial activities or financial reporting at an acquired company that could impact us on a consolidated basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the failure to realize expected synergies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability to obtain required regulatory approvals and/or required financing on favorable terms or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the possibility that we have acquired substantial contingent or unanticipated legal liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the loss of key employees of the acquired businesses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•in the case of joint ventures and other investments, interests that diverge from those of our partners without the ability to direct the management and operations of the joint venture or investment in the manner we believe most appropriate to achieve the expected value.

Although we conduct what we believe to be a prudent level of investigation regarding the operating and financial condition of the businesses we purchase, an unavoidable level of risk remains regarding the actual operating condition of these businesses. Until we actually assume operating control of these business assets and their operations, we may not be able to fully ascertain the actual value or understand the potential liabilities of the acquired entities and their operations. Any acquisitions, divestitures, joint ventures or investments may ultimately harm our business, financial condition, results of operations and cash flows.

Additionally, we are subject to restrictive covenants contained in our Credit Agreement, and in the Secured Notes Indenture and Unsecured Notes Indenture (each, as defined below), which impose certain limitations on our ability to raise additional debt or equity financing and to expand through strategic M&A. As a result, our ability to pursue various strategic transactions or to raise additional financing may be limited by these covenants, and we may be required to seek lender or noteholder consent or satisfy certain financial

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or other conditions, which could delay or prevent us from executing on organic initiatives and strategic M&A. See the sections entitled "Risk Factors—Risks Relating to Our Indebtedness" and "Description of Certain Indebtedness."

***The indemnification provisions of acquisition agreements by which we have acquired companies may not fully protect us and as a result we may face unexpected liabilities.*** 

We may not identify all of the risks and liabilities of an acquired business through our diligence efforts. Certain of the acquisition agreements by which we have acquired companies require the former owners to indemnify us against certain liabilities related to the operation of the company before we acquired it. In most of these agreements, however, the liability of the former owners is limited, and certain former owners may be unable to meet their indemnification responsibilities. We cannot assure you that these indemnification provisions will protect us fully or at all, and as a result we may face unexpected liabilities that adversely affect our financial statements. Additionally, we regularly utilize representation and warranty insurance and standard indemnity provisions in these acquisition transactions, and if we are unable to successfully assert a claim, if a claim is not covered by insurance (including as a result of applicable deductible amounts or policy limits) or if such unexpected liabilities prove greater than expected, our operations as a whole may be adversely affected.

***We engage in divestitures, and we may encounter difficulties disposing of businesses from our current operations and may not realize the anticipated benefits of these divestitures.*** 

We make strategic divestitures from time to time, including the divestiture of NGH on October 7, 2024. This and other divestitures may result in continued financial exposure to the divested businesses, such as through guarantees, other financial arrangements, continued supply and services arrangements or through the retention of liabilities, such as for income and customs taxes, as well as environmental and product liability claims. Under these arrangements, nonperformance by those divested businesses or claims against retained liabilities could result in the imposition of obligations that could have a material adverse effect on our results of operations, cash flows or financial condition. The success of future divestitures will depend on the satisfaction of conditions precedent to such transactions, which will depend in part on the ability of the parties to secure any required regulatory approvals in a timely manner, among other things.

***An impairment of goodwill could have a material adverse effect on our results of operations.*** 

Acquisitions frequently result in the recording of goodwill and other intangible assets. As of December 31, 2025, goodwill (and intangibles) represented 80% of our total assets. Goodwill and trademarks are not amortized and are subject to impairment testing at least annually and as triggering events may occur. We have historically performed our annual review for impairment in the fourth quarter of each fiscal year. The identification and measurement of goodwill impairment involve the estimation of the fair value of our reporting unit. The estimate of fair value of the reporting unit is based on the best information available as of the date of the assessment and incorporates management's assumptions about expected future cash flows and other valuation techniques. While we evaluate the recoverability of goodwill at least annually as well as when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not declined below its carrying value, we cannot accurately predict the amount and timing of any impairment of assets, and, in the future, we may be required to take goodwill or other asset impairment charges. Any such non-cash charges could have an adverse effect on our financial results.

***Certain of our customer agreements include indemnification provisions that may expose us to substantial liability for intellectual property infringement and other losses.*** 

Certain of our customer agreements include indemnification provisions under which we agree to indemnify them against third party claims for losses suffered or incurred arising from, in connection with, relating to or resulting from claims of infringement or other violation of intellectual property, damages caused by us to property or persons or other liabilities relating to or arising from our designs, services or other contractual obligations. The terms of these indemnity provisions generally may survive termination or expiration of the applicable agreement. Large indemnity payments could harm our business, operating results and financial condition.

***If we are unable to attract, integrate and retain additional qualified personnel, our business could be adversely affected.*** 

Our future success and our ability to maintain and grow the Company's product portfolio depends in part on our ability to identify, attract, integrate and retain highly skilled managerial, sales and other personnel, including top talent within our industry. We face intense competition for qualified individuals from numerous other companies, many of whom have greater financial and other resources than we do. These companies may also provide more diverse opportunities and better chances for career advancement. Some of these characteristics may be more appealing to high-quality candidates than those we have to offer. In addition, new hires often require significant training and, in many cases, take significant time before they achieve full productivity. We may incur significant costs to attract and retain qualified personnel, including significant expenditures related to salaries and benefits and compensation

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expenses related to equity awards and we may lose new employees to our competitors or other companies before we realize the benefit of our investment in recruiting and training them. Moreover, new employees may not be or become as productive as we expect, as we may face challenges in adequately or appropriately integrating them into our workforce and culture.

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**Risks Related to Our Operations** 

***Disruption of our operations in our manufacturing facilities, wholesale locations or key customer operations could have an adverse effect on our financial condition and results of operations.*** 

Operations at our manufacturing facilities (or any of our machines within such facilities), wholesale locations and key customer locations could be subject to unexpected disruption due to a number of events, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•equipment failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fires, floods, earthquakes, hurricanes or other catastrophes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unscheduled maintenance outages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•utility and transportation infrastructure disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•labor difficulties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other operational problems; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•terrorism or threats of terrorism.

Any downtime, facility damage or location closure, particularly at certain of our plants located in Mexico, Canada and in the United States, could prevent us from meeting customer demand for our products and/or require us to make unplanned capital expenditures. If our machines or facilities were to incur significant downtime for prolonged periods of time, our ability to satisfy customer requirements could be impaired, resulting in lower sales and net income.

In addition, a number of our suppliers are subject to the manufacturing facility disruption risks noted above. Our suppliers' inability to produce the necessary components for our manufacturing processes may adversely impact our results of operations, cash flows and financial position.

***World geopolitical conflicts have created humanitarian crises, materially impacted economic activities, and may materially impact our global and regional operations.*** 

The global economy has been negatively impacted by geopolitical issues, including the Conflicts. Governments including the United States, United Kingdom, and those of the European Union have imposed export controls on certain products and financial and economic sanctions on certain industry sectors and parties in Russia which has triggered retaliatory sanctions by the Russian government and its allies. The outcome and future impacts of these world geopolitical issues, including the Conflicts, remain highly uncertain, continue to evolve and may grow more severe the longer these conflicts continue and sanctions remain in effect. Risks associated with world geopolitical conflicts that have arisen or could arise in the future, include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adverse effects on political developments and on general economic conditions, including inflation and consumer spending;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disruptions to our supply chains;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disruptions to our information systems, including through network failures, malicious or disruptive software, or cyberattacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•trade disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•energy shortages or rationing that may adversely impact our manufacturing facilities and consumer spending, particularly in Europe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•rising fuel costs and rising costs of producing, procuring and shipping our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our exposure to foreign currency exchange rate fluctuations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•constraints, volatility or disruption in the financial markets.

We have no way to predict the progress or outcome of world geopolitical issues, including the Conflicts. Although the Conflicts have not, to date, caused any material adverse effect on our business or financial performance, until there are resolutions, these Conflicts could have a material adverse effect on our business, results of operations, financial condition, liquidity and growth prospects.

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Other consequences arising from ongoing conflicts, the further escalation of geopolitical tensions globally and their effect on our business and results of operations as well as the global economy, cannot be predicted. This may include economic sanctions, embargoes, regional instability, geopolitical shifts, expansion of current conflicts, energy instability, retaliatory action by governments, supply chain disruptions, disruption to local markets, increased cybersecurity attacks against us, our third-party service providers and customers, collateral consequences from cyber conflicts between nation-states or other politically motivated actors targeting critical technology infrastructure, and increased tensions among countries in which we operate. Our failure to adequately react to these and other political and economic conditions could materially and adversely affect our results of operations, financial condition or liquidity.

***Challenges with respect to labor availability or labor disruptions could adversely affect our business.*** 

As of December 31, 2025, we employed over 8,650 total employees. Our ability to control labor and benefit costs is subject to numerous internal and external factors, including changes in the unemployment rate, changes in immigration policy, regulatory changes, prevailing wage rates, and competition we face from other companies for qualified employees. We continue to operate in a competitive labor market. A sustained labor shortage could lead to increased costs, such as increased overtime incurred to meet the demands of our customers and increased wage rates to attract and retain employees.

In addition, a material labor disruption or work stoppage at our manufacturing and distribution facilities could reduce our inventory levels and have a material adverse effect on our sales. In addition, if one or more of our larger customers were to experience a material work stoppage, that customer may halt or limit the purchase of our products, which could have a material adverse effect on our business, results of operations and financial condition. A significant disruption in the supply of a key component due to a work stoppage at one of our suppliers or any other supplier could have the same consequences, and accordingly, have a material adverse effect on our financial results. Certain key facilities operate under collective bargaining agreements with unions and works councils. We may also be subject to general country-wide strikes or work stoppages unrelated to our specific business or collective bargaining agreements. Additionally, a shortage in certain workforces, such as technicians or truck drivers, may impact our business by affecting the ability to install, sell and deliver our products.

There is no assurance that in the future we will be able to attract or retain qualified employees or effectively manage labor relations and benefit costs, which could have a material adverse effect on our business, financial condition and results of operations.

***We are subject to foreign currency exchange rate and other related risks.*** 

We conduct operations in many areas of the world involving transactions denominated in a variety of currencies. We are subject to foreign currency exchange rate risk to the extent that our costs are denominated in currencies other than those in which we earn revenues. In addition, since our consolidated financial statements are denominated in U.S. dollars, changes in foreign currency exchange rates between the U.S. dollar and other currencies have had, and could continue to have, an impact on our results of operations. There can be no assurance that foreign currency exchange rate fluctuations will not adversely affect our results of operations. In addition, while the use of currency hedging instruments may provide us with some protection from adverse fluctuations in foreign currency exchange rates, by utilizing these instruments we potentially forego the benefits that might result from favorable fluctuations in foreign currency exchange rates. We also face risks arising from the imposition of foreign exchange controls and currency devaluations. Foreign exchange controls may limit our ability to convert foreign currencies into U.S. dollars or to remit dividends and other payments by our foreign subsidiaries or businesses located in or conducted within a country imposing controls. Currency devaluations result in a diminished value of funds denominated in the currency of the country instituting the devaluation.

***Our actual results of operations may differ materially from the unaudited pro forma financial data included in this prospectus.*** 

The unaudited pro forma financial data included in this prospectus are not necessarily indicative of what our actual results of operations would have been for the year ended December 31, 2025, nor are they necessarily indicative of results of operations for any future period. The unaudited pro forma financial data have been derived from our audited and AprilAire's audited financial statements and accounting records and reflect assumptions and adjustments that are based upon estimates that are subject to change. The purchase price allocation for the AprilAire Acquisition as of the closing date of May 6, 2025 is preliminary and may change upon completion of the determination of the fair value of assets acquired and liabilities assumed, and the final purchase price allocation may be different from that reflected in the pro forma purchase price allocation presented in this prospectus. Accordingly, the final acquisition accounting adjustments may differ materially from the pro forma adjustments reflected in this prospectus, and other factors not presented in such unaudited pro forma financial data may adversely affect our financial condition or results of operations. Moreover, the unaudited pro forma financial data included in this prospectus does not reflect all transactions that are expected to impact our results of operations in periods prior to the AprilAire Acquisition.

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***We are required to make a number of significant judgments in applying our accounting policies, and our use of different estimates and assumptions in the application of these policies could result in material changes to our financial condition and results of operations.*** 

Our accounting policies are critical to the manner in which we present our results of operations and financial condition. Many of these policies are highly complex and involve many subjective assumptions, estimates and judgments. We are required to review these estimates regularly and revise them when necessary. Our actual results of operations vary from period to period based on revisions to these estimates. See the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates" for more details with respect to these accounting policies and estimates.

***Our operations may be affected by natural disasters.*** 

Natural disasters such as hurricanes, flooding, tornadoes, wildfires, blizzards, and ice storms, as well as accidents, acts of terror, pandemics, and other factors beyond our control could adversely affect our operations. The effects of natural disasters and other events could damage our facilities and equipment and force a temporary halt to manufacturing and other operations, and such events could consequently cause severe damage to our business. We maintain insurance against these sorts of events; however, this is not guaranteed to cover all the losses and damages incurred. Furthermore, we may experience increases in our insurance premium costs in relation to these matters that may have a material adverse effect upon our business, liquidity, financial condition or results of operations.

***The effects of climate change and legal, regulatory or market measures associated with climate change could adversely affect our business.*** 

The effects of climate change, including extreme weather conditions and natural disasters, create financial risks to our business. The effects of climate change could disrupt our operations by, among other direct and indirect impacts, damaging our facilities, reducing workforce availability, impacting the availability and cost of materials, and increasing insurance and other operating costs. The effects of climate change also may impact our decisions to construct new facilities or maintain existing facilities in the areas most prone to physical risks, which could similarly increase our operating and material costs. We could also face indirect financial risks, including interruptions in our supply chain and adverse impacts on the operations and financial conditions of our customers, which could result in higher prices for our products and otherwise adversely impact our business.

In addition, risks associated with climate change are subject to increasing societal, regulatory and political focus globally. Increased public concern regarding climate change has resulted in, and could continue to result in new or expanded legal and regulatory requirements designed to mitigate the effects of climate change or address other sustainability topics, including to curtail the use of high global warming potential refrigerants (which are essential to many of our products). These requirements continue to evolve, and jurisdictions in which we operate may adopt additional laws and regulations on such topics or may continue to change their enforcement of existing laws and regulations. While we are committed to operating in compliance with applicable law and regulations, such developments could result in increased compliance risks and costs for us, our suppliers and our customers, and could adversely impact our operations and operating results. In some instances, these requirements may render our existing technology, particularly some of our dehumidification products, non-compliant or obsolete. There can be no assurance that our efforts to continue to develop compliant technology will be successful. The introduction of new products and technologies involves risks, and we may not realize the degree or timing of benefits initially anticipated, that our products will be accepted by the market, that proposed regulations or deregulation will not have an adverse effect on our competitive position, or that economic returns will reflect our investments in new product development.

As international, regional and/or national requirements associated with climate change regulations continue to evolve, they may create inconsistent or conflicting obligations that increase economic and regulatory uncertainty for us, our suppliers and customers. There is also regulatory and budgetary uncertainty associated with government incentives, which, if discontinued, could adversely impact the demand for energy-efficient buildings and could increase costs of compliance.

***Demand for our products and services is influenced by weather conditions and seasonality.*** 

Demand for our products and services is seasonal and affected by the weather. Certain of our sales are seasonal as construction, repair and restoration activity generally increases during the summer months when there is favorable weather and longer daylight conditions. For certain high volume low speed fan customers, sales peak in the summer months as fans are replaced whereas sales of unit heaters and other heat products peak in the winter months. Significant tropical storms, hurricanes, regional floods and deep freezes increase the demand for restoration dehumidifiers and fans; such events are sporadic in nature and typically occur during their respective seasons. In these circumstances, the results of any quarterly period may not be indicative of expected results for a full year, and unusual weather patterns or events could positively or negatively affect our business and impact overall results of operations.

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***We may not have adequate insurance for potential losses and liabilities.*** 

Our insurance may be inadequate or unavailable to protect us in the event of losses or claims or our insurance coverage may be cancelled or otherwise terminated. We face the following risks under our insurance coverage:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may not be able to continue to obtain insurance on commercially reasonable terms or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may be faced with types of liabilities that will not be covered by our insurance, such as damages from environmental contamination or terrorist attacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the dollar amount of any liabilities may exceed our policy limits; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may incur losses from interruption of our business that exceed our insurance coverage.

If our insurance is inadequate to sufficiently protect us in the event of losses or claims, our financial results and our business operations could suffer.

**Risks Related to Information Technology** 

***Our business is subject to the risks of interruptions by cybersecurity attacks.*** 

We depend upon IT infrastructure, including network, hardware and software systems to conduct our business. Despite our implementation of network and other cybersecurity measures, our IT system and networks could be disrupted due to technological problems, a cybersecurity attack, acts of terrorism, severe weather, a solar event, an electromagnetic event, a natural disaster, the age and condition of IT assets, human error, or other reasons. While we have experienced cybersecurity incidents, including a potential ransomware attack that did not materialize and unauthorized access to a contractor's user account that resulted in intermittent disruption to the Big Ass Fans system for approximately seven days, to date these incidents have not had a material impact on our business or operations. However, due to the ever-evolving attack methods, as well as the increased amount and level of sophistication of these attacks, our security measures may not be adequate to protect against highly targeted or sophisticated cybersecurity attacks, or other improper disclosures of confidential or sensitive information. Additionally, we may have access to confidential or other sensitive information of our customers, which, despite our efforts to protect, may be vulnerable to security breaches, theft, or other improper disclosure. Any cybersecurity attack or other improper disclosure of confidential or sensitive information could have a material adverse effect on our business, as well as other negative consequences, including significant damage to our reputation, litigation, regulatory actions, and increased cost. Such operational disruptions, misappropriation or inappropriate disclosure of information could result in lost or reduced revenues, negative publicity, loss of customers or contracts, or business delays that could have a material adverse effect on our business, financial position, and results of operations.

In addition, laws and regulations governing data privacy and the unauthorized disclosure of confidential information, including the European Union General Data Protection Regulation, the California Consumer Privacy Act, the California Privacy Rights Act, state biometric laws, and other emerging U.S. state-level privacy laws pose increasingly complex compliance challenges and could potentially elevate our compliance costs. Any failure to comply with these laws and regulations, or an exposure or exfiltration of information covered by such laws and regulations, including, without limitation, in connection with a cybersecurity incident, could have a negative impact on our reputation or result in significant penalties and legal liability. Increased costs in this area could adversely impact our financial condition, results of operations, and cash flow.

***If we are unable to successfully implement enterprise resource planning ("ERP") systems, our operations could be adversely impacted.*** 

We are in the process of implementing ERP systems in several sites across our business units to enhance our financial, operational and compliance processes. ERP implementations are complex and require significant time, resources, and change management. If the implementations are delayed, not properly executed, or fail to meet our business requirements, we could experience disruptions in our operations, including our ability to timely and accurately process transactions, maintain effective internal controls over financial reporting, and produce financial statements. A failed or delayed ERP could result in a material weakness in our internal control environment, increased audit costs, delayed SEC filings, and reputational harm. Additionally, any such issues could adversely affect our ability to meet regulatory requirements and could lead to restatements of previously issued financial information. These risks may materially and adversely impact our financial condition, results of operations, and stock price.

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**Risks Related to Intellectual Property** 

***If we are unable to protect our current and future intellectual property rights, or we infringe on, misappropriate or otherwise violate the intellectual property rights of others, our ability to maintain competitiveness and profitability could be negatively impacted.*** 

Our ability to compete effectively depends, in part, upon our ability to protect and preserve our intellectual property rights, including our patents, trademarks, copyrights, and trade secrets, including customer lists. The use of our intellectual property rights or similar intellectual property rights by others could adversely impact our ability to compete, cause us to lose sales or otherwise harm our business. Any proceedings that we pursue to protect our intellectual property rights could be burdensome and costly, and we may not prevail. Additionally, third parties from whom we license certain intellectual property rights may also be unable to adequately protect or defend the intellectual property rights covering our products, or our agreements with such third parties may be terminated by them or we may not be able to obtain or renew our licenses from such third parties, and we therefore may no longer have access to such intellectual property rights.

In addition, we rely on invention assignment agreements with our employees, contractors, and other third parties involved in the development of intellectual property on our behalf, which require such individuals to assign such intellectual property to us. While we have undertaken reasonable efforts to ensure such agreements are enforceable and that employees, contractors, and other third parties comply with their obligations thereunder, these agreements may not always be comprehensive, effective, or self-executing. As a result, we may be unable to establish, maintain, or enforce our ownership of certain intellectual property developed by these parties, which could expose us to disputes regarding ownership or restrict our ability to use or commercialize such intellectual property.

We rely on the intellectual property laws of the countries in which we operate to protect our investment in research and development, manufacturing and marketing, and our future results could be impacted by our ability to successfully develop and protect new technologies, processes and products. The laws of some countries may not protect our intellectual property rights to the same extent as the laws of the United States. Failure of foreign countries to have laws to protect our intellectual property rights or an inability to effectively enforce such rights in foreign countries could result in the loss of valuable proprietary information, which could have an adverse effect on our business and results of operations. In addition, any patent applications we submit may not result in an issued patent. Even if foreign patents are granted, effective enforcement in foreign countries may not be available.

Also, we cannot be certain that the products that we sell do not and will not infringe issued patents or other intellectual property rights of others, and we could also face competition in some countries where we have not invested in an intellectual property portfolio, or where intellectual property rights are more difficult to obtain and/or assert. In addition, our intellectual property rights may be challenged, invalidated, circumvented or rendered unenforceable. Further, we have been and could be subject to legal proceedings and claims in the ordinary course of our business, including claims of alleged infringement, misappropriation or other violation of the trademarks, patents, copyrights, trade secrets and other intellectual property rights of third parties by us or our customers in connection with their use of the products that we distribute. Should we be found liable for infringement, misappropriation or other violation of intellectual property rights, we (or our suppliers) may be required to enter into licensing agreements (if available on acceptable terms or at all) or pay damages and cease making or selling certain products. Moreover, we may need to redesign or sell different products to avoid future liability with respect to infringement, misappropriation or other violation of intellectual property rights. For additional information, see "—Protecting and defending against intellectual property claims may have a material adverse effect on our business."

In addition, our competitors and others could also attempt to capitalize on our brand recognition by using trademarks, domain names or business names similar to ours. In the event that we choose to make changes in our branding in the future, we cannot guarantee that any trademark applications filed by us will be approved or that third parties will not oppose such trademark applications. Rebranding could result in loss of brand recognition and require us to devote resources to advertising and marketing new brands. Any of the foregoing could cause us to incur significant costs, prevent us from selling our products or negatively impact our ability to compete.

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

Our success depends in part upon the successful prosecution, maintenance, enforcement, and protection of our owned and licensed intellectual property. To protect our intellectual property rights, we may be required to expend significant resources to monitor and protect these rights. Our issued patents, trademarks and copyrights and any pending or future patent, trademark and copyright applications that may result in issuances or registrations may not provide sufficiently broad protection or may not prove to be enforceable in actions against alleged infringers. The patent prosecution process is expensive, time-consuming and complex, and we may not be able to file, prosecute, maintain, enforce or license all necessary or desirable patent applications at a reasonable cost or in a timely manner. It is also possible that we will fail to identify patentable aspects of our research and development output in time to

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obtain patent protection. Failure to timely seek patent protection on products or technologies generally precludes us from seeking future patent protection on these products or technologies. Even if we do timely seek patent protection, the coverage claimed in a patent application can be significantly reduced before a patent is issued, and its scope can be reinterpreted after issuance. As a result, we may not be able to protect our proprietary rights adequately in the United States or abroad.

Litigation may be necessary in the future to enforce or defend our intellectual property rights and to protect our trade secrets, to determine the validity and scope of the proprietary rights of others or to block the importation of infringing products into the United States or other countries. We have been, and in the future may be, a party to claims and litigation as a result of alleged infringement by third parties of our intellectual property. Even when we sue other parties for such infringement, that suit may have adverse consequences for our business. Such litigation could be costly, time consuming and distracting to management, could result in the impairment or loss of our intellectual property rights, and could adversely affect our business, results of operations and financial condition, and legal fees related to such litigation will increase our operating expenses and may reduce our net income. Furthermore, our efforts to enforce our intellectual property rights may be met with defenses, counterclaims and countersuits attacking the validity and enforceability of our intellectual property rights, or alleging that we infringe their intellectual property rights. Furthermore, any litigation initiated by us could result in a court or governmental agency invalidating or rendering unenforceable our patents or other intellectual property rights upon which the suit is based, which would seriously harm our business.

In addition, our use of AI tools in connection with product design, development, or other internal processes may expose us to additional risks relating to intellectual property ownership or infringement, data privacy, and cybersecurity. For example, inputs or outputs generated by AI systems may include content for which ownership is uncertain or that infringes, misappropriates, or otherwise violates third party intellectual property rights. Additionally, the development of generative AI technologies is complex, and there are technical challenges associated with achieving the desired level of accuracy, efficiency, and reliability. The algorithms and models utilized in generative AI systems may have limitations, including biases, errors, or inability to handle certain data types or scenarios. Furthermore, there is a risk of system failures, disruptions, or vulnerabilities that could compromise the integrity, security, or privacy of the generated content. Any such issues could result in claims against us, require us to obtain additional rights from third parties, or necessitate changes to our use of AI, any of which could increase costs, delay product development, or adversely affect our business.

Our inability to adequately protect our intellectual property rights or proprietary technology, as well as any costly litigation or diversion of our management's attention and resources, could disrupt our business and could result in our competitors offering similar products or services, potentially resulting in the loss of some of our competitive advantage and a decrease in our revenue, as well as have a negative effect on our business, financial condition and results of operations. The outcome of any intellectual property litigation is difficult to predict and may result in significant damage awards or settlement costs. We may also be required to undertake workarounds or substantial reengineering of our products or services, stop using certain technologies, stop offering certain products or services or enter into royalty or licensing agreements, which may include terms that are not favorable to us. There is no guarantee that any action to defend, maintain or enforce our owned or licensed intellectual property rights will be successful, and an adverse result in any such proceeding could have a material adverse impact on our business, financial condition and results of operations.

In addition, we have and may in the future face allegations that we are infringing, misappropriating, or otherwise violating the intellectual property rights of third parties, including the intellectual property rights of our competitors. We may be unaware of the intellectual property rights that others may claim cover some or all of our technology or services. Regardless of the validity of any such claims, we could incur significant costs and diversion of resources in defending against them, and there is no guarantee any such defense would be successful, which could have a material adverse effect on our business, financial condition and results of operations. Even if these matters do not result in litigation or are resolved in our favor or without significant cash settlements, these matters, and the time and resources necessary to litigate or resolve them, could divert the time and resources of our management team and negatively impact our business, financial condition, results of operations and reputation. We may be required to pay substantial damages, royalties, or other fees in connection with a claimant securing a judgment against us, we may be subject to an injunction or other restrictions that prevent us from using or licensing our intellectual property, or from operating under our brand, or we may agree and in the past have agreed to settlements that prevent us from using, selling, or licensing certain of our technology or products, which could adversely affect our business, results of operations, and financial condition.

Moreover, as part of any settlement or other compromise to avoid complex, protracted litigation, we have previously agreed and may in the future agree not to pursue future claims against a third party, which may bind our owners and shareholders, including for claims related to alleged infringement of our intellectual property rights. Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some of our confidential information could be compromised by disclosure during any litigation regarding the enforcement of intellectual property rights, which may diminish the value of our brand and other intangible assets and allow competitors to more effectively mimic our products and solutions.

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***If we are unable to protect the confidentiality of our trade secrets and know-how, our business and competitive position could be harmed.*** 

We rely upon unpatented proprietary information and other trade secrets to protect intellectual property that may not be registrable, or that we believe is best protected by means that do not require public disclosure. While it is our policy to enter into confidentiality agreements with employees and third parties to protect our proprietary expertise and other trade secrets, we cannot guarantee that we have entered into such agreements with each party that has or may have had access to our proprietary information or trade secrets and, even if entered into, these agreements may otherwise fail to effectively prevent disclosure of proprietary information, may be limited as to their term and may not provide an adequate remedy in the event of unauthorized disclosure or use of proprietary information. In addition, these agreements may be breached and such parties may disclose our proprietary information, including our trade secrets, or such information may be improperly obtained by other means (such as a breach of our IT security systems or direct theft), and we may not be able to obtain adequate remedies for such breaches. Any unauthorized disclosure of any of our material know-how or trade secrets could adversely affect our business and results of operations.

Enforcing a claim that a party illegally disclosed or misappropriated a trade secret can be difficult, expensive and time-consuming, and the outcome is unpredictable. Some courts inside and outside the United States are less willing or unwilling to protect trade secrets. Trade secrets and know-how can be difficult to protect as trade secrets and know-how will, over time, be disseminated within the industry through the movement of personnel skilled in the art from company to company. In addition, trade secrets may be independently developed by others in a manner that could prevent legal recourse by us. If any of our confidential or proprietary information, such as our trade secrets, were to be disclosed or misappropriated, or if any such information was lawfully obtained or independently developed by a competitor or other third party, we would have no right to prevent them from using that technology or information to compete with us, and our competitive position could be materially and adversely harmed.

**Risks Related to Litigation and Regulation** 

***Our businesses are subject to varying domestic and foreign laws and regulations that may restrict or adversely impact our ability to conduct our business.*** 

Our businesses are subject to varying domestic and foreign laws and regulations that may restrict or adversely impact our ability to conduct our business. These include securities, environmental, health, safety, tax, tariffs, competition and anti-trust, trade controls, data security, anti-corruption, anti-money laundering, employment and privacy laws and regulations. These laws and regulations change from time to time and thus may result in increased costs to us related to our compliance therewith. From time-to-time regulators review our compliance with applicable laws. Due to the international scope of our operations, the system of laws and regulations to which we are subject is complex and includes regulations issued by the U.S. Customs and Border Protection, the U.S. Department of Commerce's Bureau of Industry and Security, the U.S. Treasury Department's Office of Foreign Assets Control and various non-U.S. governmental agencies, including applicable export controls, anti-trust, customs, currency exchange control and transfer pricing regulations, laws regulating the foreign ownership of assets, and laws governing certain materials that may be in our products. In addition, because we have a presence in China, we have exposure and risks associated with the Uyghur Forced Labor Prevention Act ("UFLPA") and other global laws against forced labor. The UFLPA prohibits the importation of any goods grown, produced, manufactured, or mined, wholly or in part, in the Xinjiang Uyghur Autonomous Region of China unless importers can provide clear and convincing evidence that goods were not made using forced labor. Forced labor concerns have rapidly become a global area of interest and is a topic that will likely be subject to new regulations in the markets we operate within. If we fail to comply with these laws and regulations, we may be subject to detention, seizure and exclusion of imports, as well as penalties, costs and restrictions on export and import privileges that could have an adverse effect on our business, financial condition and results of operations. No assurances can be made that we will continue to be found to be operating in compliance with, or be able to detect violations of, any such laws or regulations. Failure to comply with all laws and regulations applicable to our business and potential resulting enforcement actions, fines and private litigation claims and damages, which could be material, may occur, notwithstanding our belief that we have in place appropriate risk management and compliance programs to mitigate these risks.

***We are subject to risks arising from doing business with the U.S. government.*** 

As a supplier to the U.S. government, we are subject to certain heightened risks, such as those associated with the government's rights to audit and conduct investigations and to terminate contracts for convenience or default. In light of the current U.S. government contracting environment, we may be the subject of U.S. government investigations relating to our U.S. government contracts. Such investigations often take years to complete and could result in administrative, civil or criminal liabilities, including repayments, fines, treble and other damages, forfeitures, restitution or penalties, or could lead to suspension or debarment of U.S. government contracting or of export privileges. For instance, if a business unit were charged with wrongdoing in connection with a U.S. government investigation (including fraud or violation of certain environmental or export laws), the U.S. government could suspend us from bidding on or receiving awards of new U.S. government contracts or subcontracts. If convicted or found liable, the U.S. government could fine and debar us from receiving new awards for a period generally not to exceed three years and could void any contracts found to be tainted by fraud. We also could suffer reputational harm if allegations of impropriety were made against us, even if such allegations are later determined to be unsubstantiated. There is also uncertainty in the current U.S. government contracting environment as to the extent of funding that may be available for future projects.

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***Warranty claims, product liability claims and product recalls could harm our business, results of operations and financial condition.*** 

We face the inherent business risk of exposure to warranty and product liability claims in the event that our products fail to perform as expected or such failure results, or is alleged to result, in bodily injury or property damage (or both). If any of our designed products are defective or are alleged to be defective, we may be required to participate in a recall campaign. For example, in June 2023, AprilAire initiated a voluntary recall of approximately 36,000 steam humidifiers manufactured between 2010 and 2015. We have incurred and may continue to incur costs associated with this recall, including customer remediation, warranty and property-damage claims and related administrative expenses. In addition, we could be subject to potential civil penalties under the Consumer Product Safety Act. The costs of this or any future recalls, including claims not covered by insurance or reserves and any penalties, could be material to our business, results of operations and financial condition.

In addition, our warranty accruals are based on our assumptions and we do not have a long history of making such assumptions. As a result, these assumptions could prove to be materially different from the actual performance of our solutions, causing us to incur substantial unanticipated expense to repair or replace defective products in the future or to compensate customers for defective products. Although unlikely, a successful product liability claim against us in excess of our available insurance coverage or a successful warranty claim in excess of established reserves or a requirement that we participate in a product recall campaign could each have materially adverse effects on our business, results of operations and financial condition.

In addition to product liability claims, we are subject to legal proceedings and claims that arise in the ordinary course of business, such as workers' compensation claims, OSHA investigations, employment disputes and customer and supplier disputes arising out of the conduct of our business. Litigation can result in substantial costs and can divert management's attention and resources from the operation of our business, which could have a material adverse effect on our business, results of operations or financial condition.

Furthermore, as required by GAAP, we establish reserves based on our assessment of contingencies, including contingencies related to legal claims asserted against us. Subsequent developments in legal proceedings may affect our assessment and estimates of the loss contingency recorded as a reserve and require us to make payments in excess of our reserves, which could have an adverse effect on our results of operations.

***We are subject to claims, lawsuits, and other litigation that could have an adverse effect on our results of operations.*** 

In addition to product liability and warranty claims as described above, we are involved in various other claims and lawsuits incidental to our business, including those involving intellectual property infringement, labor relations, and environmental matters, some of which claim significant damages. Estimates related to our claims and lawsuits involve numerous uncertainties. Given the inherent uncertainty of litigation and estimates, we cannot be certain that existing claims or litigation or any future adverse legal developments will not have a material adverse impact on our financial condition.

***Our operations and products are subject to environmental, health and safety laws and regulations, and violations have adversely affected and could continue to adversely affect our operating results.*** 

Our operations and products are subject to environmental laws and regulations that impose limitations on the discharge of pollutants into the environment and establish standards for the use, generation, treatment, storage and disposal of hazardous and non-hazardous wastes. We must also comply with various health and safety regulations in the United States and other jurisdictions in which we do business. We cannot provide assurance that our environmental, health and safety compliance program has been, or will at all times be, effective. Failure to comply with any of these laws could result in civil and criminal, monetary and non-monetary penalties and damage to our reputation. In addition, we cannot provide assurance that our costs of complying with current or future environmental protection and health and safety laws will not exceed our estimates or adversely affect our results of operations.

We have incurred and may continue to incur costs related to remedial efforts of alleged environmental damage associated with past or current waste disposal practices or other hazardous materials handling practices. We may also become subject to additional remedial or compliance costs due to future events such as changes in existing laws or regulations, changes in agency direction or enforcement policies, developments in remediation technologies, changes in the conduct of our operations and changes in accounting rules. We cannot make assurance that our liabilities arising from past or future releases of, or exposures to, hazardous substances will not exceed our estimates or adversely affect our consolidated financial statements and reputation or that we will not be subject to additional claims for cleanup in the future based on our past, present or future business activities.

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***Changes in government regulations, trade policies and tariffs may materially and adversely affect our sales and results of operations.*** 

There is significant uncertainty about the future relationship between the United States and China, Mexico, Canada, and various other trade partners with respect to trade policies, treaties, government regulations and tariffs. The U.S. government has imposed and may in the future impose additional tariffs on the importation of various products and raw materials that we use to produce our finished goods from various foreign countries, including China, Canada and Mexico. These foreign countries could impose unilateral or retaliatory tariffs on our products exported to those or other countries. These restrictions could be adopted with little to no advanced notice, and we may not be able to effectively mitigate the adverse impacts from such measures. We currently have a presence in China, Canada and Mexico, and any increased or additional tariffs may have a negative impact on our results of operations. For the year ended December 31, 2025, we incurred additional expenses and increased our historical cost of goods sold by $51.3 million as a result of tariffs, which equates to 2.5% of our total cost of goods sold.

A further escalation of tariffs on our foreign-sourced supplies and/or the imposition of tariffs on our finished goods exported to the United States could adversely impact our operating costs or demand for our products. Changes in trade policies and regulations may make importing products and raw materials from China, Mexico, Canada and other countries more difficult.

We cannot predict what actions may ultimately be taken with respect to tariffs or trade relations between the United States and other countries, what products may be subject to such actions, or what actions may be taken by the other countries in retaliation. Furthermore, we cannot predict the extent of the impact of trade relations or tariffs on our cost of goods or our ability to market our products. The institution of trade tariffs both globally and between the United States and China, Canada and Mexico specifically carries the risk of negatively impacting the overall economic condition of these countries, which could have negative repercussions for our business. While we may attempt to renegotiate prices with suppliers or diversify our supply chain in response to tariffs, such efforts may not yield immediate results or may be ineffective. We might also consider increasing prices to the end customer; however, this could reduce the competitiveness of our products and adversely affect net sales. If we fail to manage these dynamics successfully, gross margins and profitability could be adversely affected.

***We could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act ("FCPA"), the U.K. Bribery Act and similar anti-bribery laws around the world.*** 

The FCPA, the U.K. Bribery Act and similar anti-bribery laws in other jurisdictions generally prohibit companies and their intermediaries from making improper payments to government officials or other persons for the purpose of obtaining or retaining business. Currently, we are observing governmental changes with respect to enforcement of the FCPA. Recent years, however, have seen a substantial increase in anti-bribery law enforcement activity, with more frequent and aggressive investigations and enforcement proceedings by both U.S. and non-U.S. regulators, and increases in criminal and civil proceedings brought against companies and individuals. Our policies mandate compliance with these anti-bribery laws. We operate in many parts of the world that are recognized as having governmental and commercial corruption and local customs and practices that can be inconsistent with anti-bribery laws. We cannot assure you that our internal control policies and procedures will always protect us from reckless or criminal acts committed by our employees or third-party intermediaries. In the event that we believe or have reason to believe that our employees or agents have or may have violated applicable anti-corruption laws, or if we are subject to allegations of any such violations, we may be required to investigate or have outside counsel investigate the relevant facts and circumstances, which can be expensive and require significant time and attention from senior management. Violations of these laws may result in criminal or civil sanctions, which could disrupt our business and result in a material adverse effect on our reputation, business, financial condition, results of operations and cash flows. In addition, we could be subject to commercial impacts such as lost revenue from customers who decline to do business with us as a result of such compliance matters, or we could be subject to lawsuits brought by private litigants, each of which could have a material adverse effect on our reputation, business, financial condition, results of operations and cash flows.

**Risks Related to Being a Public Company** 

***The requirements of being a public company may strain our resources and distract our management, which could make it difficult to manage our business.*** 

As a public company, we will incur incremental legal, governance, accounting and other expenses. We will become subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the listing requirements of the NYSE and other applicable securities rules and regulations. Compliance with these rules and regulations will increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our solutions and resources. The Exchange Act requires that we file annual, quarterly and current reports with respect to our business, financial condition and results of operations. The Sarbanes-Oxley Act requires, among other things, that we establish and maintain effective internal control over financial reporting. Furthermore, the need to establish the corporate infrastructure demanded of a public company may divert our management's attention from implementing our growth strategy, which could prevent us from improving our business, financial condition and results of operations. We have made, and will continue to make, changes to our internal controls and procedures for financial reporting and

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accounting systems to meet our reporting obligations as a public company. However, the measures we take may not be sufficient to satisfy our obligations as a public company. In addition, these rules and regulations will increase our legal and financial compliance costs and will make some activities more time-consuming and costly. For example, we expect these rules and regulations to make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to incur substantial costs to maintain the same or similar coverage. These additional obligations could have a material adverse effect on our business, financial condition and results of operations.

In addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating significant uncertainty for public companies, increasing legal and financial compliance costs and making some activities more time consuming. These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and a diversion of our management's time and attention from sales-generating activities to compliance activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due to ambiguities related to their application and practice, regulatory authorities may initiate legal proceedings against us, which could have a material adverse effect on our business, financial condition and results of operations.

***We have identified material weaknesses in our internal control over financial reporting, and if we are unable to remediate the material weaknesses, or if we fail to develop and maintain effective internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired, which may adversely affect investor confidence in us and/or the value of our Class A common stock*** 

As a private company, we designed our management processes and related internal controls to meet the requirements of our private owners and were not required to evaluate our internal control over financial reporting in a manner that meets the standards of publicly traded companies required by Section 404(a) of the Sarbanes-Oxley Act. As we prepare to be effective as a SEC registrant, we are investing in our internal controls, specifically regarding the effective design and operation of internal control over financial reporting and the evaluation and management certification thereof in accordance with Sarbanes Oxley rules. In conjunction with the preparation of our consolidated financial statements as of and for the years ended December 31, 2025, 2024 and 2023, we identified material weaknesses in our internal control over financial reporting. 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 annual or interim consolidated financial statements will not be prevented or detected on a timely basis. We did not design and maintain effective controls in response to the risks of material misstatement as we did not design and maintain adequate formal internal controls over significant accounts and disclosures to achieve complete, accurate and timely financial accounting, reporting and disclosures, including controls related to segregation of duties and the preparation and review of journal entries.

Additionally, we did not design and maintain effective information technology ("IT") general controls for information systems that are relevant to the preparation of our consolidated financial statements. Specifically, we did not design and maintain: (i) program change management controls to ensure that IT program and data changes are identified, tested, authorized, and implemented appropriately; (ii) user access controls to ensure appropriate segregation of duties and to adequately restrict user and privileged access to appropriate personnel; (iii) computer operations controls to ensure that processing and transfer of data, and data backups and recovery are monitored; and (iv) program development controls to ensure that new software development is tested, authorized and implemented appropriately.

The material weaknesses described above resulted in an error in the balance sheet classification of redeemable non-controlling interests which resulted in an adjustment to our balance sheet as of December 31, 2025 and the restatement of our consolidated financial statements for the years ended December 31, 2024 and 2023. Additionally, each of the material weaknesses described above could result in misstatements of our account balances and disclosures that would result in a material misstatement to the annual or interim consolidated financial statements that would not be prevented or detected.

We intend to remediate the material weaknesses through the development and implementation of processes and controls, both holistically and transactionally. We have added personnel and engaged an external advisor to assist with evaluating and documenting the design and operating effectiveness of our internal controls and assist with the remediation of deficiencies, including the implementation and expected implementation of new control procedures. This implementation includes training and awareness of control operation requirements for employees.

While new controls are being designed and implemented, they have not operated for a sufficient period to demonstrate their effectiveness. Accordingly, if we are unable to remedy these or any future material weakness, our ability to produce timely and

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accurate financial statements or comply with applicable laws and regulations could be impaired, which may adversely affect investor confidence in us and, as a result, the value of our Class A common stock.

***As a result of becoming a public company, we will be obligated to develop and maintain proper and effective internal control over financial reporting in order to comply with Section 404 of the Sarbanes-Oxley Act. We may not complete our analysis of our internal control over financial reporting in a timely manner, or these internal controls may not be effective, which may adversely affect investor confidence in us and, as a result, the value of our Class A common stock.*** 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. We are in the very early stages of the costly and challenging process of compiling the system and processing documentation necessary to perform the evaluation needed to comply with Section 404 of the Sarbanes-Oxley Act. We may not be able to complete our evaluation and testing and any required remediation prior to becoming a public company or in a timely manner thereafter. If we are unable to assert that our internal control over financial reporting is effective, we could lose investor confidence in the accuracy and completeness of our financial reports, which could cause the price of our Class A common stock to decline, and we may be subject to investigation or sanctions by the SEC.

We will be required, pursuant to Section 404 of the Sarbanes-Oxley Act, to furnish a report by management on, among other things, the effectiveness of our internal control over financial reporting as of the end of the fiscal year that coincides with the filing of our second Annual Report on Form 10-K. This assessment will need to include disclosure of the material weaknesses identified in our internal control over financial reporting. We will also be required to disclose changes made in our internal control and procedures on a quarterly basis. However, our independent registered public accounting firm will not be required to report on the effectiveness of our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act until the filing of our second Annual Report on Form 10-K required to be filed with the SEC. At such time, 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 controls are documented, designed or operating.

Additionally, the existence of the material weaknesses in internal control over financial reporting we identified may require management to devote significant time and incur significant expense to remediate the material weaknesses and management may not be able to remediate the material weaknesses in a timely manner. The existence of the material weaknesses in our internal control over financial reporting could also result in errors in our financial statements that could require us to restate our financial statements and cause us to fail to meet our reporting obligations, and may cause stockholders to lose confidence in our reported financial information, all of which could materially and adversely affect our business and the price of our Class A common stock. To comply with the requirements of being a public company, we may need to undertake various costly and time-consuming actions, such as implementing new internal controls and procedures and hiring accounting or internal audit staff which may adversely affect our business, financial position and results of operations.

***Our management team has limited experience managing a public company.*** 

Most members of our management team have limited experience managing a publicly traded company, interacting with public company investors, and complying with the increasingly complex laws, rules and regulations that govern public companies. As a public company, we are subject to significant obligations relating to reporting, procedures and internal controls, and our management team may not successfully or efficiently manage such obligations. These obligations and scrutiny will require significant attention from our management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business, financial condition and results of operations.

**Risks Related to Taxes** 

***Changes in tax law, changes in our effective tax rate or exposure to additional income tax liabilities could affect our profitability and financial condition.*** 

The taxing jurisdictions we are subject to or operate under may be subject to significant change. Changes in tax laws or tax rulings, or changes in interpretations of existing laws, could materially affect our financial position and results of operations. We carry out our business operations through entities in the United States and multiple foreign jurisdictions. As such, we are required to file corporate income tax returns that are subject to U.S. federal, state and foreign tax laws. Our U.S. federal, state and foreign tax liabilities are determined, in part, by the amount of operating profit generated in these different taxing jurisdictions. Our effective tax rate, earnings and operating cash flows could be adversely affected by changes in the mix of operating profits generated in countries with higher statutory tax rates as well as by the positioning of our cash balances globally. Similarly, if statutory tax rates or tax bases were to increase or if changes in tax laws, regulations or interpretations were made that impact us directly, our effective tax rate, earnings and operating cash flows could be adversely impacted. We are also required to evaluate the realizability of our deferred tax assets. This evaluation requires that our management assess the positive and negative evidence regarding sources of future taxable income. If management's assessment regarding the realizability of our deferred tax assets changes, we will be required to increase our valuation allowance, which will negatively impact our effective tax rate and earnings. We are also subject to routine corporate income

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tax audits in multiple jurisdictions. Our provision for income taxes includes amounts intended to satisfy income tax assessments that may result from the examination of our corporate tax returns that have been filed in these jurisdictions. The amounts ultimately paid upon resolution of these examinations could be materially different from the amounts included in the provision for income taxes and result in additional tax expense and operating cash outflows.

***We may be adversely impacted by risks related to uncertain tax positions and are subject to tax related audits which could result in unfavorable outcomes and negatively impact our profitability.*** 

We are subject to income taxes in the United States and various foreign jurisdictions. Our tax filings are based on our interpretation of complex tax laws and regulations, and we may take positions that are subject to significant judgment and uncertainty. Under Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes ("FIN 48"), now codified in Accounting Standards Codification ("ASC") 740-10, we are required to evaluate and disclose uncertain tax positions that may not be sustained upon examination by taxing authorities.

If our tax positions are challenged, we may be required to pay additional taxes, penalties, or interest, which could materially impact our financial condition and results of operations. Additionally, changes in tax laws, regulations, or interpretations, or adverse outcomes in tax audits or litigation, could result in the recognition of previously unrecognized tax benefits or the reversal of deferred tax assets.

The resolution of uncertain tax positions may also affect the timing and accuracy of our financial reporting and disclosures, and could lead to restatements or increased scrutiny from regulators and investors.

***If the Organizational Transactions and related transactions were to fail to qualify for non-recognition treatment for U.S. federal income tax purposes, then Madison Industries International, an affiliate of Holdings, and the Company could be subject to significant tax liabilities.*** 

The Organizational Transactions and related transactions, and the adherence by Madison Industries International and us to the terms of the Tax Matters Agreement, are intended for the Organizational Transactions and related transactions to qualify for non-recognition of gain or loss to Madison Industries International and its equity holders pursuant to Section 355 of the Code. However, no ruling from the IRS regarding these matters will be obtained and no assurance can be given that the IRS will not challenge the anticipated U.S. tax treatment or that a court would not sustain such a challenge.

If the IRS ultimately determines that the Organizational Transactions are taxable, Madison Industries International and the Company could incur significant U.S. federal income tax liabilities, and the Company could have an indemnification obligation to Madison Industries International. For a more detailed discussion, see "—We could have an indemnification obligation to Madison Industries International if the Organizational Transactions do not qualify for non-recognition treatment, which could materially adversely affect our financial condition."

We have agreed in the Tax Matters Agreement to indemnify Madison Industries International for any taxes (and any related costs and other damages) resulting from the Organizational Transactions, to the extent such amounts were to result from (i) an acquisition after the distribution of all or a portion of our equity securities, whether by merger or otherwise (and regardless of whether we participated in or otherwise facilitated the acquisition), (ii) other actions or failures to act by us or (iii) any of the representations or undertakings contained in any of the separation-related agreements being incorrect or violated. Any such indemnity obligations could be material and could materially affect our business and financial statements. See "Certain Relationships and Related Party Transactions—Separation Agreement and Tax Matters Agreement."

***We could have an indemnification obligation to Madison Industries International if the Organizational Transactions do not qualify for non-recognition treatment, which could materially adversely affect our financial condition.*** 

Generally, taxes resulting from the failure of the Organizational Transactions to qualify for non-recognition treatment for U.S. federal income tax purposes would be imposed on Madison Industries International or Madison Industries International's equity holders. However, under the Tax Matters Agreement, we could be required, under certain circumstances, to indemnify Madison Industries International and its affiliates against all tax-related liabilities caused by those failures, to the extent those liabilities result from an action we or our affiliates take or from any breach of our or our affiliates' representations, covenants or obligations under the Tax Matters Agreement or any other agreement we enter into in connection with the Organizational Transactions. Events triggering an indemnification obligation under the Tax Matters Agreement include events occurring after the Organizational Transactions that cause Madison Industries International to recognize a gain under Section 355 of the Code. See "Certain Relationships and Related Party Transactions—Separation Agreement and Tax Matters Agreement."

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***The services that Madison Industries International provides to us may not be sufficient to meet our needs, which may result in increased costs and otherwise adversely affect our business.*** 

Pursuant to the Transition Services Agreement, Madison Industries International will agree to continue to provide us with certain services that were historically provided by Holdings, including tax compliance and reporting services and other miscellaneous services as may be requested, for a transitional period in exchange for the fees specified in the Transition Services Agreement between us and Madison Industries International. If we no longer receive these services from Madison Industries International due to the termination of the Transition Services Agreement or otherwise, we may not be able to find appropriate third-party arrangements at a reasonable cost (and any such costs may be higher than those charged by Madison Industries International). See the section entitled "Certain Relationships and Related Party Transactions—Management Advisory and Consulting Services and Transition Services Agreement."

**Risks Relating to Our Indebtedness** 

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

We have a substantial amount of indebtedness, which requires significant interest and principal payments. For the fiscal years ended December 31, 2025, 2024 and 2023 (without giving Pro Forma effect to the AprilAire Acquisition), our cash outflows to service our indebtedness were an aggregate of $549.2 million, $318.9 million and $279.1 million, respectively. For the year ended December 31, 2025, the $549.2 million of cash outflows to service our indebtedness included $200.0 million of voluntary prepayments on the incremental term loan facility (the "Incremental Term Loan Facility"). Of our cash outflows to service our indebtedness (without giving Pro Forma effect to the AprilAire Acquisition), $224.4 million, $26.0 million and $26.9 million, respectively, related to the payment of principal, and $324.8 million, $292.9 million and $252.2 million, respectively, related to the payment of interest, with respect to the fiscal years ended December 31, 2025, 2024 and 2023. Our cash flows from operating activities from continuing operations (without giving Pro Forma effect to the AprilAire Acquisition), inclusive of the interest payments described above, amounted to $480.0 million, $220.4 million and $237.5 million for the fiscal years ended December 31, 2025, 2024 and 2023, respectively. Cash payments to service our debt (without giving Pro Forma effect to the AprilAire Acquisition) represented approximately 68%, 62% and 57% of our cash flows from operations (before giving effect to the interest payments) for the fiscal years ended December 31, 2025, 2024 and 2023, respectively. After giving effect to this offering and the use of proceeds therefrom and the use of proceeds from the concurrent private placement, each described elsewhere in this prospectus, we expect our annual cash debt service requirements to be an aggregate of approximately $208.9 million, all of which will relate to interest payments, assuming no further borrowings and no changes in interest rates. Additionally, on March 20, 2026, we entered into the Sixth Amendment, which provides for the 2026 Incremental Revolving Facility. The effectiveness of the Sixth Amendment is subject to consummation of this offering and other conditions. See the section entitled "Recent Developments."

As of December 31, 2025, we had $3,977.7 million total principal outstanding under the Credit Agreement, including (i) $2,432.1 million under the initial term loan facility (the "Term Loan Facility") and (ii) $1,545.6 million under the Incremental Term Loan Facility. In addition, as of December 31, 2025 we had $12.9 million of letters of credit outstanding, $700.0 million aggregate principal amount of 4.125% Senior Secured Notes due 2028 (the "Secured Notes"), issued pursuant to the Indenture dated as of June 21, 2021, by and among Madison IAQ and U.S. Bank National Association as trustee and collateral trustee (the "Secured Notes Indenture"), and $1,035.0 million aggregate principal amount of 5.875% Senior Notes due 2029 (the "Unsecured Notes," together with the Secured Notes, the "Notes"), issued pursuant to the Indenture dated as of June 21, 2021, by and among Madison IAQ and U.S. Bank National Association, as trustee (the "Unsecured Notes Indenture," together with the Secured Notes Indenture, the "Indentures"), outstanding. As of December 31, 2025, we had $334.3 million of borrowing capacity under our revolving credit facility (the "Revolving Credit Facility"). The lenders under the Credit Agreement and holders of the Secured Notes hold a security interest in substantially all of our and our domestic subsidiaries' assets. Our indebtedness, or any additional indebtedness we may incur, could require us to divert funds identified for other purposes for debt service and impair our liquidity position. If we cannot generate sufficient cash flow from operations to service our existing or future debt, we may need to refinance our debt, dispose of assets, or issue equity to obtain necessary funds. We do not know whether we will be able to take any of these actions on a timely basis, on terms satisfactory to us or at all.

Our existing and future indebtedness, the cash flow needed to satisfy our debt and the covenants contained in our Credit Agreement, and the financing documentation governing any of our future indebtedness, could have important consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•limiting funds otherwise available for financing our capital expenditures by requiring us to dedicate a portion of our cash flows from operations to the repayment of debt and the interest on that debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•limiting our ability to incur additional indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•limiting our ability to capitalize on significant business opportunities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•making us more vulnerable to rising interest rates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•making us more vulnerable in the event of a downturn in our business.

Our level of indebtedness may place us at a competitive disadvantage to our competitors that are not as highly leveraged. Fluctuations in interest rates can increase borrowing costs. Increases in interest rates may directly impact the amount of interest we are required to pay and reduce earnings accordingly. In addition, developments in tax policy, such as the disallowance of tax deductions for interest paid on outstanding indebtedness, could have an adverse effect on our liquidity and our business, financial conditions and results of operations. Further, our Credit Agreement contains customary affirmative and negative covenants and certain restrictions on operations that could impose operating and financial limitations and restrictions on us, including restrictions on our ability to enter into particular transactions and to engage in other actions that we may believe are advisable or necessary for our business. Our Term Loan Facility and our Incremental Term Loan Facility are also subject to mandatory prepayments in certain circumstances, including a requirement to make a prepayment with a certain percentage of our excess cash flow. This excess cash flow payment, and other future required prepayments, would reduce our cash available for investment in our business.

We expect to use cash flow from operations to meet current and future financial obligations, including funding our operations, debt service requirements and capital expenditures. The ability to make these payments depends on our financial and operating performance, which is subject to prevailing economic, industry and competitive conditions and to certain financial, business, economic and other factors beyond our control.

***If the financial institutions that are lenders under the Revolving Credit Facility fail to extend credit under the facility, our liquidity and results of operations may be adversely affected.*** 

One of our sources of liquidity is the Revolving Credit Facility. Each financial institution that is a lender under the Revolving Credit Facility is responsible on a several but not joint basis for providing a portion of the loans to be made under the facility. If any participant or group of participants with a significant portion of the commitments under the Revolving Credit Facility fails to satisfy its or their respective obligations to extend credit under the facility and we are unable to find a replacement for such participant or participants on a timely basis (if at all), our liquidity may be adversely affected.

***We are able to incur substantial additional indebtedness and may be able to make certain restricted payments, which could further exacerbate the risks associated with our current indebtedness.*** 

We are able to incur significant additional indebtedness. Although our Credit Agreement and Indentures contain restrictions on the incurrence of indebtedness and liens, these restrictions are subject to a number of important qualifications and exceptions, and the additional indebtedness and liens incurred in compliance with these restrictions could be substantial.

Our Credit Agreement and Indentures permit us to incur certain additional indebtedness, including liabilities that do not constitute indebtedness, as defined in the Credit Agreement. We may also consider investments in joint ventures or acquisitions, which may increase our indebtedness. In addition, the Credit Agreement does not restrict our ability to incur additional indebtedness outside of the credit group set forth in the Credit Agreement. If new debt is added to our currently anticipated indebtedness levels, the related risks that we face could intensify.

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

Our ability to make any future scheduled payments or to refinance any future outstanding debt obligations depends on our financial and operating performance, which will be affected by prevailing economic, industry and competitive conditions as well as financial, business and other factors beyond our control. We may not be able to maintain a sufficient level of cash flow from operating activities to permit us to pay the principal, premium, if any, and interest on our indebtedness. Any failure to make payments of interest and principal on our outstanding indebtedness on a timely basis would likely result in a reduction of our credit rating, which could also harm our ability to incur additional indebtedness.

If our cash flows and capital resources are insufficient to fund our debt service obligations, we may be forced to reduce or delay capital expenditures, sell assets, seek additional capital or seek to restructure or refinance our indebtedness. Any refinancing of our indebtedness could be at higher interest rates and may require us to comply with more onerous covenants. These alternative measures may not be successful and may not permit us to meet our scheduled debt service obligations. In the absence of such cash flows and resources, we could face substantial liquidity problems and might be required to sell material assets or operations to attempt to meet our debt service obligations. The financing documents governing our Credit Agreement and Indentures include certain restrictions on our ability to conduct asset sales and use the proceeds from asset sales for general corporate purposes. We may not be able to

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consummate these asset sales to raise capital or sell assets at prices and on terms that we believe are fair and any proceeds that we do receive may not be adequate to meet any debt service obligations then due. If we cannot meet our debt service obligations, the holders of our indebtedness may accelerate such indebtedness and, to the extent such indebtedness is secured, foreclose on our assets. In such an event, we may not have sufficient assets to repay all of our indebtedness.

***The terms of our Credit Agreement and Indentures restrict our current and future operations, particularly our ability to respond to changes or to take certain actions.*** 

Our Credit Agreement and Indentures contain a number of restrictive covenants that impose significant operating and financial restrictions on us and may limit our ability to engage in acts that may be in our long-term best interests, including restrictions on our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•incur certain additional indebtedness or other contingent liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pay dividends on or make distributions in respect of capital stock or repurchase or redeem capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•prepay, redeem or repurchase certain indebtedness;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sell, lease, assign, transfer or otherwise dispose of assets, including capital stock of restricted subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•create liens;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•consolidate, merge or sell all or substantially all of our assets.

You should read the discussion under the heading "Description of Certain Indebtedness" for further information about these and other applicable covenants.

The restrictive covenants in the financing documents governing our Credit Agreement and Indentures require us to maintain specified financial ratios and satisfy other financial condition tests to the extent applicable. Our ability to meet those financial ratios and tests can be affected by events beyond our control.

A breach of the covenants or restrictions under our Credit Agreement and Indentures could result in an event of default under such agreement. Such an event of default may allow the creditors to accelerate the related debt, which may result in the acceleration of any other debt to which a cross-acceleration or cross-default provision applies. In the event the holders of our indebtedness accelerate the repayment, we may not have sufficient assets to repay that indebtedness or be able to borrow sufficient funds to refinance it. Even if we are able to obtain new financing, it may not be on commercially reasonable terms or on terms acceptable to us. As a result of these restrictions, we may be (i) limited in how we conduct our business, (ii) unable to raise additional debt or equity financing to operate during general economic or business downturns or (iii) unable to compete effectively or to take advantage of new business opportunities.

These restrictions, along with restrictions that may be contained in agreements evidencing or governing other future indebtedness, may affect our ability to grow in accordance with our growth strategy.

***Our high level of indebtedness may hinder our ability to negotiate favorable terms with our suppliers, which could negatively impact our operating performance and, thus, could make it more difficult for us to generate cash flow sufficient to satisfy all of our obligations under our indebtedness.*** 

Our high level of indebtedness may adversely affect our credit profile or rating, which may adversely affect our ability to negotiate favorable trade terms from our current or future suppliers, including pricing, payment, delivery, inventory, transportation, defective and marketing allowances, and other terms, and may increase our need to support merchandise purchases with letters of credit. We may also be unable to negotiate favorable trade terms for our current or future service and non-merchandise vendors, including vendors that assist us in critical aspects of the business such as transportation and logistics, supplies, professional services, insurance and risk management, procurement, marketing and advertising, online operations, and IT. This could negatively impact the profitability of our business and our ability to effectively compete against competitors. As a result, our high level of indebtedness could adversely affect the profitability of our business, which could make it more difficult for us to generate cash flow and may negatively affect our results of operations.

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***We may be unable to refinance our indebtedness.*** 

We may need to refinance all or a portion of our indebtedness before or at maturity. However, we may not be able to refinance any of our indebtedness on commercially reasonable terms or at all. Additionally, we may not be able to obtain sufficient funds to enable us to repay or refinance our debt obligations on commercially reasonable terms, or at all.

***We may need additional financing in the future to meet our capital needs, strategic objectives or repay our existing debt. Our failure to raise additional capital or generate cash flows necessary to expand our operations, make opportunistic acquisitions, invest in new technologies in the future and refinance or repay our existing indebtedness as it becomes due could reduce our ability to compete successfully and harm our results of operations.*** 

We may need to raise additional funds, and we may not be able to obtain additional debt or equity financing on favorable terms or at all. For example, we may need funds to increase our investments in research and development activities, to make acquisitions or otherwise grow our business or to refinance or repay existing debt, a significant portion of which matures in the near term, including, as of December 31, 2025, (i) $3,977.7 million under the Term Loan facility, which matures in 2028, (ii) $700.0 million under the Secured Notes, which mature in 2028 and (iii) $1,035.0 million under the Unsecured Notes, which mature in 2029. If we raise additional equity financing, our security holders may experience significant dilution of their ownership interests. If we engage in additional debt financing, we may be required to accept terms that restrict our ability to incur additional indebtedness, force us to maintain specified liquidity or other ratios or restrict our ability to pay dividends or make acquisitions. If we need additional capital and cannot raise it on acceptable terms, or at all, we may not be able to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•develop and enhance our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•continue to expand our product development, sales and marketing organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•hire, train and retain employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•respond to competitive pressures or unanticipated working capital requirements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pursue acquisition opportunities.

In addition, our Credit Agreement also limits our ability to incur certain additional debt and if we are not able to satisfy any of the applicable qualifications and exceptions to these limitations, we would have to amend our Credit Agreement or issue additional equity to raise capital. If we issue additional equity, your interest in us will be diluted.

**Risks Related to Our Class A Common Stock and This Offering** 

***The dual-class structure of our common stock has the effect of concentrating voting control with Holdings, which will limit your ability to influence the outcome of all corporate decisions, including important transactions such as a change in control, and Holdings' interests may conflict with ours or yours in the future.*** 

Our Class A common stock, which is the stock we are offering by means of this prospectus, has one vote per share, and our Class B common stock has 10 votes per share. Assuming the offering size as set forth on the cover of this prospectus, immediately following this offering and the concurrent private placement, Holdings will control approximately 95.2% of the voting power of our outstanding common stock (or approximately 94.8% if the underwriters exercise in full their option to purchase additional shares), which means that, based on its percentage voting power controlled after the offering, Holdings will control the vote of all matters submitted to a vote of our stockholders. This control will enable Holdings to control the election of the members of the Board and all other corporate decisions. Even when Holdings ceases to control a majority of the total voting power, for so long as Holdings continues to own even a relatively small percentage of our common stock, it will still be able to significantly influence the composition of our Board and the approval of actions requiring stockholder approval. Accordingly, for such period of time, Holdings will have significant influence with respect to our management, business plans and policies, including the appointment and removal of our officers, decisions on whether to raise future capital and amendments to our certificate of incorporation and bylaws, which govern the rights attached to our common stock. In particular, for so long as Holdings continues to own even a relatively small percentage of our common stock, Holdings will be able to cause or prevent a change of control of us or a change in the composition of our Board and could preclude any unsolicited acquisition of us. The concentration of ownership could deprive you of an opportunity to receive a premium for your shares of Class A common stock as part of a sale of us and ultimately might affect the market price of our Class A common stock.

Future transfers by the holder of Class B common stock will generally result in those shares converting into shares of Class A common stock, subject to limited exceptions, such as transfers to Larry Gies or entities under his control, as described in our certificate of incorporation. For a description of the dual-class structure, see the section entitled "Description of Capital Stock."

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***We cannot predict the impact our dual-class structure may have on our stock price or our business.*** 

We cannot predict whether our dual-class structure will result in a lower or more volatile market price of our Class A common stock, adverse publicity or other adverse consequences. The dual-class structure of our common stock may make us ineligible for inclusion in certain indices and, as a result, mutual funds, exchange-traded funds and other investment vehicles that attempt to passively track those indices would not invest in our Class A common stock. In addition, it is unclear what effect, if any, such policies will have on the valuations of publicly traded companies excluded from such indices, but it is possible that they may adversely affect valuations, as compared to similar companies that are included. Due to the dual-class structure of our common stock, we may be excluded from certain indices and we cannot assure you that other stock indices will not take similar actions. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, exclusion from certain stock indices may preclude investment by many of these funds and could make our Class A common stock less attractive to other investors. As a result, the market price of our Class A common stock may be adversely affected.

***Our Founder controls us, and his interests may conflict with ours or yours in the future.*** 

Immediately following this offering and the concurrent private placement, our Founder, through his control of Holdings and Co-Investors LLC, will control approximately 95.5% of the voting power of our outstanding common stock, or approximately 95.2% if the underwriters exercise in full their option to purchase additional shares, which means that, based on its percentage voting power held after the offering, Holdings will control the vote of all matters submitted to a vote of our Board or stockholders, which will enable it to control the election of the members of the Board and all other corporate decisions. Our Founder controls the vote and disposition of all of the shares held by Holdings. In addition, our certificate of incorporation will provide that Holdings will have the right to designate the Chairman of the Board for so long as Holdings beneficially owns at least 30% of the voting power of the then outstanding shares of our capital stock then entitled to vote generally in the election of directors. Even when Holdings ceases to own shares of our stock representing a majority of the total voting power, for so long as Holdings continues to own even a relatively small portion of our stock, Holdings will still be able to control the composition of our Board, including the right to designate the Chairman of our Board, the approval of actions requiring stockholder approval, and consent rights over the formation or designation of Board committees. Accordingly, for such period of time, Holdings will have significant influence with respect to our management, business plans and policies, including the appointment and removal of our officers, decisions on whether to raise future capital and amendments to our charter and bylaws, which govern the rights attached to our capital stock. In particular, for so long as Holdings continues to own even a relatively small percentage of our stock, Holdings will be able to cause or prevent a change of control of us or a change in the composition of our Board, including the selection of the Chairman of our Board, and could preclude any unsolicited acquisition of us. The concentration of ownership could deprive you of an opportunity to receive a premium for your shares of Class A common stock as part of a sale of us and ultimately might affect the market price of our Class A common stock.

Our certificate of incorporation to be effective in connection with the closing of this offering will provide that, for so long as Holdings owns at least 30% of the voting power of our outstanding common stock, it will have the right to consent to or veto (i) charter and bylaw amendments or waiving any provision thereto; (ii) altering the size or composition of the board; (iii) certain fundamental corporate transactions, such as mergers or acquisitions, consolidations, change of control transactions, recapitalization, dissolution, divestiture, sale or disposition of assets; and (iv) various other matters related to our business operations and corporate governance. See "Description of Capital Stock."

In connection with this offering, we will enter into the Director Nomination Agreement, which will provide Holdings the right to nominate: (i) all of the nominees for election to our Board for so long as Holdings beneficially owns more than 50% of the Original Amount; (ii) a number of directors (rounded up to the nearest whole number) equal to 50% of the total directors for so long as Holdings beneficially owns more than 40% and up to 50% of the Original Amount; (iii) a number of directors (rounded up to the nearest whole number) equal to 40% of the total directors for so long as Holdings beneficially owns over 30% and up to 40% of the Original Amount; (iv) a number of directors (rounded up to the nearest whole number) equal to 30% of the total directors for so long as Holdings beneficially owns more than 20% and up to 30% of the Original Amount; (v) a number of directors (rounded up to the nearest whole number) equal to 20% of the total directors for so long as Holdings beneficially owns more than 10% and up to 20% of the Original Amount; and (vi) a number of director nominees (rounded up to the nearest whole number) equal to 10% of the total directors for so long as Holdings beneficially owns more than 5% and up to 10% of the Original Amount. As a result, Holdings may have representation on the Board that is disproportionate to its beneficial ownership. The Director Nomination Agreement will also provide that Holdings may assign such right to an affiliate of Holdings. Our certificate of incorporation will prohibit us from increasing or decreasing the size of our Board without the prior written consent of Holdings. By virtue of Mr. Gies' control of Holdings, Mr. Gies will have the ability to nominate himself to serve as a director, so long as Holdings beneficially owns 5% or more of the Original Amount.

Our Founder and his affiliates engage in a broad spectrum of activities, including investments in the industrials and life science industries generally. In the ordinary course of their business activities, our Founder, Holdings and their affiliates may engage in

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activities where their interests conflict with our interests or those of our other stockholders, such as investing in or operating businesses that directly or indirectly compete with certain portions of our business or are suppliers or customers of ours. Our certificate of incorporation to be effective in connection with the closing of this offering will provide that none of Holdings, any of its affiliates or any director who is not employed by us (including any non-employee director who serves as one of our officers in both his director and officer capacities) or their affiliates will have any duty to refrain from engaging, directly or indirectly, in the same business activities or similar business activities or lines of business in which we operate. Our Founder, Holdings and their affiliates also may pursue acquisition opportunities that may be complementary to our business, and, as a result, those acquisition opportunities may not be available to us. In addition, our Founder, Holdings and their affiliates may have an interest in pursuing acquisitions, divestitures and other transactions that, in his judgment, could enhance his investment, even though such transactions might involve risks to you.

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

Under our certificate of incorporation, neither our Founder nor any director who is not employed by us (including any non-employee director who serves as one of our officers in both his director and officer capacities) or his or her affiliates will have any duty to refrain from (i) engaging in a corporate opportunity in the same or similar lines of business in which we or our affiliates now engage or propose to engage or (ii) otherwise competing with us or our affiliates. In addition, our certificate of incorporation will, to the fullest extent permitted by law, renounce any interest or expectancy that we have in, or right to be offered an opportunity to participate in, specified business opportunities that are from time to time presented to certain of our officers, directors or stockholders or their respective affiliates, other than those officers, directors, stockholders or affiliates who are our or our subsidiaries' employees. For example, a director of our company who is also an officer, director, stockholder or affiliate of Holdings, or any of their respective affiliates, may pursue certain acquisitions or other opportunities that may be complementary to our business and, as a result, such acquisition or other opportunities may not be available to us. These potential conflicts of interest could have a material adverse effect on our business, financial condition, results of operations, or prospects if attractive corporate opportunities are allocated by Holdings to itself or its affiliates instead of to us. A description of our obligations related to corporate opportunities under our certificate of incorporation are more fully described in the section entitled "Description of Capital Stock—Conflicts of Interest."

***Upon listing of our shares on the NYSE, we will be a "controlled company" within the meaning of the rules of the NYSE and, as a result, we will qualify for, and intend to rely on, exemptions from certain corporate governance requirements. You will not have the same protections as those afforded to stockholders of companies that are subject to such governance requirements.*** 

After completion of this offering, Holdings will continue to control a majority of the voting power of our outstanding common stock. As a result, we will be a "controlled company" within the meaning of the corporate governance standards of the NYSE. Under these rules, a company of which more than 50% of the voting power for the election of directors is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the requirement that a majority of our Board consist of independent directors;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the requirement that we have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the requirement for an annual performance evaluation of the nominating and corporate governance and compensation committees.

Following this offering, we intend to utilize some or all of these exemptions. As a result, the Compensation and Nominating Committee of our Board (our "Compensation and Nominating Committee") may not consist entirely of independent directors, and our Compensation and Nominating Committee may not be subject to annual performance evaluations. Accordingly, you will not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of the NYSE.

***After repayment of certain borrowings, we may allocate any remaining net proceeds from this offering and the concurrent private placement in ways that you and other stockholders may not approve.*** 

Subsequent to the application of net proceeds from this offering and the concurrent private placement to partially repay borrowings under our Credit Agreement, our management will have broad discretion in the application of any remaining net proceeds, including proceeds from the underwriters' exercise of their option to purchase additional shares, from this offering and the concurrent private placement, including for any of the purposes described in the section entitled "Use of Proceeds." Because of the number and variability of factors that will determine our use of the net proceeds from the underwriters' exercise of their option to purchase

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additional shares, the ultimate use may vary substantially from the currently intended use. Our management may use any additional net proceeds received in connection with the underwriters' exercise of their option to purchase additional shares to repay additional borrowings under the initial Term Loan Facility or the Incremental Term Loan Facility, in each case including accrued and unpaid interest, or for general corporate purposes. Our management might not apply any additional net proceeds in ways that ultimately increase the value of your investment, and the failure by our management to apply these funds effectively could harm our business. Pending their use, we may invest any additional net proceeds from the underwriters' exercise of their option to purchase additional shares in short- and intermediate-term interest-bearing obligations, investment-grade instruments, certificates of deposit or direct or guaranteed obligations of the U.S. government. These investments may not yield a favorable return to our stockholders. If we do not invest or apply the net proceeds from this offering in ways that enhance stockholder value, we may fail to achieve expected results, which could cause the price of our Class A common stock to decline.

***The limited public float of our Class A common stock may result in significant price volatility and limited liquidity for our stockholders, and an active, liquid trading market for our Class A common stock may not develop, which may limit the ability of our stockholders to sell their shares.*** 

Following the completion of this offering, there will be a limited public float of our Class A common stock, which may cause the price of our Class A common stock to be volatile. Due to our relatively small public float and the limited trading volume of our Class A common stock, purchases and sales of relatively small amounts of our Class A common stock may have a disproportionate effect on the market price of our Class A common stock. This volatility could prevent a stockholder seeking to sell our Class A common stock from being able to sell the shares at or above the price at which the shares were purchased. Further, for the two-year period following the consummation of the Organizational Transactions, we and Holdings will be subject to specific restrictions on our and Holdings' ability to issue or sell stock or other securities (including securities convertible into our stock, but excluding certain compensatory arrangements), sell our assets outside the ordinary course of business and enter into any other corporate transaction which would cause us to undergo a 50% or greater change in our stock ownership. These restrictions may prevent us from conducting primary follow-on equity offerings that would increase our public float during this two-year period. As a result, our public float will remain limited for at least two years following this offering.

In addition, prior to this offering, there was no public market for our Class A common stock. Although we have been approved to list our Class A common stock on the NYSE under the symbol "MAIR," an active trading market for our Class A common stock may never develop or be sustained following this offering. The initial public offering price will be determined by negotiations between us and the underwriters and may not be indicative of market prices of our Class A common stock that will prevail in the open market after the offering. A public trading market having the desirable characteristics of depth, liquidity and orderliness depends upon the existence of willing buyers and sellers at any given time, such existence being dependent upon the individual decisions of buyers and sellers over which neither we nor any market maker has control.

The cornerstone investors have, severally and not jointly, indicated an interest in purchasing up to an aggregate of $525.0 million in shares of Class A common stock in this offering at the initial public offering price. However, because indications of interest are not binding agreements or commitments to purchase, the cornerstone investors may determine to purchase more, less or no shares of Class A common stock in this offering or the underwriters may determine to sell more, less or no shares of Class A common stock to the cornerstone investors. If the cornerstone investors are allocated all or a portion of the shares of Class A common stock they have indicated an interest in purchasing in this offering or more, and purchase any such shares, such purchases could reduce the available public float for our shares of Class A common stock if the cornerstone investors hold such shares long-term.

The failure of an active and liquid trading market to develop and continue could likely have a material adverse effect on the value of our Class A common stock. The market price of our Class A common stock may decline below the initial public 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 to continue to fund operations by issuing shares and may impair our ability to acquire other companies or technologies by using our shares as consideration.

In addition, if the cornerstone investors purchase shares of Class A common stock in the offering, such shares of Class A common stock will not be subject to a lock-up agreement with the underwriters. Accordingly, if any cornerstone investor were to sell all or a portion of the shares of Class A common stock purchased, a large number of shares of Class A common stock could be sold, which could adversely affect our share price.

***Provisions of our corporate governance documents could make an acquisition of us more difficult and may prevent attempts by our stockholders to replace or remove our current management, even if beneficial to our stockholders.*** 

In addition to our Founder's beneficial ownership of 100% of our Class B common stock after this offering, our certificate of incorporation and bylaws to be effective in connection with the closing of this offering, and the Delaware General Corporation Law

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(the "DGCL"), contain provisions that could make it more difficult for a third party to acquire us, even if doing so might be beneficial to our stockholders. Among other things, these provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•allow us to 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 supermajority voting, special approval, dividend or other rights or preferences superior to the rights of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide for a classified board of directors with staggered three-year terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide that, for as long as Holdings beneficially owns, in the aggregate, at least 40% in voting power of the stock entitled to vote generally in the election of directors, Holdings may remove directors without cause and at any time when Holdings beneficially owns, in the aggregate, less than 40% in voting power of the stock entitled to vote generally in the election of directors, directors may only be removed for cause, and only by the affirmative vote of holders of at least 66 2/3% in voting power of all the then-outstanding shares of our stock entitled to vote thereon, voting together as a single class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•prohibit stockholder action by written consent from and after the date on which Holdings beneficially owns, in the aggregate, less than 40% in voting power of our stock entitled to vote generally in the election of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide that for as long as Holdings beneficially owns, in the aggregate, at least 40% in voting power of our stock entitled to vote generally in the election of directors, any amendment, alteration, rescission, or repeal of our bylaws by our stockholders will require the affirmative vote of a majority in voting power of the outstanding shares of our capital stock, and at any time when Holdings beneficially owns, in the aggregate, less than 40% in voting power of all outstanding shares entitled to vote generally in the election of directors, any amendment, alteration, rescission or repeal of our bylaws by our stockholders will require the affirmative vote of the holders of at least 66 2/3% in voting power of all the then-outstanding shares of our capital stock entitled to vote thereon, voting together as a single class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•establish advance notice requirements for nominations for elections to our Board or for proposing matters that can be acted upon by stockholders at stockholder meetings; provided, however, at any time when Holdings beneficially owns, in the aggregate, at least 5% of the voting power of our stock entitled to vote generally in the election of directors, such advance notice procedure will not apply to it.

Our certificate of incorporation to be effective in connection with the closing of this offering will contain a provision that provides us with protections similar to Section 203 of the DGCL, and will prevent us from engaging in a business combination with a person (excluding our Founder and any of his direct or indirect transferees and any group as to which such persons are a party) who acquires at least 15% of our common stock for a period of three years from the date such person acquired such Class A common stock, unless board or stockholder approval is obtained prior to the acquisition. These provisions could discourage, delay or prevent a transaction involving a change in control of the Company. These provisions could also discourage proxy contests and make it more difficult for you and other stockholders to elect new directors and cause us to take other corporate actions you desire, including actions that you may deem advantageous, or negatively affect the trading price of our common stock. In addition, because our Board is responsible for appointing the members of our management team, these provisions could in turn affect any attempt by our stockholders to replace current members of our management team.

These and other provisions in our certificate of incorporation, bylaws and Delaware law could make it more difficult for stockholders or potential acquirers to obtain control of our Board or initiate actions that are opposed by our then-current Board, such as delaying or impeding a merger, tender offer or proxy contest involving the Company. The existence of these provisions could negatively affect the price of our Class A common stock and limit opportunities for you to realize value in a corporate transaction.

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

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writing to the selection of an alternative forum, the federal district courts of the United States shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act.

Our certificate of incorporation will further provide that any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock is deemed to have notice of and consented to the provisions of our certificate of incorporation described above. The forum selection clause in our amended and restated certificate of incorporation may have the effect of discouraging lawsuits against us, our directors, officers or employees and may limit our stockholders' ability to obtain a favorable judicial forum for such disputes; however, our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder. If the enforceability of our forum selection provisions were to be challenged, we may incur additional costs associated with resolving such challenge. While we currently have no basis to expect any such challenge would be successful, if a court were to find our forum selection provisions to be inapplicable or unenforceable with respect to one or more of these specified types of actions or proceedings, we may incur additional costs associated with having to litigate in other jurisdictions, which could have an adverse effect on our business, financial condition, results of operations, cash flows and prospects and result in a diversion of the time and resources of our employees, management and Board. See the section entitled "Description of Capital Stock—Exclusive Forum" included elsewhere in this prospectus for more detail.

***If you purchase shares of our Class A common stock in this offering, you will suffer immediate and substantial dilution of your investment relative to tangible book value.*** 

After giving effect to the Organizational Transactions, the initial public offering price of our Class A common stock is substantially higher than the pro forma net tangible book deficit per share of our Class A common stock. Therefore, if you purchase shares of our Class A common stock in this offering, you will pay a price per share that substantially exceeds our Pro Forma Adjusted net tangible book deficit per share after this offering. Based on an assumed initial public offering price of $26.00 per share, the mid-point of the price range set forth on the cover page of this prospectus, you will experience immediate dilution of $32.94 per share, representing the difference between our Pro Forma Adjusted net tangible book deficit per share after giving effect to this offering and the concurrent private placement and the initial public offering price. In addition, investors in this offering and the concurrent private placement will have contributed approximately 60.3% of the total consideration paid for our outstanding common stock but will own only approximately 17.7% of our total common stock outstanding after this offering. See the section entitled "Dilution" included elsewhere in this prospectus for more detail on the underlying assumptions and methodology for how we calculate dilution.

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

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

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***A significant portion of our Class A common stock is restricted from immediate resale but may be sold into the market in the future. This could cause the market price of our Class A common stock to drop significantly, even if our business is doing well.*** 

Sales of a substantial number of shares of our Class A common stock in the public market could occur at any time following the expiration of the lock-up period. These sales, or the perception in the market that the holders of a large number of shares intend to sell shares, could reduce the market price of our Class A common stock. After this offering, we will have 164,497,178 outstanding shares of Class A common stock based on the number of Class A shares outstanding as of April 6, 2026. Following the consummation of this offering, shares that are not being sold in this offering will be subject to a 180-day lock-up period provided under lock-up agreements executed in connection with this offering, as described in the section entitled "Underwriting" included elsewhere in this prospectus, and restricted from immediate resale under the federal securities laws, as described in the section entitled "Shares Eligible for Future Sale" included elsewhere in this prospectus. All of these shares of Class A common stock, other than shares of Class A common stock held by Kedge, will, however, be able to be resold after the expiration of the 180-day lock-up period, as well as pursuant to customary exceptions thereto or upon the waiver of the lock-up agreement by Goldman Sachs & Co. LLC and Barclays Capital Inc. on behalf of the underwriters. Additionally, concurrently with the consummation of this offering, the Company will enter into the Two-Year Lock-up Agreements with each of Holdings and Kedge, pursuant to which the shares held by Holdings and Kedge will be subject to certain transfer restrictions until the two-year anniversary of the closing date of this offering, subject to certain exceptions. See the section entitled "Certain Relationships and Related Party Transactions—Related Party Transactions—Two-Year Lock-up Agreements." We also intend to register shares of Class A common stock that we may issue under our equity compensation plans. Once we register these shares, they can be freely sold in the public market upon issuance, subject to the lock-up agreements. As restrictions on resale end, the market price of our Class A common stock could decline if the holders of currently restricted Class A common stock sell them or are perceived by the market as intending to sell them. However, certain holders of our Class A common stock may be subject to additional restrictions on resale. For more information see "Restrictions imposed to preserve the tax-free treatment of the Organizational Transactions may significantly limit our ability to raise capital and pursue strategic transactions for at least two years following this offering, and any breach of these restrictions could result in significant tax liabilities."

Additionally, as further described in the section entitled "Certain Relationships and Related Party Transactions—Related Party Transactions—Registration Rights Agreement," we are party to a registration rights agreement with Holdings, Kedge and certain affiliates of Kedge in connection with this offering, pursuant to which, in certain circumstances following the termination of the Two-Year Lock-up Agreements, Holdings or Kedge may require us to effect the registration of its shares on a registration statement, and Holdings and Kedge will be entitled to participate in such registered offerings. If Holdings or Kedge exercises its rights under the Registration Rights Agreement to resell a significant amount of its shares of our common stock, we will not receive any proceeds from those offerings and the market price of our Class A common stock could decline.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

***Because we have no current plans to pay regular cash dividends on our Class A common stock following this offering, you will not receive any return on investment unless you sell your Class A common stock for a price greater than that which you paid for it.*** 

We do not anticipate paying any regular cash dividends on our Class A common stock following this offering. Any decision to declare and pay dividends in the future will be made at the discretion of our Board and will depend on, among other things, our results of operations, financial condition, cash requirements, contractual restrictions, opportunities to invest as opposed to paying a dividend and other factors that our Board may deem relevant. In addition, our ability to pay dividends is, and may be, limited by covenants of existing and any future outstanding indebtedness we or our subsidiaries incur, including under our Credit Agreement. Therefore, any return on investment in our Class A common stock is solely dependent upon the appreciation of the price of our Class A common stock on the open market, which may not occur. See the section entitled "Dividend Policy" included elsewhere in this prospectus for more detail.

***If securities or industry analysts do not publish research or reports about our business, if they adversely change their recommendations regarding our shares or if our results of operations do not meet their expectations, the stock price and trading volume of our Class A common stock 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 have any control over these analysts. 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 the price or trading volume of our Class A common stock to decline. Moreover, if one or more of the analysts who cover us downgrade our Class A common stock, or if our results of operations do not meet their expectations, the price of our Class A common stock could decline.

***We may issue shares of preferred stock in the future, which could make it difficult for another company to acquire us or could otherwise adversely affect holders of our Class A common stock, which could depress the price of our Class A common stock.*** 

Our certificate of incorporation will authorize us to issue one or more series of preferred stock. Our Board will have the authority to determine the preferences, limitations and relative rights of the shares of preferred stock and to fix the number of shares constituting any series and the designation of such series, without any further vote or action by our stockholders. Our preferred stock could be issued with voting, liquidation, dividend and other rights superior to the rights of our Class A common stock. The potential issuance of preferred stock may delay or prevent a change in control of us, discouraging bids for our Class A common stock at a premium to the market price and materially adversely affect the market price and the voting and other rights of the holders of our Class A common stock.

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**Forward-Looking Statements** 

This prospectus contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this prospectus are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "will," "should," "can have," "positions," "likely," "target," "goal," "strategy" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements we make relating to our estimated and projected costs, expenditures, cash flows, margin expansion, growth rates and financial results or our plans and objectives for future operations, growth initiatives or strategies are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our estimates of the size of the markets we serve, including our total addressable market and the runway for growth in those markets, prove to be inaccurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an inability to reduce or effectively manage our significant indebtedness and interest expense, including through the use of proceeds from this offering and the concurrent private placement and any future financings or refinancings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a failure to develop and maintain effective internal control over financial reporting, including a failure to design and implement sufficient controls to remediate our material weaknesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the markets into which we sell our products and services decline, do not grow as expected, experience cyclicality or shift towards products or services outside of our portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the general economy, the housing market or other business conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•difficulties executing, integrating or realizing expected benefits from acquisitions, dispositions or joint ventures, or exposure to unexpected liabilities from such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the restrictions imposed on our ability to conduct primary follow-on equity offerings during the two-year period following the Organizational Transactions and associated limitations on our ability to raise equity capital to fund growth initiatives, acquisitions or other strategic opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increasing competitive pressures in our industry and the markets in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•difficulties implementing our 80/20 operating model or other strategies intended to improve organic growth, including our AI initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an inability to demonstrate or communicate the benefits of our Return on Air value proposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the loss of key customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•delays, failures or other challenges in developing and commercializing new versions of our products or new features and accessories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unsuccessful efforts to expand into adjacent markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•supplier shortages, rising raw material costs or disruptions in our distribution network;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inconsistent practices, controls or decision-making arising from our decentralized organizational structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the incurrence of events causing an impairment of goodwill or other asset impairment charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disruption of our operations in our manufacturing facilities, wholesale locations or key customer operations, including as a result of tariffs or other trade policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•failures to protect or defend our intellectual property, including trade secrets or proprietary know-how, or our infringement, misappropriation or other violations of others' intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•operational disruptions at manufacturing, wholesale, or key customer locations, as well as labor shortages, disruptions or challenges in attracting and retaining qualified personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•geopolitical conflicts, cybersecurity attacks, natural disasters, climate change, weather and seasonality that disrupt operations or adversely impact demand;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in or noncompliance with varying domestic and foreign laws, regulations or government contracting requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•warranty claims, product liability matters, recall claims, litigation or other legal proceedings, including alleged intellectual property infringement claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•violations of environmental, health and safety laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in government regulations, trade policies and tariffs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•decisions made by our Founder who controls us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other factors disclosed in the section entitled "Risk Factors" and elsewhere in this prospectus.

We derive many of our forward-looking statements from our operating budgets and forecasts, which are based on many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations, or cautionary statements, are disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this prospectus. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements as well as other cautionary statements that are made from time to time in our other SEC filings and public communications. You should evaluate all forward-looking statements made in this prospectus in the context of these risks and uncertainties.

We caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included in this prospectus are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.

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**Use of Proceeds** 

We estimate that our net proceeds from this offering will be approximately $2,073.1 million (or approximately $2,385.1 million if the underwriters' option to purchase additional shares is exercised in full), assuming an initial public offering price of $26.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, after deducting the underwriting discount and estimated offering expenses payable by us. We expect to receive additional proceeds of approximately $100.0 million from the concurrent private placement.

The principal purposes of this offering are to increase our capitalization and financial flexibility, create a public market for our Class A common stock and enable access to the public equity markets for us and our stockholders. We expect to use approximately $2,173.1 million of the net proceeds of this offering and the concurrent private placement (or $2,485.1 million of the net proceeds of this offering if the underwriters' option to purchase additional shares is exercised in full) to repay $2,173.1 million of borrowings under the initial Term Loan Facility, including accrued and unpaid interest, with the remainder of such net proceeds to be used for general corporate purposes. We may use any additional net proceeds received in connection with the underwriters' exercise of their option to purchase additional shares to repay additional borrowings under the initial Term Loan Facility or the Incremental Term Loan Facility, in each case including accrued and unpaid interest, or for general corporate purposes.

As of December 31, 2025, we had $2,432.1 million and $1,545.6 million outstanding under our Term Loan Facility and Incremental Term Loan Facility, respectively, $12.9 million of letters of credit outstanding and no borrowings outstanding under the Revolving Credit Facility. As of December 31, 2025, the interest rates on our Term Loan Facility and Incremental Term Loan Facility were 6.7% and 6.6%, respectively. Under certain swap agreements, during the years ended December 31, 2025 and 2024, Madison IAQ paid a fixed rate ranging from 3.32% to 3.849% and received a rate of 1-month Term SOFR. As of December 31, 2025 and 2024, these swap agreements covered approximately 46.5% and 42.8%, respectively, of borrowings under the Term Loan Facility. After giving effect to such swap agreements on a weighted-average basis across the Term Loan Facility and Incremental Term Loan Facility, as of December 31, 2025, the effective interest rates on our Term Loan Facility and Incremental Term Loan Facility were 6.5% and 6.4%, respectively. The variable interest rate portion of the Term Loan Facility is set at Term SOFR, subject to a 0.50% floor, plus an applicable margin of 2.50% (which is reduced by 0.25% in the event of the consummation of an initial public offering, including this offering). The Incremental Term Loan Facility rate is set at Term SOFR, subject to a 0.50% floor, plus an applicable margin of 2.75%. The interest rate on the Revolving Credit Facility is SOFR plus 2.50% (which is reduced by 0.25% in the event of the consummation of an initial public offering, including this offering). The Term Loan Facility matures on June 21, 2028, the Incremental Term Loan Facility matures on the earlier of (x) May 6, 2032 and (y) March 31, 2029 (unless, on or prior to such date, all indebtedness with respect to the Unsecured Notes is extended or refinanced to mature no earlier than the date that is 91 days later than May 6, 2032) and the Revolving Credit Facility matures on the earlier of (i) May 6, 2030, (ii) March 31, 2029 (unless, on or prior to such date, all indebtedness with respect to the Unsecured Notes is extended or refinanced to mature on a date that is at least 91 days later than May 6, 2030), (iii) March 31, 2028 (unless, on or prior to such date, all indebtedness with respect to the Secured Notes is extended or refinanced to mature no earlier than the date that is 91 days later than May 6, 2030) and (iv) the date that is 91 days prior to the maturity date of the Term Loan Facility (unless, on or prior to such date, all indebtedness with respect to the Term Loan Facility is extended or refinanced to mature on a date that is at least 91 days later than May 6, 2030). On March 20, 2026, we entered into the Sixth Amendment, which provides for the 2026 Incremental Revolving Facility. The effectiveness of the Sixth Amendment is subject to consummation of this offering and other conditions. See the section entitled "Recent Developments."

Pending use of the proceeds from this offering, we may invest the proceeds in a variety of capital preservation investments, including short-term, investment-grade and interest-bearing instruments.

Each $1.00 increase or decrease in the assumed initial public offering price of $26.00 per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, would increase or decrease the net proceeds to us from this offering by approximately $82.7 million, assuming the number of shares of Class A common stock offered, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discount and estimated offering expenses payable by us.

Each 1,000,000 increase or decrease in the number of shares offered would increase or decrease the net proceeds to us from this offering by approximately $26.0 million, assuming that the assumed initial public offering price per share for the offering remains at $26.00, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, and after deducting the underwriting discount and estimated offering expenses payable by us.

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**Dividend Policy** 

We currently intend to retain all available funds and any future earnings to fund the development and growth of our business and to repay indebtedness and, therefore, we do not anticipate paying any cash dividends in the foreseeable future. Additionally, our ability to pay dividends on our common stock is limited by restrictions on the ability of our subsidiaries to pay dividends or make distributions to us. Any future determination to pay dividends will be at the discretion of our Board, subject to compliance with requirements under Delaware law and covenants in current and future agreements governing our and our subsidiaries' indebtedness, and will depend on our results of operations, financial condition, capital requirements and other factors that our Board may deem relevant. Additionally, our Credit Agreement places restrictions on the ability of our subsidiaries to pay cash dividends or make distributions to us. See the section entitled "Description of Certain Indebtedness." Because we have no current plans to pay regular cash dividends on our common stock following this offering, you will not receive any return on investment unless you sell your Class A common stock for a price greater than what you paid for it.

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**Capitalization** 

The following table describes our cash and cash equivalents and capitalization as of December 31, 2025, as follows:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•on a Pro Forma Adjusted basis, after giving effect to the AprilAire Acquisition, Organizational Transactions, the concurrent private placement, the sale of 82,692,308 shares of Class A common stock in this offering and the application of the net proceeds from this offering and the concurrent private placement as set forth under "Use of Proceeds," assuming an initial public offering price of $26.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus.

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

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| | | |
|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** |
| ***(in millions except per share amounts)*** | **Actual**<sup>(1)</sup> | **Pro Forma Adjusted** |
| Cash and Cash equivalents | $208.4 | $208.4 |
| Total debt, including current portion: |  |  |
| &nbsp;&nbsp;Term notes<sup>(2)</sup> | 3977.7 | 1835.4 |
| &nbsp;&nbsp;Senior notes | 1035.0 | 1035.0 |
| &nbsp;&nbsp;Senior secured notes | 700.0 | 700.0 |
| &nbsp;&nbsp;Revolving credit facility<sup>(3)</sup> |  |  |
| &nbsp;&nbsp;Equipment loans and finance leases | 5.7 | 5.7 |
| &nbsp;&nbsp;Mortgage payable | 0.6 | 0.6 |
| &nbsp;&nbsp;Discounts and financing fees, net<sup>(4)</sup> | (68.6) | (47.6) |
| &nbsp;&nbsp;&nbsp;Total debt | 5650.4 | 3529.1 |
| &nbsp;&nbsp;Less: Current maturities | (27.8) | (2.4) |
| &nbsp;&nbsp;&nbsp;Long-term debt | 5622.6 | 3526.7 |
| Redeemable noncontrolling interests<sup>(5)</sup> | 882.9 |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;Preferred stock, $0.0000001 par value per share; no shares authorized, issued or outstanding, actual; 100,000,000 shares authorized and no shares issued or outstanding, as adjusted |  |  |
| &nbsp;&nbsp;Class A common stock, $0.0000001 par value per share, 1,000 shares issued and outstanding, actual; 2,000,000,000 shares authorized, 164,497,178 shares issued and outstanding, pro forma as adjusted |  | 0.0 |
| &nbsp;&nbsp;Class B common stock, $0.0000001 par value per share, no shares issued and outstanding, actual; 500,000,000 shares authorized, 324,429,147 shares issued and outstanding, pro forma as adjusted<sup>(6)</sup> |  | 0.0 |
| Additional paid-in capital |  | 3175.1 |
| Retained earnings (accumulated deficit) | (6.3) | 12.8 |
| Accumulated other comprehensive income (loss) | (30.7) | (30.7) |
| Total stockholders' equity (deficit) | (37.0) | 3157.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total capitalization | $6468.5 | $6683.9 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Does not reflect $12.9 million of letters of credit outstanding as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The amount in the "actual" column consists of $2,432.1 million and $1,545.6 million outstanding under our Term Loan Facility and Incremental Term Loan Facility as of December 31, 2025, respectively. The amount in the "Pro Forma Adjusted" column consists of $289.8 million and $1,545.6 million outstanding under our Term Loan Facility and Incremental Term Loan Facility as of December 31, 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)As of December 31, 2025, $334.3 million was available for borrowing under our Revolving Credit Facility. See the section entitled "Recent Developments" for a description of the Sixth Amendment and the 2026 Incremental Revolving Facility, which remain subject to consummation of this offering and other conditions for effectiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The amount in the "actual" column reflects debt issuance costs of $48.5 million and original issuance discount of $20.1 million.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Reflects the reclassification of mezzanine equity to additional paid-in capital due to the elimination of the redemption feature upon the initial public offering. For more information see the section entitled "Unaudited Pro Forma Combined Financial Information."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Includes approximately 3,846,154 shares of Class B common stock to be issued to Holdings in the concurrent private placement (based upon an assumed initial offering price of $26.00 per share (which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus)) for aggregate consideration of approximately $100.0 million.

A $1.00 increase or decrease in the assumed initial public offering price of $26.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase or decrease each of cash and cash equivalents, additional paid-in capital, total stockholders' equity (deficit) and total capitalization on a Pro Forma Adjusted basis by approximately $82.7 million, assuming the number of shares of Class A common stock offered, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discount and estimated offering expenses payable by us.

Each one million share increase or decrease in the number of shares of common stock offered in this offering would increase or decrease each of cash and cash equivalents, additional paid-in capital, total stockholders' equity (deficit) and total capitalization on a Pro Forma Adjusted basis by approximately $26.0 million, based on an assumed initial public offering price of $26.00 per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting the underwriting discount and estimated offering expenses payable by us.

Except as otherwise indicated, the above discussion and table are based on 164,497,178 shares of our Class A common stock outstanding and 324,429,147 shares of our Class B common stock outstanding, as applicable, as of December 31, 2025 (after giving effect to the Organizational Transactions, this offering and the concurrent private placement) and (i) assumes an initial public offering price of $26.00 per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, (ii) assumes no exercise by the underwriters of their option to purchase up to 12,403,846 additional shares of Class A common stock, (iii) assumes the issuance of 71,467,488 shares of Class A common stock (based upon an assumed initial offering price of $26.00 per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus) to Kedge, the IAQ Holdings II Investors and the IAQ Holdings III Investors in connection with the Organizational Transactions; (iv) assumes the issuance of 10,337,382 shares of Class A common stock (based upon an assumed initial offering price of $26.00 per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus) to the Madison IAS Investors in connection with the Organizational Transactions; (v) excludes 44,003,369 shares of Class A common stock (based upon an assumed initial offering price of $26.00 per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus) reserved for future issuance under the 2026 Plan, which will be adopted prior to or in connection with this offering, and under which 8,496,759 shares of Class A common stock (based upon an assumed initial offering price of $26.00 per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus) may be issued upon the vesting of outstanding unvested equity appreciation awards under the EAR Plan, which had an estimated value of $220.9 million as of December 31, 2025 (see "Executive Compensation—Compensation in Connection with This Offering—EAR Plan Awards"); and (vi) excludes 324,429,147 shares of Class A common stock (based upon an assumed initial offering price of $26.00 per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus) reserved for future issuance upon the exchange of 324,429,147 shares of Class B common stock on a one-for-one basis

The number of shares of Class A common stock that will be delivered to Kedge, the IAQ Holdings II Investors, the Madison IAS Investors and the IAQ Holdings III Investors, and the shares of Class B common stock that will be delivered to Holdings, will depend on the initial public offering price per share of Class A common stock. The number of shares of Class A common stock in this prospectus assumes an offering price of $26.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus. A $1.00 increase in the initial public offering price would result in Kedge, the IAQ Holdings II Investors, the Madison IAS Investors and the IAQ Holdings III Investors being allocated 27,437 fewer shares of Class A common stock, in the aggregate and Holdings being allocated 115,014 fewer shares of Class B common stock. A $1.00 decrease in the initial public offering price would result in Kedge, the IAQ Holdings II Investors, the Madison IAS Investors and the IAQ Holdings III Investors being allocated 29,631 more shares of Class A common stock, in the aggregate and Holdings being allocated 124,215 more shares of Class B common stock.

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**Dilution** 

If you invest in our Class A common stock in this offering, your interest will be diluted to the extent of the difference between the initial public offering price per share of our Class A common stock in this offering and the Pro Forma Adjusted net tangible book deficit per share of our Class A common stock immediately after this offering. We have presented dilution in Pro Forma Adjusted net tangible book deficit per share after this offering assuming that holders of our Class B common stock had all of their Class B common stock converted to newly issued shares of Class A common stock on a one-for-one basis in order to more meaningfully present the dilutive impact to the investors in this offering. We refer to the assumed conversion of all Class B common stock for shares of Class A common stock as described above in the previous sentence as the "Assumed Conversion."

As of December 31, 2025, after giving effect to the Organizational Transactions and Assumed Conversion, excluding the concurrent private placement, we had pro forma net tangible book deficit of $(5,545.2) million, or $(13.78) per share of Class A common stock. Net tangible book deficit per share is equal to our total tangible assets, less total liabilities, divided by the number of outstanding shares of our Class A common stock.

After giving effect to the Organizational Transactions, the concurrent private placement, the sale of shares of Class A common stock in this offering, after deducting the underwriting discount and estimated offering expenses payable by us and the application of the net proceeds of this offering and the concurrent private placement as set forth under "Use of Proceeds" at an assumed initial public offering price of $26.00 per share, which is the midpoint of the price range set forth on the cover of this prospectus, and the Assumed Conversion, our Pro Forma Adjusted net tangible book deficit as of December 31, 2025 would have been $(3,393.1) million, or $(6.94) per share of Class A common stock. This represents an immediate change in net tangible book deficit of $6.84 per share of Class A common stock to our existing stockholders and an immediate dilution in net tangible book deficit of $32.94 per share of Class A common stock to investors participating in this offering and the concurrent private placement at the assumed initial public offering price.

The following table illustrates this per share dilution:

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| | |
|:---|:---|
| Assumed initial public offering price per share | $26.00 |
| Pro forma net tangible book deficit per share as of December 31, 2025 after giving effect to the Organizational Transactions and the Assumed Conversion, excluding the concurrent private placement | (13.78) |
| Change in pro forma net tangible book deficit per share to our existing stockholders attributable to the investors in this offering and the concurrent private placement | 6.84 |
| Pro Forma Adjusted net tangible book deficit per share after giving effect to this offering and the concurrent private placement<sup>(1)</sup> | (6.94) |
| Dilution in Pro Forma Adjusted net tangible book deficit per share to investors in this offering and the concurrent private placement | $32.94 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The computation of Pro Forma Adjusted net tangible book deficit per share as of December 31, 2025 is set forth below:

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| | |
|:---|:---|
| ***(in millions, except per share data)*** |  |
| Book value of tangible assets | $1624.2 |
| Less: total liabilities | 5017.3 |
| Pro Forma Adjusted net tangible book deficit<sup>(a)</sup> | $(3393.1) |
| Shares of Class A common stock outstanding<sup>(a)</sup> | 488926325 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Gives pro forma effect to the Assumed Conversion.

A $1.00 increase or decrease in the assumed initial public offering price of $26.00 per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, would increase or decrease our Pro Forma Adjusted net tangible book deficit per share after this offering and the concurrent private placement by $0.16, and would increase or decrease the dilution per share to the investors in this offering and the concurrent private placement by $0.84, assuming that 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, and after deducting the underwriting discount and estimated offering expenses payable by us. Similarly, each increase or decrease of one million shares in the number of shares of Class A common stock offered by us would increase or decrease our Pro Forma Adjusted net tangible book deficit per share after this offering and the concurrent private placement by $0.07 and would increase or decrease dilution per share to investors in this offering and the concurrent private placement by $(0.07), assuming the assumed initial public

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offering price, which is the midpoint of the price range set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discount and estimated offering expenses payable by us and the Assumed Conversion.

If the underwriters exercise their option to purchase additional shares in full, the Pro Forma Adjusted net tangible book deficit per share after this offering and the concurrent private placement would be $(6.15), and the dilution in Pro Forma Adjusted net tangible book deficit per share to new investors in this offering and the concurrent private placement would be $32.15.

The following table presents, on a Pro Forma Adjusted basis as described above, as of December 31, 2025 after giving effect to the differences between our existing stockholders and the investors purchasing shares of our Class A common stock in this offering, with respect to the number of shares purchased, the total cash consideration paid to us, and the average price per share paid by our existing stockholders or to be paid to us by investors purchasing shares in this offering at an assumed offering price of $26.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus, before deducting the underwriting discount and estimated offering expenses payable by us, and gives effect to the Assumed Conversion.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares of Class A common stock Purchased** | **Shares of Class A common stock Purchased** | **Total Cash Consideration** | **Total Cash Consideration** |  |
|  | **Number** | **Percentage** | **Amount** | **Percentage** | **Average Price Per Share** |
| Existing Stockholders<sup>(1)</sup> | 402387863 | 82.3% | $1480492328 | 39.7% | $3.68 |
| New Investors<sup>(2)</sup> | 86538462 | 17.7% | 2250000012 | 60.3% | 26.00 |
| Total | 488926325 | 100.0% | $3730492340 | 100.0% | $7.63 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Gives pro forma effect to Organizational Transactions, including the issuance of Class A common stock and Class B common stock, as well as the Assumed Conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Includes shares of Class B common stock sold in the concurrent private placement.

A $1.00 increase or decrease in the assumed initial public offering price of $26.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase or decrease the total consideration paid by new investors by $82.7 million and increase or decrease the percent of total consideration paid by new investors (including shares of Class B common stock sold in the concurrent private placement) by 0.9%, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and before deducting the underwriting discount and estimated offering expenses payable by us.

Except as otherwise indicated, the above discussion and tables assume no exercise of the underwriters' option to purchase additional shares. After giving effect to sales of shares in this offering, assuming the underwriters' option to purchase additional shares is exercised in full, after giving effect to the Assumed Conversion, our existing stockholders would own approximately 80.3% and our new investors would own approximately 19.7% of the total number of shares of our Class A common stock outstanding after this offering.

In addition, to the extent we issue any additional stock options or any stock options are exercised, or we issue any other securities or convertible debt in the future, investors participating in this offering may experience further dilution.

The number of shares of Class A common stock that will be delivered to Kedge, the IAQ Holdings II Investors, the Madison IAS Investors and the IAQ Holdings III Investors will depend on the initial public offering price per share of Class A common stock. The number of shares of Class A common stock in this prospectus assumes an offering price of $26.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus. A $1.00 increase in the initial public offering price would result in Kedge, the IAQ Holdings II Investors, the Madison IAS Investors and the IAQ Holdings III Investors being allocated 27,437 fewer shares of Class A common stock, in the aggregate and Holdings being allocated 115,014 fewer shares of Class B common stock. A $1.00 decrease in the initial public offering price would result in Kedge, the IAQ Holdings II Investors, the Madison IAS Investors and the IAQ Holdings III Investors being allocated 29,631 more shares of Class A common stock, in the aggregate and Holdings being allocated 124,215 more shares of Class B common stock.

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**Unaudited Pro Forma Combined Financial Information** 

The following unaudited pro forma combined financial information has been prepared in accordance with Article 11 of Regulation S-X using the assumptions set forth in the notes to the unaudited pro forma combined financial information. The pro forma combined financial information is presented (i) on a "Pro Forma" basis to give effect to, where applicable, the AprilAire Acquisition as if such transaction had occurred on January 1, 2025 and (ii) on a "Pro Forma Adjusted" basis to give effect to, where applicable, the AprilAire Acquisition, the Organizational Transactions, the concurrent private placement, this offering, the use of proceeds from this offering and the concurrent private placement, and all other items required to be presented in accordance with Article 11 under Regulation S-X as if such transactions had occurred on January 1, 2025.

The unaudited Pro Forma Adjusted combined balance sheet as of December 31, 2025 and the unaudited Pro Forma Adjusted combined statement of income for the year ended December 31, 2025 present the financial position and results of operations after giving effect to the following transactions (collectively, the "Transactions"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the AprilAire Acquisition, as described and defined under "Basis of Presentation";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Organizational Transactions, as described below and defined under "Organizational Transactions";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we will enter into the Separation Agreement with Holdings, Madison Industries International and Madison Industries US, which sets forth our agreements with Holdings, Madison Industries International and Madison Industries US regarding the principal actions to be taken in connection with the Organizational Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we will enter into the Tax Matters Agreement with Madison Industries International which sets forth our agreements with Madison Industries International with respect to tax liabilities and benefits, tax attributes, tax contests and other tax sharing regarding U.S. federal, state, local and foreign income taxes, other tax matters and related tax returns. The costs associated with the Tax Matters Agreement materially align with costs previously charged to us by Holdings and therefore warrant no adjustment to the pro forma combined financial information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we will enter into the Transition Services Agreement with Madison Industries International, pursuant to which Madison Industries International will agree to continue to provide us with certain services that were historically provided by Holdings, including tax compliance and reporting services and other miscellaneous services as may be requested, for a transitional period in exchange for the fees specified in the Transition Services Agreement. The costs associated with the Transition Services Agreement materially align with costs previously charged to us by Madison Industries International and therefore warrant no adjustment to the pro forma combined financial information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Madison Industries US will distribute 100% of the outstanding equity interests in MIAQ Solutions to Madison Industries International;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Madison Industries International will distribute the equity interests in MIAQ Solutions received from Madison Industries US to Holdings, resulting in Holdings owning 100% of the outstanding equity interests in MIAQ Solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Holdings will contribute the equity interests in MIAQ Solutions received from Madison Industries International to Madison Air Solutions Corporation in exchange for shares of our Class B common stock, resulting in (i) Madison Air Solutions Corporation owning 100% of the outstanding equity interests in MIAQ Solutions and (ii) Holdings owning 100% of our issued and outstanding shares of Class B common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Kedge will contribute its LLC units of IAQ Holdings to Madison Air Solutions Corporation in exchange for shares of our Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the IAQ Holdings II Investors will contribute their LLC units of IAQ Holdings II to Madison Air Solutions Corporation in exchange for shares of our Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Holdings will form Co-Investors LLC, a Delaware limited liability company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the IAQ Holdings III Investors will contribute their LLC units of IAQ Holdings III to Madison Air Solutions Corporation in exchange for shares of our Class A common stock, and will then immediately contribute such shares of Class A common stock to Co-Investors LLC in exchange for LLC units of Co-Investors LLC;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Madison Air Solutions Corporation will form MIAS Merger Sub, LLC, a Delaware limited liability company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•MIAS Merger Sub, LLC will merge with and into Madison IAS, with Madison IAS as the surviving entity in the merger. As a result of the merger of MIAS Merger Sub, LLC with and into Madison IAS, the interests held by the Madison IAS Investors will be converted into shares of our Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•holders of unvested EAR awards at Madison IAS will receive EAR units, with such EAR units subject to the same vesting terms as the underlying unvested EAR award. Upon vesting, each EAR unit will convert into one share of Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Madison Air Solutions Corporation will contribute the equity interests in IAQ Holdings, IAQ Holdings II and IAQ Holdings III to MIAQ Solutions, IAQ Holdings and IAQ Holdings II, respectively, resulting in each subsidiary being wholly owned by its direct parent entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the sale by us of shares of Class A common stock pursuant to this offering and shares of Class B common stock pursuant to the concurrent private placement and the application of the proceeds from this offering and the concurrent private placement to repay outstanding indebtedness under the Credit Agreement as described in the section entitled "Use of Proceeds," based on an assumed initial public offering price of $26.00 per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, after deducting underwriting discounts and commissions and estimated offering expenses payable by us in connection with this offering.

The following unaudited pro forma combined financial information is derived from the historical consolidated financial statements of the Company and AprilAire. The unaudited Pro Forma Adjusted combined statement of income for the year ended December 31, 2025 gives pro forma effect to the Transactions as if they had occurred on January 1, 2025. The unaudited Pro Forma Adjusted combined balance sheet as of December 31, 2025 gives effect to the Transactions as if they had occurred on December 31, 2025. No adjustments related to the AprilAire Acquisition have been applied to the unaudited Pro Forma Adjusted combined balance sheet as of December 31, 2025, as the AprilAire Acquisition is already reflected in the Company's historical consolidated balance sheet as of December 31, 2025. Refer to Note 1—Basis of Presentation for more information.

The unaudited pro forma combined financial information includes Transaction Accounting Adjustments, which reflect the application of the accounting required by GAAP, to present the effects of the Transactions listed above to the Company's historical consolidated financial statements. The unaudited pro forma combined financial information does not include any Autonomous Entity Adjustments as the Company does not expect the costs associated with operating on a standalone basis to increase materially from the allocated costs reflected in the historical consolidated financial statements. Refer to the section entitled "Certain Relationships and Related Party Transactions" for more information on historical costs previously allocated to us related to Management Advisory and Consulting Services and the Transition Services Agreement.

The unaudited pro forma combined financial information is for illustrative and informational purposes only and is not necessarily indicative of the operating results that would have occurred if the Transactions had been completed as of the dates set forth above, nor is it indicative of the future consolidated results of operations or financial position of the Company. Further, pro forma adjustments represent management's best estimates based on information available as of the date of this prospectus and are subject to change as additional information becomes available.

The unaudited pro forma combined financial information does not reflect any expected cost savings, operating synergies, or revenue enhancements that the Company may achieve as a result of the Transactions or the costs necessary to achieve any such cost savings, operating synergies or revenue enhancements. The unaudited pro forma combined financial information should be read in conjunction with the information contained in the sections entitled "Risk Factors," "Forward-Looking Statements," "Use of Proceeds," "Capitalization," "Dilution," and "Management's Discussion and Analysis of Financial Condition and Results of Operations."

Additionally, the unaudited pro forma combined financial information should be read in conjunction with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the accompanying notes to the unaudited pro forma combined financial information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the audited consolidated financial statements of MIAQ Solutions and related notes as of December 31, 2025 and 2024 and for each of the three years ended December 31, 2025, 2024, and 2023 included elsewhere in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the unaudited condensed financial statements and related notes of AprilAire as of and for the three months ended March 31, 2025, included elsewhere in this prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the audited consolidated financial statements and related notes of AprilAire, as of and for each of the years ended December 31, 2024 and 2023, included elsewhere in this prospectus.

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**UNAUDITED PRO FORMA ADJUSTED COMBINED BALANCE SHEET** 

**As of December 31, 2025** 

**(in millions, except share and per share data)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Madison Industries IAQ Solutions Corporation<br>Historical** | **Transaction<br>Accounting<br>Adjustments<br>for<br>Organizational<br>Transactions** | **Transaction<br>Accounting<br>Offering<br>Adjustments** | **Madison Air Solutions Corporation Pro Forma Adjusted** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $208.4 | $— | $2250.0<br> (C) | $208.4 |
|  |  |  | (69.9) (C) |  |
|  |  |  | (2142.3) (C) |  |
|  |  |  | (30.8) (C) |  |
|  |  |  | (7.0) (D) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 475.4 |  |  | 475.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 408.4 |  |  | 408.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 43.8 |  | (2.6) (D) | 41.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current assets | 1136.0 |  | (2.6) | 1133.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 371.7 |  |  | 371.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 3318.5 |  |  | 3318.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets, net | 3231.8 |  |  | 3231.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets | 119.1 |  |  | 119.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 8177.1 |  | (2.6) | 8174.5 |
| **Liabilities and Equity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 260.1 |  |  | 260.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits and deferred revenue | 128.3 |  |  | 128.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 265.2 |  | (30.8) (C) | 231.8 |
|  |  |  | (2.6) (D) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt | 27.8 |  | (25.4) (C) | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current liabilities | 681.4 |  | (58.8) | 622.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 5622.6 |  | (2116.9) (C) | 3526.7 |
|  |  |  | 21.0<br> (C) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 651.1 | (40.1) (A) |  | 611.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 257.0 |  |  | 257.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 7212.1 | (40.1) | (2154.7) | 5017.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable noncontrolling interest | 882.9 | (882.9) (B) |  |  |
| Shareholder's equity (deficit) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.0000001 par value per share; no shares authorized, issued or outstanding, actual; 100,000,000 shares authorized and no shares issued or outstanding, as adjusted |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A common stock, $0.0000001 par value per share, 1,000 shares issued and outstanding, actual; 2,000,000,000 shares authorized, 164,497,178 shares issued and outstanding, pro forma as adjusted |  | 0.0<br> (B) |  | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B common stock, $0.0000001 par value per share, no shares issued and outstanding, actual; 500,000,000 shares authorized, 324,429,147 shares issued and outstanding, pro forma as adjusted |  | 0.0<br> (B) |  | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | *—* | 882.9<br> (B) | 2250.0<br> (C) | 3175.1 |
|  |  | 119.1<br> (B) | (69.9) (C) |  |
|  |  |  | (7.0) (D) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (6.3) | 40.1<br> (A) | (21.0) (C) | 12.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (30.7) |  |  | (30.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholder's equity (deficit) | (37.0) | 1042.1 | 2152.1 | 3157.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 119.1 | (119.1) (B) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 82.1 | 923.0 | 2152.1 | 3157.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $8177.1 | $— | $(2.6) | $8174.5 |

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*See the accompanying notes to the unaudited pro forma combined financial information* 

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**UNAUDITED PRO FORMA ADJUSTED COMBINED STATEMENT OF INCOME** 

**For the Year Ended December 31, 2025** 

**(in millions, except share and per share amounts)** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Period Ended May 6, 2025** | **Period Ended May 6, 2025** | **Period Ended May 6, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **Madison Industries IAQ Solutions Corporation<br>Historical** | **AprilAire<br>Historical** | **Note (4)** | **AprilAire Transaction Accounting Adjustments** | **Madison Industries IAQ Solutions Corporation Pro Forma** | **Transaction<br>Accounting<br>Adjustments<br>for<br>Organizational<br>Transactions** | **Transaction<br>Accounting<br>Offering<br>Adjustments** | **Madison Air Solutions Corporation Pro Forma Adjusted** |
| Net sales | $3340.1 | $178.8 |  | $— | $3518.9 | $— | $— | $3518.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold<sup>(1)</sup> | 2052.6 | 102.0 |  |  | 2154.6 |  |  | 2154.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 473.3 | 41.5 |  |  | 514.8 |  |  | 514.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible amortization | 141.6 | 1.1 |  | (1.1) (AA) | 163.1 |  |  | 163.1 |
|  |  |  |  | 21.5<br> (AA) | - |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring expense | 4.1 | 1.9 |  |  | 6.0 |  |  | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 136.6 | 65.9 |  | (19.4) (BB) | 184.8 |  |  | 184.8 |
|  |  |  |  | 1.7<br> (BB) | - |  |  |  |
| **Operating income** | 531.9 | (33.6) |  | (2.7) | 495.6 |  |  | 495.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and financing expenses | 351.3 | (0.8) |  | 47.5<br> (CC) | 398.0 |  | (171.1) (FF) | 255.5 |
|  |  |  |  |  |  |  | 28.6<br> (FF) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense | (11.4) | (0.3) |  |  | (11.7) |  |  | (11.7) |
| **Income (loss) from continuing operations before income taxes** | 192.0 | (32.5) |  | (50.2) | 109.3 |  | 142.5 | 251.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 66.3 | (4.9) |  | (11.6)<br> (DD) | 49.8 |  | 33.1<br> (DD) | 82.9 |
| **Income (loss) from continuing operations** | 125.7 | (27.6) |  | (38.6) | 59.5 |  | 109.4 | 168.9 |
| Income (loss) from discontinued operations, net of taxes | (1.4) |  |  |  | (1.4) |  |  | (1.4) |
| **Net income (loss)** | 124.3 | (27.6) |  | (38.6) | 58.1 |  | 109.4 | 167.5 |
| Less: Net income (loss) attributable to noncontrolling interests | 27.3 |  |  |  | 27.3 | (27.3) (EE) |  |  |
| **Net income (loss) attributable to common shareholders** | $97.0 | $(27.6) |  | $(38.6) | $30.8 | $27.3 | $109.4 | $167.5 |
| Earnings (loss) from continuing operations per share, basic and diluted |  |  |  |  |  |  |  | $0.35 |
| Weighted average shares outstanding, basic and diluted |  |  |  |  |  |  |  | 488926325 |

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(1)Exclusive of intangible amortization shown separately

*See the accompanying notes to the unaudited pro forma combined financial information* 

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**NOTES TO UNAUDITED PRO FORMA COMBINED FINANCIAL INFORMATION** 

**Note 1. Basis of Presentation & Description of the Transactions**

The unaudited pro forma combined financial information was prepared in accordance with Article 11 of Regulation S-X and presents the pro forma financial condition and results of operations of the Company based upon the historical financial information after giving effect to the Transactions and related adjustments set forth in the notes to the unaudited pro forma combined financial information.

***AprilAire Acquisition***

On May 6, 2025, the Company acquired 100% of the equity interests of AprilAire for the consideration outlined in the table below. The AprilAire Acquisition was primarily funded with proceeds from the issuance of the Incremental Term Loan Facility, which closed concurrently with the acquisition.

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| | |
|:---|:---|
| Cash paid | $2293.5 |
| Rollover equity | 217.3 |
| Deferred payments, net | 74.2 |
| **Purchase price** | $2585.0 |

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The AprilAire Acquisition includes a deferred consideration arrangement that requires additional consideration of $90.0 million to be paid by the Company to the sellers of AprilAire of which $5.7 million represents a liability assumed at acquisition. The present value of deferred consideration at acquisition was $74.2 million. Amounts are payable 2 years after the acquisition date.

The unaudited pro forma combined financial information related to the AprilAire Acquisition has been prepared by the Company using the acquisition method of accounting in accordance with GAAP. The Company has been determined to be the acquirer for accounting purposes, and thus accounts for the AprilAire Acquisition as a business combination in accordance with ASC Topic 805, Business Combinations ("ASC 805"). The valuations of the assets acquired and liabilities assumed, and therefore the purchase price allocations, are preliminary and have not yet been finalized as of the date of this prospectus. As a result of the foregoing, the pro forma adjustments are preliminary and have been made solely for the purpose of providing unaudited pro forma combined financial information.

***Organizational Transactions, Initial Public Offering Transaction and Concurrent Private Placement***

The unaudited pro forma combined financial information reflects the issuance and sale of our Class A common stock in this offering after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, the issuance and sale of our Class B common stock in the concurrent private placement and the intended use of a portion of the net proceeds to repay existing debt (with the remainder reflected as cash on the Company's balance sheet), as described under "Use of Proceeds."

Prior to the consummation of this offering, the Company will engage in a series of organizational transactions, including a spin-off from Madison Industries International, whereby, following the distribution by Madison Industries International, all outstanding equity interests in MIAQ Solutions and its consolidated subsidiaries will be contributed by Holdings to, and thereafter be held by, Madison Air Solutions Corporation. Following the completion of the Organizational Transactions, Madison Air Solutions Corporation will be a holding company that will conduct substantially all of its activities through its subsidiaries. In connection with the Organizational Transactions, Kedge, the IAQ Holdings II Investors and the Madison IAS Investors will receive shares of Class A common stock in exchange for the contribution of LLC units of certain subsidiaries of MIAQ Solutions, and the IAQ Holdings III investors will receive units of Co-Investors LLC, with Co-Investors LLC holding shares of Class A common stock. The Organizational Transactions are further described in the section entitled "Organizational Transactions." Through its ownership of MIAQ Solutions, Madison Air Solutions Corporation will operate and control the business and affairs of MIAQ Solutions and its direct and indirect subsidiaries. The Organizational Transactions will be accounted for as a reorganization of entities under common control. As a result, the consolidated financial statements of Madison Air Solutions Corporation will recognize the assets and liabilities received in the reorganization at their historical carrying amounts.

***Recent Developments***

On March 20, 2026, Madison IAQ LLC, together with certain other subsidiaries, entered into an amendment (the "Sixth Amendment") to the Credit Agreement which, upon effectiveness, will amend the Credit Agreement (as so amended

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by the Sixth Amendment, the "Amended Credit Agreement"), and a related agency assignment agreement with the lenders party thereto and Wells Fargo Bank, National Association. Upon effectiveness, the Sixth Amendment will replace the existing revolving commitments under the Credit Agreement with new incremental revolving loan commitments in an aggregate principal amount of $1,300.0 million (the "2026 Incremental Revolving Facility"), and Wells Fargo Bank, National Association will succeed to, and become, the administrative agent and collateral agent under the Amended Credit Agreement and the related credit documents.

The Sixth Amendment is subject to a number of conditions to effectiveness and is not effective as of the date of this prospectus. These conditions include, among other things, the consummation of this offering, the use of substantially all of the net proceeds of this offering to prepay the initial term loans under the Credit Agreement in part or in full, the payment of accrued and unpaid interest and fees on the initial term loans, the refinancing of any existing revolving loans with borrowings under the 2026 Incremental Revolving Facility, the termination of the existing revolving commitments and the satisfaction or waiver of certain other customary conditions set forth in the Sixth Amendment and the Amended Credit Agreement. The Sixth Amendment will not become effective until the date that is 30 days after substantially all of the net proceeds of this offering have been used to prepay a portion of the initial term loans under the Credit Agreement. Additionally, the Sixth Amendment will automatically terminate on June 3, 2026 (the date that is 75 days after the date of the Sixth Amendment) unless the Sixth Amendment has become effective in accordance with its terms or unless extended by us and the lenders. There can be no assurance that the Sixth Amendment will become effective on the terms described herein, or at all. Given the Sixth Amendment is expected to close after the consummation of this offering and remains subject to certain other closing conditions, the 2026 Incremental Revolving Facility has not been reflected in the unaudited pro forma financial information.

***Overall Presentation***

The unaudited pro forma combined statement of income for the year ended December 31, 2025 gives pro forma effect to the Transactions as if they had occurred on January 1, 2025. The unaudited pro forma combined balance sheet as of December 31, 2025, gives effect to the Organizational Transactions and this offering as if they had occurred on December 31, 2025.

The accounting policies followed in preparing the unaudited pro forma combined financial information are those used by the Company as set forth in the audited historical consolidated financial statements. The unaudited pro forma combined financial information reflects any material adjustments known at this time to conform AprilAire's historical consolidated financial information to the Company's significant accounting policies based on the Company's initial review and understanding of AprilAire's summary of significant accounting policies from the date of the acquisition. Additionally, the Company has included certain reclassification adjustments for consistency in the financial statement presentation. See Note 2 for more information.

The unaudited pro forma combined financial information does not reflect any anticipated cost savings, operating synergies or revenue enhancements that the consolidated company may achieve as a result of the Transactions. The pro forma adjustments represent management's best estimates and are based upon currently available information and certain assumptions that the Company believes are reasonable under the circumstances.

**Note 2. AprilAire Reclassification Adjustments** 

During the preparation of the unaudited pro forma combined financial information, the Company performed a preliminary analysis of AprilAire's financial information to identify differences in financial statement presentation. Certain reclassification adjustments have been made to conform AprilAire's historical financial statement presentation to the Company's financial statement presentation.

AprilAire's historical statement of income includes results from January 1, 2025 to May 6, 2025. The following reconciliation bridges the amounts presented therein to the interim unaudited condensed consolidated financial statements and related notes of AprilAire as of and for the three months ended March 31, 2025, which are included elsewhere in this prospectus. The results from January 1, 2025 to May 6, 2025 are unaudited. The results for the period ending March 31, 2025 are derived from the unaudited condensed financial statements and related notes of AprilAire as of and for the three months ended March 31, 2025, included elsewhere in this prospectus. The results for the period from April 1, 2025 to May 6, 2025 are derived from AprilAire's internal financial records.

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| | | | |
|:---|:---|:---|:---|
|  | **For the Period ending March 31, 2025** | **For the Period from April 1, 2025 to May 6, 2025** | **For the period ending May 6, 2025** |
| Net sales | $130.5 | $48.3 | $178.8 |
| Cost of goods sold <sup>(1)</sup> | 70.5 | 31.5 | 102.0 |
| Selling, general and administrative<br> expenses | 32.3 | 9.2 | 41.5 |
| Intangible amortization | 0.8 | 0.3 | 1.1 |
| Restructuring expenses | - | 1.9 | 1.9 |
| Other operating expenses | - | 65.9 | 65.9 |
| **Operating income** | 26.9 | (60.5) | (33.6) |
| Interest and financing expenses | (0.8) | - | (0.8) |
| Other (income) expense | - | (0.3) | (0.3) |
| **Income (loss) from continuing<br> operations before income taxes** | 27.7 | (60.2) | (32.5) |
| Income tax expense (benefit) | 6.5 | (11.4) | (4.9) |
| **Income (loss) from continuing operations** | 21.2 | (48.8) | (27.6) |
| Income (loss) from discontinued operations, net of taxes | - | - | - |
| **Net income (loss)** | 21.2 | (48.8) | (27.6) |
| Less: Net income (loss) attributable to noncontrolling interests | - | - | - |
| **Net income (loss) attributable to<br> common shareholders** | $21.2 | $(48.8) | $(27.6) |

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(1)Exclusive of intangible amortization shown separately

Refer to the table below for a summary of reclassification adjustments made to conform AprilAire's historical expenses in its statement of income for the period ending May 6, 2025 to the financial statement presentation of that of the Company's:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Presentation in AprilAire's Historical<br>Statement of Income** | **Presentation in Unaudited Pro Forma Adjusted Combined Statement of Income** | **For the Period ending March 31, 2025** | **For the Period from April 1, 2025 to May 6, 2025** | **For the period ending May 6, 2025** |
| Selling, general, and administrative expenses | Intangible amortization | 0.8 | 0.3 | 1.1 |
| Selling, general, and administrative expenses | Restructuring expenses |  | 1.9 | 1.9 |
| Selling, general, and administrative expenses | Other operating expenses |  | 65.9 | 65.9 |
| Other (income) expense | Interest and financing expenses | (0.8) |  | (0.8) |

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**Note 3. Adjustments to the Unaudited Pro Forma Adjusted Combined Balance Sheet** 

The following adjustments have been reflected in the unaudited pro forma combined balance sheet:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Reflects a reduction to the deferred tax asset balance as of December 31, 2025, resulting from the allocation of Madison Industries International Holdings LLC's ("MIIH") disallowed interest expense carryforward attribute. The allocation is related to the Organizational Transactions and has been made in accordance with Treasury Regulation Section 1.163(j)-5 as if these transactions had occurred on December 31, 2025. The formal allocation of tax attributes will occur upon consummation of the Organizational Transactions based on MIIH's disallowed interest expense carryforward as of December 31, 2026. Accordingly, the ultimate amount of the formal allocation is uncertain, as it will depend on future activity of both the Company and MIIH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Reflects the elimination of historical noncontrolling interest and the issuance of Class A common stock to noncontrolling interests related to the Organizational Transactions, as well as the reclassification of mezzanine equity to additional paid-in capital due to the elimination of the redemption feature upon the initial public offering. The Organizational Transactions will result in all the outstanding equity interests in MIAQ Solutions and its consolidated subsidiaries being held by Madison Air Solutions Corporation. In connection with the Organizational Transactions, Kedge will receive 44,854,187 shares of Class A common stock, the IAQ Holdings II Investors will

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receive 14,316,295 shares of Class A common stock and the Madison IAS Investors will receive 10,337,382 shares of Class A common stock, in each case in exchange for the contribution of LLC units of certain subsidiaries of MIAQ Solutions. The IAQ Holdings III investors will receive units of Co-Investors LLC, with Co-Investors LLC holding an aggregate of 12,297,006 shares of Class A common stock. In connection with the Organizational Transactions, Holdings will receive 320,582,993 shares of Class B common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Reflects (i) the aggregate proceeds of this offering and the concurrent private placement of approximately $2,250.0 million, based on an assumed initial public offering price of $26.00 per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus; (ii) the assumed underwriting discounts and commissions and estimated offering expenses of $69.9 million; (iii) the related use of $2,142.3 million of the proceeds to repay outstanding borrowings under the Term Loan Facility; (iv) the use of $30.8 million of the proceeds to repay outstanding accrued interest related to the Term Loan Facility; and (v) the proportional reduction of $21.0 million of deferred financing costs ("DFC") and original issue discounts ("OID") as of December 31, 2025. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Reflects the payment of the Company's costs and expenses, other than the underwriting discounts and commissions payable, in connection with the offer and sale of the securities being registered of $7.0 million using cash on hand, and (ii) the reduction of the Company's one-time direct costs associated with the Initial Public Offering Transaction of $2.6 million, which were capitalized in prepaid expenses and other current assets. These costs primarily represent legal, accounting and other direct costs.

**Note 4. Adjustments to the Unaudited Pro Forma Adjusted Combined Statement of Income**

The following adjustments have been reflected in the unaudited pro forma combined statement of income:

AA.Reflects (i) the elimination of $1.1 million of historical AprilAire intangible amortization expense incurred prior to the AprilAire Acquisition and (ii) the recognition of $21.5 million of intangible amortization expense related to acquired AprilAire intangible assets. We note that the impact of the revaluation of property, plant, and equipment and assessment of useful lives as a result of the AprilAire Acquisition has an immaterial impact on the depreciation expense recorded in the Pro Forma Adjusted combined statement of income. The intangible assets (excluding goodwill) were comprised of the following:

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| | | |
|:---|:---|:---|
| **Asset type** | **Fair Value** | **Useful life** |
| Developed technology | $120.5 | 15.0 |
| Customer relationships | 1076.0 | 20.0 |

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BB.Reflects (i) the elimination of $19.4 million of historical compensation expense related to AprilAire's deferred compensation phantom stock plan, equity-based long-term incentive plans, and transaction-specific bonuses, and (ii) $1.7 million pre-acquisition compensation expense based on awards granted under the Company's EAR Plan to employees of AprilAire shortly following the acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CC.Reflects the incremental interest expense of $47.5 million, including amortization of DFC and OID of $1.9 million, related to the 125-day period between January 1, 2025 and May 6, 2025 that the Company would have incurred had it acquired AprilAire and closed on the corresponding Incremental Term Loan facility of $1,750 million on January 1, 2025. Incremental interest expense is based on a 7.50% interest rate, consisting of a 4.25% six month SOFR election as of January 1, 2025 plus 3.25% applicable margin per the Credit Agreement. The six month SOFR election aligns with the current election. A one-eighth percent change in the assumed interest rate associated with the Incremental Term Loan facility during the 125-day period between January 1, 2025 and May 6, 2025 would result in additional annual interest expense (if the interest rate increases) or a reduction (if the interest rate decreases) to annual interest expense of approximately $0.8 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DD.Reflects the tax impact of all unaudited pro forma adjustments for the year ended December 31, 2025, calculated using the statutory tax rate of 23.2%.

EE.Reflects the elimination of historical noncontrolling interest related to the Organizational Transactions described in Adjustment (B).

FF.Reflects (i) the elimination of historical interest expense of $171.1 million, including amortization of DFC and OID of $6.9 million related to the partial debt repayment as described in adjustment (C) under Note 3 above; and (ii) the proportional incurrence of debt extinguishment costs related to the elimination of DFC and OID of $28.6 million related to the partial debt repayment as described in adjustment (C) under Note 3 above.

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**Note 5. Pro forma Adjusted Earnings per Share** 

Pro Forma Adjusted basic earnings (loss) from continuing operations per share for the year ended December 31, 2025 is computed by dividing Pro Forma Adjusted net income (loss) from continuing operations attributable to Madison Air Solutions Corporation by the weighted average number of shares of Class A common stock and Class B common stock outstanding for the period as if the transactions had occurred on January 1, 2025 and excludes the effects of any potentially dilutive securities. Pro Forma Adjusted diluted earnings (loss) from continuing operations per share is computed by adjusting the Pro Forma Adjusted net income (loss) from continuing operations attributable to Madison Air Solutions Corporation and the weighted-average shares of Class A common stock and Class B common stock outstanding to give effect to potentially dilutive securities. <br>

The following table sets forth a reconciliation of the numerators and denominators used to compute Pro Forma Adjusted basic and diluted (loss) earnings per share:

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| | |
|:---|:---|
| *(in millions, except share and per share information)* | **Year Ended<br>December 31,<br>2025** |
| **Pro forma adjusted earnings (loss) from continuing operations per share, basic and diluted** |  |
| **Numerator:** |  |
| Pro forma adjusted net income (loss) from continuing operations | $168.9 |
| Less: Pro forma adjusted net income (loss) from continuing operations attributable to noncontrolling interest |  |
| Pro forma adjusted net income (loss) from continuing operations attributable to Madison Air Solutions Corporation | $168.9 |
| **Denominator:** |  |
| Pro forma adjusted weighted average shares of Class A common stock outstanding | 164497178 |
| Pro forma adjusted weighted average shares of Class B common stock outstanding | 324429147 |
| **Pro forma adjusted weighted average shares of common stock** | 488926325 |
| **Pro forma adjusted earnings (loss) from continuing operations per share, basic and diluted** | $0.35 |

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**Management's Discussion and Analysis of Financial Condition and Results of Operations** 

*The following discussion and analysis summarizes the significant factors affecting the consolidated operating results, financial condition, liquidity, and cash flows of the Company as of and for the periods presented below. The following discussion and analysis of our financial condition and results of operations should be read together with our audited consolidated financial statements and the related notes and other financial information included elsewhere in this prospectus and the section entitled "Unaudited Pro Forma Combined Financial Information." The following discussion contains forward-looking statements that involve risks and uncertainties. Actual results and timing of selected events could differ materially from those discussed or implied by the forward-looking statements as a result of various factors, including those discussed below and detailed elsewhere in this prospectus, particularly in the sections entitled "Risk Factors" and "Forward-Looking Statements." The operating results presented within this section are not necessarily indicative of the results that may be expected in any future period.* 

*Unless otherwise indicated or the context otherwise requires, references in this section to "we," "us," "our," "our business," "the Company" and "Madison Air" refer to and similar references refer: (1) on or following the consummation of the Organizational Transactions, including this offering, to Madison Air Solutions Corporation and its consolidated subsidiaries, including Madison Industries IAQ Solutions Corporation and its consolidated subsidiaries, and (2) prior to the consummation of the Organizational Transactions, including this offering, to Madison Industries IAQ Solutions Corporation and its consolidated subsidiaries. The following discussion and analysis of financial condition and results of operations reflects our historical results for the years ended December 31, 2025, 2024 and 2023. The Company classified the results of operations and cash flows of NGH as discontinued operations in our consolidated statements of income and consolidated statements of cash flows for all periods presented. Tables and other data in this section may not total due to rounding.* 

**Business Overview** 

We take up to 25,000 breaths a day and spend up to 90% of our lives indoors, often breathing air that's up to two to five times more polluted than outdoor air. Yet most people rarely think about the air we breathe at home, in our schools, in healthcare facilities and in the workplace. Poor air quality doesn't just affect comfort; it undermines health, productivity and performance.

At Madison Air, we see air differently. Our mission is to make the world safer, healthier and more productive through the power of better air. We've built a business that transforms air into tangible outcomes for customers and provides long-term growth opportunities for investors.

From protecting uptime in a data center with Nortek Data Center Cooling, to purifying air in a semiconductor fabrication facility with Nortek Air Solutions, to keeping families safer with AprilAire's Healthy Air System and improving workplace productivity, health and retention with Big Ass Fans – better air delivers better outcomes. That's the Madison Air advantage.

**Basis of Presentation** 

The financial information presented herein has been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), unless otherwise noted. All dollar amounts are presented in millions, unless otherwise stated.

During 2025, the Company organized its operations into two operating segments, Commercial and Residential, and accordingly, has two reportable segments for financial reporting purposes. This segment structure is consistent with how our chief operating decision maker ("CODM"), who is our Chief Executive Officer, is evaluating performance and allocating resources. The discussion of results of operations included hereafter reflect these reportable segments.

We include the operating results of acquisitions in our consolidated results of operations from the date of acquisition. As a result, the number, timing, and relative size of our acquisitions that we complete in any period impacts the comparability of our period-to-period operating results.

**Trends and Other Factors Affecting Our Business and Results of Operations** 

We believe that our performance and future success depend on many factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and in the section entitled "Risk Factors" elsewhere in this prospectus.

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The following are key factors that have, and may continue to, affect our operating results and financial performance:

***Impacts of Macroeconomic and Geopolitical Conditions*** 

Our operating results have been, and will likely continue to be, affected by numerous factors affecting the markets in which our business operates, including the levels of residential and non-residential new construction and the impact of powerful megatrends including energy resilience, AI and cloud-computing growth, reshoring of advanced manufacturing, aging commercial and residential building stocks, and increasing focus on human health. New residential and non-residential construction activity and, to a lesser extent, residential remodeling and replacement activity are affected by seasonality and cyclical factors such as interest rates, credit availability, inflation, consumer spending, employment levels and other macroeconomic factors.

Geopolitical instability continues to present risks to our operations, supply chain, and cost structure. Tensions between the United States and China have led to increased scrutiny of cross-border trade, potential regulatory changes, and uncertainty around sourcing strategies. Similarly, there is increased uncertainty around the effects of geopolitical conflicts in the middle east, including Iran, and evolving dynamics in U.S.-Canada relations have introduced complexities in cross-border logistics and labor mobility.

The majority of our operations are conducted in the United States. However, we have and continue to source raw materials from international suppliers and conduct operations in Canada, Mexico, China, the U.K. and throughout Europe, which exposes us to these operational, supply chain, and cost structure risks as well as foreign currency exchange rate fluctuations. These fluctuations can affect our input costs and procurement strategies. To help manage this risk, we utilize foreign exchange contracts to hedge a portion of our exposure. However, a further escalation of tariffs on our foreign-sourced supplies and/or the imposition of tariffs on our finished goods exported to the United States could adversely impact our operating costs or demand for our products. Changes in trade policies and regulations may make importing products and raw materials from China, Mexico, Canada and other countries more difficult and more costly. While we seek to continue to manage these dynamic geopolitical conditions, fluctuating exchange rates, and tariff policy changes, these factors may ultimately impact our input costs and overall financial performance.

***Innovate and Strengthen Our Core Product Portfolio*** 

We intend to build upon our legacy of entrepreneurship and innovation to increase our market share with new or underpenetrated products and value-added services. Our deep application expertise and customer intimacy borne out of operating at the point of decision-making for our customers, provides us with valuable insight to our customers' needs and underlying market trends. We believe this insight allows us to serially innovate with purpose to create the products our customers require. In addition, we believe that our new product launches are well-positioned for upcoming energy and efficiency requirements, which we expect will drive increased replacement demand. We have identified numerous product enhancements and extension opportunities that we believe will strengthen our position in attractive end markets, such as healthcare and cleanrooms which are benefiting from positive tailwinds associated with increasingly stringent building codes related to indoor air quality, digitization, and energy efficiency. As a result of new product launches and enhancements, we may incur additional operating expenses, including research and development expense. Furthermore, we intend to capture additional upgrade and replacement opportunities by adding digital applications and features.

***Expand into Adjacent Markets*** 

We believe that our application expertise, scale and breadth of products and services position us well to expand our existing product lines into adjacent market applications. We have identified a number of opportunities where we believe one of our product categories will be a strong candidate to serve an adjacent niche category where one of our other business lines has an existing channel relationship. We intend to leverage our position among the leaders in our markets, trusted hero brands, deep channel and customer relationships, application expertise and differentiated technologies, flexible manufacturing footprint, cost advantages from scaled procurement and Return on Air value proposition to strategically enter these markets. For example, we provide Return on Air through consolidated, bundled solutions in the warehouse space to deliver safety and wellness to maximize labor investment (productivity, attraction, retention) while also advancing sustainability goals. Our ability to grow revenues is dependent on our ability to scale our offerings and enter adjacent markets.

***Streamline Operations and Manage Costs with Owner's Mindset*** 

We have identified and are executing on a number of what we believe to be significant opportunities to further enhance operations and reduce costs. These enhancements primarily revolve around supply chain, footprint and manufacturing efficiencies, automation, human capital management, benefits and insurance consolidation, and headcount planning. Areas of focus include product line transfers to lower-cost countries while balancing labor, transportation and capital expenditure requirements, utilization and productivity improvements (including through our 80/20 operating model) and standardized management techniques designed to reduce cost of goods sold and general and administrative expenses.

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Our 80/20 operating model focuses our attention and resources on the most important elements of our business. The 80/20 operating model is designed to create a systematic process and tool set from which our teams are simplifying offerings, focusing resources and driving efficiency. We believe this philosophy is a key enabler to sustainable improvement in our operating and financial performance and has the potential to create further competitive advantages and an enhanced financial profile over time.

***Pursue Value-Enhancing Acquisitions and Divestitures*** 

As part of our business strategy, we have pursued and expect to continue to pursue acquisition opportunities. We are typically able to accelerate the growth and improve the profitability of acquired businesses by implementing our 80/20 operating model. We also analyze their operations to identify any new suppliers, customers, products and other capabilities that we can leverage on a local, regional and global basis.

*Acquisitions* 

On January 13, 2025, we completed the acquisition of AcoustiFLO, a pioneering company in aerodynamic efficiency and acoustic performance for the air handling industry, for $11.7 million in cash, net of cash acquired, and $1.4 million in deferred consideration. We acquired AcoustiFLO to strengthen our customer value proposition and reinforce our commitment to delivering custom air handling solutions with industry leading performance. AcoustiFLO is included in our Commercial segment. The Pro Forma financial information included in this prospectus does not include adjustments giving effect to the AcoustiFLO Acquisition.

On May 6, 2025, we completed the acquisition of AprilAire, a leader in innovative indoor air solutions for both commercial and residential environments for $2,289.2 million in cash, net of cash, acquired, $217.3 million in rollover equity, and $90.0 million in deferred consideration, subject to certain customary purchase price adjustments. We acquired AprilAire to enhance the breadth and depth of our premier platform of air quality solutions. For additional information related to our acquisition of AprilAire, see Note 6 to our audited consolidated financial statements, the section entitled "Unaudited Pro Forma Combined Financial Information," and the audited historical consolidated financial statements and related notes of AprilAire included elsewhere in this prospectus. From the acquisition completion date, AprilAire's results of operations are separately included in our Commercial and Residential segments based on end market applications.

*Divestitures* 

On October 7, 2024, we completed a divestiture of NGH. We classified the results of operations and cash flows of NGH as discontinued operations in our consolidated statements of income and consolidated statements of cash flows for all periods presented. We include the operating results of the divestiture in the Company's results of discontinued operations through the date of divestiture. As a result, the number, timing, and relative size of our divestitures that we complete in any period impacts the comparability of our period-to-period operating results. The divestiture generated $1,147.8 million of net proceeds of which $1,000.0 million was used to issue a cash distribution to Holdings and noncontrolling interests. For additional information regarding the divestiture of NGH, see Note 7 to our audited consolidated financial statements.

***Purchase Accounting Effects*** 

Acquisitions have been accounted for as a business combination using the acquisition method of accounting under the provisions of ASC 805, Business Combinations. As a result, acquisitions affect the consolidated Company's future results of operations in certain significant respects. The aggregate acquisition consideration has been allocated to the tangible and intangible assets acquired and liabilities assumed by us based upon their respective fair values as of the date of the acquisition. The excess of the purchase price over these allocations has been assigned to goodwill, which is subject to testing for impairment at least annually. The allocation of the purchase price of the assets acquired in the previous acquisitions results in an increase in amortization and depreciation expense relating to the acquired intangible assets and manufacturing assets, because we recorded the fair value of the acquired intangible assets and adjust the book value of the acquired manufacturing assets to fair value. We depreciate the manufacturing assets and amortize the intangible assets over their estimated useful lives. We adjusted the value of the inventory to its respective fair value, which temporarily lowered our gross margin in the period subsequent to the closing of the transaction.

***Leverage*** 

We are a highly leveraged company, and our interest expense is significant. As of December 31, 2025, we had $5,719.0 million of aggregate principal amount of outstanding indebtedness represented by the Term Loan Facility, Incremental Term Loan Facility, the Secured Notes and the Unsecured Notes, with $12.9 million of letters of credit outstanding, of which $5.7 million reduces our borrowing capacity, resulting in up to $334.3 million of additional borrowing capacity available under the Revolving Credit Facility. If interest rates increase, certain portions of the debt service obligations on the loans will increase and cash required for servicing

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indebtedness will increase. Our significant indebtedness limits our flexibility in planning for, or reacting to, changes in our business and future business opportunities since a substantial portion of our cash flow from operations will be dedicated to servicing our indebtedness, and this may place us at a disadvantage to competitors who are less leveraged. Our leverage also makes us more vulnerable to a downturn in our business, industry or the economy in general.

We estimate that our net proceeds from this offering will be approximately $2,073.1 million (or approximately $2,385.1 million if the underwriters' option to purchase additional shares is exercised in full), assuming an initial public offering price of $26.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, after deducting the underwriting discount and estimated offering expenses payable by us. We expect to receive additional proceeds of approximately $100.0 million from the concurrent private placement, and we expect to use approximately $2,173.1 million of the net proceeds of this offering and the concurrent private placement (or $2,485.1 million of the net proceeds of this offering if the underwriters exercise their option to purchase additional shares in full) to repay $2,173.1 million of borrowings, including accrued and unpaid interest, under our Credit Agreement, as described in the section entitled "Use of Proceeds," and that our interest expense will decrease as a result of this offering. Accordingly, on a Pro Forma Adjusted basis, as of December 31, 2025, we had $3,583.3 million of aggregate principal amount of indebtedness represented by $289.8 million and $1,545.6 million outstanding under the Term Loan Facility and Incremental Term Loan Facility, respectively, $700.0 million and $1,035.0 million outstanding under the Secured Notes and the Unsecured Notes, respectively, with $12.9 million of letters of credit outstanding and up to $334.3 million of additional borrowing capacity available under the Revolving Credit Facility. Our longer-term objective is to continue to reduce our leverage level, subject to future acquisitions and market conditions.

***Incremental Public Company Expenses*** 

During the period leading up to, and following our initial public offering, we will incur significant expenses that we did not incur as a private company. Those costs include director and officer liability insurance expenses, as well as costs associated with third-party and internal resources related to accounting, auditing, Sarbanes-Oxley Act compliance, legal, and investor and public relations activities. These costs will generally be expensed as selling, general and administrative expenses in the consolidated statements of income.

***Seasonality*** 

Certain of our sales are seasonal as construction, repair and restoration activity generally increases during the summer months when there is favorable weather and longer daylight conditions. For certain high volume low speed fan customers, sales peak in the summer months as fans are replaced whereas sales of unit heaters and other heat products peak in the winter months. Significant tropical storms, hurricanes, regional floods and deep freezes increase the demand for restoration dehumidifiers and fans; such events are sporadic in nature and typically occur during their respective seasons. This seasonality is generally mitigated by other products and services we provide that have no material seasonal effect.

**Key Performance Indicators** 

Our management team also monitors key performance indicators to assist us in evaluating the performance of our business, including backlog and orders. We believe these key performance indicators are useful to investors in understanding and evaluating our results of operations in the same manner as our management team. However, the presentation of key performance indicators is presented for supplemental information purposes only and should not be considered as superior to or as a substitute for financial information presented in accordance with GAAP and may be different from similarly titled key performance indicators used by other companies. Key performance indicators have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for an analysis of our results as reported under GAAP.

***Backlog and Orders*** 

Backlog and orders are additional metrics that are meant to provide management with a deeper level of insight into the progress of specific strategic and growth initiatives. Backlog represents the total expected future revenue from confirmed customer orders that have been received but not yet shipped or rendered as of a given date. Backlog is applicable to sales of products, systems and services.

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Orders represent the dollar value of customer purchase commitments signed over a given period, with confirmed pricing, quantities, and delivery terms. Orders provide management with a signal of customer demand for the Company's products and services, as well as an indication of future revenues and performance. However, the timing and conversion of backlog and orders are subject to numerous uncertainties and risks and are not necessarily indicative of the amount of revenue to be earned in the upcoming fiscal year.

The following table summarizes backlog and orders for the Commercial and Residential segments. Orders related to acquired companies are included from the date of acquisition forward:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Backlog** | **Backlog** | **Backlog** | **Orders** | **Orders** | **Orders** |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Commercial | $1954.0 | $910.7 | $649.3 | $3216.6 | $2046.5 | $1625.3 |
| Residential | 65.6 | 57.5 | 56.2 | 1173.0 | 833.0 | 825.2 |
| &nbsp;&nbsp;&nbsp;**Total** | $2019.6 | $968.2 | $705.5 | $4389.6 | $2879.5 | $2450.5 |

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From December 31, 2024 to December 31, 2025, total backlog grew 108.6%, fueled by backlog related to our Commercial segment, which closed at $1,954.0 million as of December 31, 2025, an increase of $1,043.3 million or 114.6%, compared to $910.7 million as of December 31, 2024. Orders related to our Commercial segment increased $1,170.1 million, or 57.2%, to $3,216.6 million for the year ended December 31, 2025. Orders growth built on the momentum from the prior year. Growth was primarily driven by commercial progress in our data center cooling businesses, where we sell air, liquid and hybrid cooling technologies to key hyperscaler and colocator customers.

Residential segment backlog remained flat from December 31, 2024 to December 31, 2025, while orders grew $340.0 million, or 40.8%, to $1,173.0 million, primarily from the AprilAire Acquisition.

As of December 31, 2024, backlog related to our Commercial segment was $910.7 million, increasing $261.4 million, or 40.3%, compared to $649.3 million as of December 31, 2023. Within our Residential segment, backlog was $57.5 million as of December 31, 2024, increasing $1.3 million compared to $56.2 million as of December 31, 2023. The factors driving changes in backlog generally correspond to the factors impacting orders, as discussed below.

Orders related to our Commercial segment increased $421.2 million, or 25.9%, to $2,046.5 million for the year ended December 31, 2024, compared to $1,625.3 million in the year ended December 31, 2023. This increase in orders was primarily driven by strong performance in our data center cooling and custom air handling businesses, reflecting robust market demand for mission-critical infrastructure solutions and continued investment by our technology and industrial customers. Orders within our Residential segment increased by $7.8 million to $833.0 million for the year ended December 31, 2024, compared to $825.2 million for the year ended December 31, 2023. Products in our Residential segment are built to stock and promptly shipped to customers. Accordingly, our backlog and orders within our Residential segment remained generally consistent between the years ended December 31, 2024 and 2023, in line with changes in net sales within our Residential segment.

**Components of Sales and Expenses** 

***Net Sales*** 

We sell a broad array of indoor air quality products and solutions, including custom and semi-custom offerings, such as products and solutions for commercial and residential dehumidification, whole house ventilation, custom air handling, kitchen and bathroom ventilation, water damage restoration, hygienic air, dedicated outdoor air systems, energy recovery ventilation, infrared heat, modular indoor air heating and cooling, as well as critical air management, high volume low speed fans, air filtration and purification, air movement and air conditioning ("HVAC") solutions, cleanroom systems, plant growth chambers, environmental control systems, unit heaters, data center cooling solutions, UVC sanitization and other indoor air quality solutions through a diverse customer base and multiple sales channels including direct sales to national, regional and local companies, manufacturers' sales representatives, distributors and retail partners. We offer discounts, rebates or similar incentives to drive sales of our products, which we treat as a reduction of revenue.

***Cost of Goods Sold*** 

Cost of goods sold is primarily comprised of the costs of direct materials and supplies consumed in producing and assembling products, including inbound freight costs associated with such materials and supplies, outbound freight costs to deliver product to the customer as well as direct labor and overhead expenses associated with acquiring and converting purchased materials and supplies into finished products. In addition, cost of goods sold includes expenses associated with quality oversight and warranty claims, as well as depreciation of production equipment, and manufacturing and warehouse facility and lease costs.

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***Operating Expenses*** 

*Selling, General and Administrative Expenses* 

Selling, general, and administrative expenses includes expenses associated with compensation of sales team, marketing, research, development and administrative personnel; marketing; advertising and other customer promotions; employee travel; lease costs, utilities, and maintenance for administrative facilities; professional and legal services; depreciation of computer and office equipment; and other miscellaneous expenses.

*Intangible Amortization*

Intangible amortization includes non-cash expenses resulting from acquisitions of businesses, including the value of customer relationships and technology.

*Restructuring Expenses* 

Restructuring expenses include costs associated with various restructuring initiatives, including product line movements and severance costs associated with workforce reductions.

*Other Operating Expenses* 

Other operating expenses primarily consist of equity appreciation rights expense and transaction expenses. Equity appreciation rights expense includes compensation earned by employees under the existing EAR Plan. Transaction expenses includes costs associated with the acquisition and or divestiture of businesses and assets, primarily pertaining to third party consulting and advisory costs associated with acquisition due diligence and/or execution, such as legal, financial, tax, strategic and other advisory services, travel costs, insurance costs, and transaction-related compensation costs.

***Interest and Financing Expenses*** 

Interest and financing expenses include costs associated with the capital structure of the business, including interest expense on outstanding debt and the amortization of underwriting fees, original issue discount, and debt issuance costs over the term of the debt.

***Other (Income) Expense*** 

Other (income) expense includes gains or losses from changes in foreign exchange, gains or losses on available-for-sale marketable securities, and significant other items such as gain on insurance recoveries, net of losses, and (gain) loss on disposal of property, plant, and equipment.

***Income Tax Expense*** 

Income tax expense includes tax provision amounts based on estimated payments to federal and international tax authorities based on the attributes and nature of pre-tax income. We have been, and will continue to, pay corporate income tax following the completion of this offering.

***Results of Operations*** 

The following tables and accompanying narrative disclosures present our results of operations for the years ended December 31, 2025 and 2024. The results of operations for the years presented are not necessarily indicative of results for future periods. The Company classified the results of operations and cash flows of NGH as discontinued operations in our consolidated statements of income and consolidated statements of cash flows for all periods presented. Except for where otherwise noted, all amounts are presented in millions of U.S. dollars.

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**Comparison of the Years ended December 31, 2025 and December 31, 2024** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Change** | **Change** |
|  | **2025** | **2024** | **Amount** | **% Change** |
| **Statements of Operations:** |  |  |  |  |
| Net sales | $3340.1 | $2624.7 | $715.4 | 27.3% |
| Cost of goods sold<sup>(1)</sup> | 2052.6 | 1617.8 | 434.8 | 26.9% |
| Selling, general and administrative expenses | 473.3 | 388.6 | 84.7 | 21.8% |
| Intangible amortization | 141.6 | 101.0 | 40.6 | 40.2% |
| Restructuring expenses | 4.1 | 10.7 | (6.6) | -61.7% |
| Other operating expenses | 136.6 | 30.8 | 105.8 | 343.5% |
| &nbsp;&nbsp;&nbsp;**Operating income** | 531.9 | 475.8 | 56.1 | 11.8% |
| Interest and financing expenses | 351.3 | 295.2 | 56.1 | 19.0% |
| Other (income) expense | (11.4) | (8.6) | (2.8) | 32.6% |
| &nbsp;&nbsp;&nbsp;**Income (loss) from continuing operations before<br> income taxes** | 192.0 | 189.2 | 2.8 | 1.5% |
| Income tax expense (benefit) | 66.3 | 35.6 | 30.7 | 86.2% |
| &nbsp;&nbsp;&nbsp;**Income (loss) from continuing operations** | 125.7 | 153.6 | (27.9) | -18.2% |
| Income (loss) from discontinued operations, net of taxes | (1.4) | 82.6 | (84.0) | -101.7% |
| &nbsp;&nbsp;&nbsp;**Net income (loss)** | $124.3 | $236.2 | $(111.9) | -47.4% |
| Net income (loss) attributable to noncontrolling interests | 27.3 | 61.0 | (33.7) | -55.2% |
| &nbsp;&nbsp;&nbsp;**Net income (loss) attributable to Madison Air** | $97.0 | $175.2 | $(78.2) | -44.6% |
| Net income (loss) margin from continuing operations | 3.8% | 5.9% |  |  |
| Net income (loss) margin | 3.7% | 9.0% |  |  |
| **Non-GAAP and Other Financial Measures:** |  |  |  |  |
| Gross Profit<sup>(2)</sup> | $1251.5 | $977.2 | $274.3 | 28.1% |
| Gross Profit Margin<sup>(2)</sup> | 37.5% | 37.2% |  |  |
| Adjusted Gross Profit<sup>(3)</sup> | $1300.3 | $1006.9 | $293.4 | 29.1% |
| Adjusted Gross Profit Margin<sup>(3)</sup> | 38.9% | 38.4% |  |  |
| Adjusted EBITDA<sup>(3)</sup> | $890.7 | $674.2 | $216.5 | 32.1% |
| Adjusted EBITDA Margin<sup>(3)</sup> | 26.7% | 25.7% |  |  |

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(1)Exclusive of intangible amortization shown separately

(2)Gross Profit and Gross Profit Margin are presented in accordance with GAAP. For a reconciliation of Gross Profit and Gross Profit Margin, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures."

(3)Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. For a reconciliation of each of Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable financial measures under GAAP, see "—Non-GAAP Financial Measures."

**Net Sales** 

Net sales increased $715.4 million, or 27.3%, to $3,340.1 million for the year ended December 31, 2025, compared to $2,624.7 million for the year ended December 31, 2024. The AprilAire Acquisition in May 2025 and the AcoustiFLO Acquisition in January 2025 drove an aggregate $392.8 million of the net sales increase year over year. The remaining $322.6 million of net sales growth was due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•net sales in our Commercial segment grew $312.6 million excluding the effects of acquisitions made in 2025. Growth was driven by our data center business, where we continue to expand our partnerships with key hyperscalers and colocator customers as they build the next generation of AI and compute. In addition, Commercial sales increased from growth in our custom air handling business. This growth was partly attributable to cleanroom and other solutions sold into healthcare, semiconductor, and education environments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•net sales in our Residential segment grew by $7.6 million excluding the effects of the AprilAire Acquisition in May 2025 and the AcoustiFLO Acquisition in January 2025. This increase was largely attributable to kitchen ventilation growth and price increases. Volume growth in kitchen ventilation was offset by lower volumes in the retail distribution channels.

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The components of the period change were as follows:

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| | |
|:---|:---|
| Net sales growth rate | 27.3% |
| Organic revenue growth rate<sup>(1)</sup> | 12.4% |
| Acquisitions/divestitures | 15.0% |
| Currency exchange rates | (0.1)% |
| **Total** | 27.3% |

---

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(1)Organic revenue growth rate is a non-GAAP financial measure. For a reconciliation of organic revenue growth rate to the most directly comparable financial measures under GAAP, see "—Non-GAAP Financial Measures."

**Gross Profit** 

Gross profit increased $274.3 million, or 28.1%, to $1,251.5 million for the year ended December 31, 2025, compared to $977.2 million for the year ended December 31, 2024, resulting in a gross profit margin of 37.5% compared to 37.2% the year prior. The AprilAire Acquisition in May 2025 and the AcoustiFLO Acquisition in January 2025 contributed to $167.9 million of the year over year increase. The remaining $106.4 million increase was driven by higher year-over-year sales resulting in incremental gross profit, material cost savings, lower outbound transportation costs and operational efficiencies partially offset by wage inflation, product liability costs, purchase accounting inventory adjustments from the AprilAire Acquisition and human capital investments.

**Selling, General and Administrative Expenses** 

Selling, general and administrative expenses increased $84.7 million, or 21.8%, to $473.3 million for the year ended December 31, 2025, compared to $388.6 million for the year ended December 31, 2024. The AprilAire Acquisition in May 2025 and the AcoustiFLO Acquisition in January 2025 contributed to $71.4 million of the year over year increase. The remaining $13.3 million increase was driven by increased commissions to our sales team, and wage inflation, investments in research and development, and increased professional fees including audit and insurance costs, offset by general and administrative headcount productivity.

**Intangible Amortization**

Intangible amortization expenses increased $40.6 million to $141.6 million for the year ended December 31, 2025, compared to $101.0 million for the year ended December 31, 2024. Amortization increased by $40.8 million in 2025 from the intangible assets acquired from the AcoustiFLO Acquisition and AprilAire Acquisition.

**Restructuring Expenses** 

Restructuring expenses decreased $6.6 million to $4.1 million for the year ended December 31, 2025, compared to $10.7 million for the year ended December 31, 2024. Restructuring expenses for the year ended December 31, 2025 related to severance associated with one-time workforce reductions.

**Other operating expenses** 

Other operating expenses increased $105.8 million to $136.6 million for the year ended December 31, 2025, compared to $30.8 million for the year ended December 31, 2024. The year over year increase was driven by $89.7 million in additional expense related to the EAR Plan including the modification impact as well as $16.1 million increase in transaction expenses primarily driven by the AprilAire Acquisition.

**Interest and Financing Expenses** 

Interest and financing expenses were $351.3 million and $295.2 million for the years ended December 31, 2025 and December 31, 2024, respectively. The $56.1 million increase was driven by $83.2 million from interest on the Incremental Term Loan Facility offset by a lower interest rate on the Term Loan Facility and the impact of favorable interest rate swaps.

**Other (Income) Expense** 

Other (income) expense was $(11.4) million for the year ended December 31, 2025, compared to $(8.6) million for the year ended December 31, 2024. For the year ended December 31, 2025, other (income) expense was comprised of $2.1 million of non-operating foreign currency gains, $1.9 million of realized gains on available-for-sale marketable securities, $5.7 million gain on

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insurance proceeds from damage to one of our manufacturing facilities, $0.4 million of non-operating income related to the settlement of certain of the Company's pension liabilities, $1.0 million gain from divestitures of businesses, and $0.3 million gain on disposal of property, plant, and equipment.

**Income Tax Expense** 

Income tax expense was $66.3 million for the year ended December 31, 2025, an increase of $30.7 million compared to income tax expense of $35.6 million for the year ended December 31, 2024. This increase was driven by lower state tax expense in 2024 primarily related to a deferred state rate reduction benefit and a decrease of state uncertain tax positions.

**Comparison of the Years ended December 31, 2024 and December 31, 2023** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Change** | **Change** |
|  | **2024** | **2023** | **Amount** | **% Change** |
| **Statements of Operations:** |  |  |  |  |
| Net sales | $2624.7 | $2556.2 | $68.5 | 2.7% |
| Cost of goods sold<sup>(1)</sup> | 1617.8 | 1618.4 | (0.6) | 0.0% |
| Selling, general and administrative expenses | 388.6 | 390.7 | (2.1) | -0.5% |
| Intangible amortization | 101.0 | 104.9 | (3.9) | -3.7% |
| Restructuring expenses | 10.7 | 17.1 | (6.4) | -37.4% |
| Other operating expenses | 30.8 | 23.4 | 7.4 | 31.6% |
| &nbsp;&nbsp;&nbsp;**Operating income** | 475.8 | 401.7 | 74.1 | 18.4% |
| Interest and financing expenses | 295.2 | 314.5 | (19.3) | -6.1% |
| Other (income) expense | (8.6) | (1.0) | (7.6) | 760.0% |
| &nbsp;&nbsp;&nbsp;**Income (loss) from continuing operations before<br> income taxes** | 189.2 | 88.2 | 101.0 | 114.5% |
| Income tax expense (benefit) | 35.6 | 38.1 | (2.5) | -6.6% |
| &nbsp;&nbsp;&nbsp;**Income (loss) from continuing operations** | 153.6 | 50.1 | 103.5 | 206.6% |
| Income (loss) from discontinued operations, net of taxes | 82.6 | 26.4 | 56.2 | 212.9% |
| &nbsp;&nbsp;&nbsp;**Net income (loss)** | $236.2 | $76.5 | $159.7 | 208.8% |
| Net income (loss) attributable to noncontrolling interests | 61.0 | 18.3 | 42.7 | 233.3% |
| &nbsp;&nbsp;&nbsp;**Net income (loss) attributable to Madison Air** | $175.2 | $58.2 | $117.0 | 201.0% |
| Net income (loss) margin from continuing operations | 5.9% | 2.0% |  |  |
| Net income (loss) margin | 9.0% | 3.0% |  |  |
| **Non-GAAP and Other Financial Measures:** |  |  |  |  |
| Gross Profit<sup>(2)</sup> | $977.2 | $908.1 | $69.1 | 7.6% |
| Gross Profit Margin<sup>(2)</sup> | 37.2% | 35.5% |  |  |
| Adjusted Gross Profit<sup>(3)</sup> | $1006.9 | $937.8 | $69.1 | 7.4% |
| Adjusted Gross Profit Margin<sup>(3)</sup> | 38.4% | 36.7% |  |  |
| Adjusted EBITDA<sup>(3)</sup> | $674.2 | $603.8 | $70.4 | 11.7% |
| Adjusted EBITDA Margin<sup>(3)</sup> | 25.7% | 23.6% |  |  |

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(1)Exclusive of intangible amortization shown separately

(2)Gross Profit and Gross Profit Margin are presented in accordance with GAAP. For a reconciliation of Gross Profit and Gross Profit Margin, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures."

(3)Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. For a reconciliation of each of Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable financial measures under GAAP, see "—Non-GAAP Financial Measures."

**Net Sales** 

Net sales increased $68.5 million, or 2.7%, to $2,624.7 million for the year ended December 31, 2024, compared to $2,556.2 million for the year ended December 31, 2023. Within our Commercial segment, net sales increased by $68.8 million primarily driven by a $55.6 million increase due to higher volumes in data center cooling resulting from growing AI and compute needs. The

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remaining $13.3 million of the Commercial segment's net sales growth was driven by price and volume increases in high volume low speed fans and air handling offset by decreases due to changes in projects from our energy recovery customers. Within our Residential segment, net sales decreased by $2.5 million due to lower exhaust ventilation unit volumes partially offset by price increases.

The components of the period change were as follows:

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| | |
|:---|:---|
| Net sales growth rate | 2.7% |
| Organic revenue growth rate<sup>(1)</sup> | 2.9% |
| Acquisitions/divestitures | —% |
| Currency exchange rates | (0.2)% |
| **Total** | 2.7% |

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(1)Organic revenue growth rate is a non-GAAP financial measure. For a reconciliation of organic revenue growth rate to the most directly comparable financial measures under GAAP, see "—Non-GAAP Financial Measures."

**Gross Profit** 

Gross profit increased $69.1 million, or 7.6%, to $977.2 million for the year ended December 31, 2024, compared to $908.1 million for the year ended December 31, 2023, resulting in a gross profit margin of 37.2% compared to 35.5% the year prior. The increase in gross profit was driven by higher year-over-year sales, material cost savings, lower outbound transportation costs and operational efficiencies partially offset by wage inflation and human capital investments.

**Selling, General and Administrative Expenses** 

Selling, general and administrative expenses decreased $2.1 million, or 0.5%, to $388.6 million for the year ended December 31, 2024, compared to $390.7 million for the year ended December 31, 2023. The decrease was primarily driven by reductions in wages and incentives of $6.9 million, partially offset by $3.6 million of investment in research and development costs.

**Intangible Amortization**

Intangible amortization expenses decreased $3.9 million to $101.0 million for the year ended December 31, 2024, compared to $104.9 million for the year ended December 31, 2023. This decrease was due to certain intangible assets becoming fully amortized during the year ended December 31, 2023.

**Restructuring Expenses** 

Restructuring expenses decreased $6.4 million to $10.7 million for the year ended December 31, 2024, compared to $17.1 million for the year ended December 31, 2023. Restructuring expenses for the year ended December 31, 2024 were primarily driven by $5.4 million for facility closures of commercial dehumidification and energy recovery manufacturing plants and our Chinese design center, as well as relocation of our distribution facility for high volume low speed fans, $3.4 million for product line start-up and transition costs for data center cooling production, and $1.8 million for severance associated with one-time workforce reductions driven primarily by facility closures.

Restructuring expenses for the year ended December 31, 2023 were primarily driven by $2.5 million for facility transitions, including relocation of product lines in our residential segment to Mexico and for data center plant rationalization, $4.8 million for product line transitions and discontinuations including one-time product line simplifications in our commercial segment, and $9.7 million for severance associated with one-time workforce reductions driven primarily by facility closures.

**Other operating expenses** 

Other operating expenses increased $7.4 million to $30.8 million for the year ended December 31, 2024, compared to $23.4 million for the year ended December 31, 2023. This increase was driven by a $7.7 million increase in equity appreciation rights expense as a result of a change in the Company's valuation and the issuance of new awards.

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**Interest and Financing Expenses** 

Interest and financing expenses were $295.2 million and $314.5 million for the years ended December 31, 2024 and December 31, 2023, respectively. The $19.3 million decrease is primarily due to a lower interest rate on the Term Loan Facility and the impact of interest rate swaps.

**Other (Income) Expense** 

Other (income) expense was $(8.6) million for the year ended December 31, 2024, compared to $(1.0) million for the year ended December 31, 2023. For the year ended December 31, 2024, other (income) expense was primarily due to $2.9 million of non-operating foreign currency gains, $3.1 million of realized gains on available-for-sale marketable securities, $4.3 million gain on insurance proceeds from damage to one of our manufacturing facilities and $1.0 million loss on disposal of property, plant, and equipment. For the year ended December 31, 2023, other (income) expense was primarily due to $(0.9) million of non-operating expense related to the settlement of certain of the Company's pension liabilities.

**Income Tax Expense** 

Income tax expense was $35.6 million for the year ended December 31, 2024, $2.5 million lower compared to $38.1 million for the year ended December 31, 2023. The decline was primarily driven by lower state tax expense in 2024 primarily related to valuation allowances recorded in 2023 and changes in state blended rates, which more than offset higher pre-tax income.

**Results of Operations by Segment** 

We report and manage our business through two segments: Commercial and Residential. We report certain activities and items that are not included in these segments within Corporate. The reconciliation of segment net sales to total net sales and Segment Adjusted EBITDA to total Adjusted EBITDA, respectively, is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Net sales<br>Year Ended December 31,** | **Net sales<br>Year Ended December 31,** | **Net sales<br>Year Ended December 31,** |
| *($ in millions)* | **2025** | **2024** | **2023** |
| Commercial | $2199.7 | $1808.0 | $1739.2 |
| Residential | 1142.6 | 821.2 | 823.7 |
| &nbsp;&nbsp;&nbsp;Segment net sales | 3342.3 | 2629.2 | 2562.9 |
| Eliminations | (2.2) | (4.5) | (6.7) |
| &nbsp;&nbsp;&nbsp;Total net sales | $3340.1 | $2624.7 | $2556.2 |

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|:---|:---|:---|:---|
|  | **Adjusted EBITDA<br>Year Ended December 31,** | **Adjusted EBITDA<br>Year Ended December 31,** | **Adjusted EBITDA<br>Year Ended December 31,** |
| *($ in millions)* | **2025** | **2024** | **2023** |
| Commercial | $629.9 | $508.4 | $446.3 |
| Residential | 278.9 | 187.3 | 176.9 |
| &nbsp;&nbsp;&nbsp;Total Segment Adjusted EBITDA<sup>(1)</sup> | 908.8 | 695.7 | 623.2 |
| Corporate | (18.1) | (21.5) | (19.4) |
| &nbsp;&nbsp;&nbsp;Total Adjusted EBITDA | $890.7 | $674.2 | $603.8 |

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(1)For additional information regarding Segment Adjusted EBITDA, see Note 22 of our consolidated financial statements.

**Comparison of the Years ended December 31, 2025 and December 31, 2024** 

***Commercial*** 

Net sales for our Commercial segment increased $391.7 million, or 21.7%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. Acquisitions contributed $79.1 million or 4.4% of net sales. Organically, our Commercial net sales increased by 17.4%. More than half of this organic growth was driven by our data center cooling business. The remaining increase was largely driven by price increases and volume growth in our heating and air handling businesses offset by volume declines in commercial dehumidification.

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Commercial segment Adjusted EBITDA increased $121.5 million, or 23.9%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. Acquisitions contributed $15.4 million of Adjusted EBITDA to the Commercial segment growth. Adjusted EBITDA growth was primarily attributable to increased sales, material costs reductions, productivity improvements, and lower outbound freight costs partially offset by wage inflation, product liability costs, and headcount investments.

***Residential*** 

Net sales for our Residential segment increased $321.4 million, or 39.1%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. Acquisitions contributed $313.8 million or 38.2% to net sales. The remaining growth was attributable to price increases, our kitchen ventilation products, and partnerships in our OEM distribution networks. These increases were largely offset by lower volumes in retail distribution channels.

Residential segment Adjusted EBITDA increased $91.6 million, or 48.9%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. Acquisitions contributed $103.4 million of Adjusted EBITDA. After considering the AprilAire Acquisition in May 2025 and the AcoustiFLO Acquisition in January 2025, Adjusted EBITDA decreased by $11.8 million due to volume declines in our retail distribution channels, incremental tariff costs, product liability costs offset by lower compensation and benefit costs. We intend to recover the negative impact from tariffs in 2026 through price increase and productivity programs.

**Comparison of the Years ended December 31, 2024 and December 31, 2023** 

***Commercial*** 

Net sales for our Commercial segment increased $68.8 million, or 4.0%, for the year ended December 31, 2024, compared to the year ended December 31, 2023. On an organic revenue growth rate basis, our revenue increased by 4.2%. Approximately $55.6 million of this increase was due to higher volumes in data center cooling from growing AI and compute needs. The remaining increase was largely driven by price and volume increases in high volume low speed fans and air handling offset by sales volume decreases from energy recovery customer project shifts.

Commercial segment Adjusted EBITDA increased $62.1 million, or 13.9%, for the year ended December 31, 2024, compared to the year ended December 31, 2023. The increase to Adjusted EBITDA was primarily attributable to increased sales, material costs reductions, productivity improvements, lower outbound freight costs partially offset by wage inflation and human capital investments.

***Residential*** 

Net sales for our Residential segment decreased $2.5 million, or (0.3%), for the year ended December 31, 2024, compared to the year ended December 31, 2023. On an organic revenue growth rate basis, our revenue declined by (0.1%). This decrease was primarily attributable to lower exhaust ventilation unit volumes offset by price increases.

Residential segment Adjusted EBITDA increased $10.4 million, or 5.9%, for the year ended December 31, 2024, compared to the year ended December 31, 2023. The increase to Adjusted EBITDA was primarily attributable to price increases, material cost savings and productivity improvements partially offset by wage inflation and lower exhaust ventilation unit volumes.

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**Selected Quarterly Financial Data**

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
| ***(in millions)*** | **December 31, 2025** | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **September 30, 2024** | **June 30, 2024** | **March 31, 2024** |
| Net sales | $931.7 | $898.4 | $819.6 | $690.4 | $722.4 | $682.7 | $636.5 | $583.1 |
| Net income (loss) | (9.5) | 56.8 | 30.8 | 46.2 | 125.2 | 57.1 | 33.7 | 20.2 |
| Adjustments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (income) loss from discontinued operations<sup>(1)</sup> | 0.2 | 2.2 |  | (1.0) | (64.5) | (10.2) | (5.8) | (2.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and financing expenses | 96.3 | 100.1 | 89.1 | 65.8 | 69.6 | 71.2 | 76.6 | 77.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 7.7 | 25.4 | 18.5 | 14.7 | 8.9 | 14.3 | 10.9 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 54.4 | 53.2 | 47.1 | 35.3 | 35.2 | 35.2 | 35.0 | 35.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and divestiture expenses <sup>(2)</sup> |  | 6.0 | 17.9 | 0.9 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring expenses <sup>(3)</sup> | 0.6 | 0.8 | 2.6 | 0.1 | 3.0 | 1.7 | 3.3 | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity appreciation rights expense <sup>(4)</sup> | 87.9 | 5.3 | 22.1 | 5.2 | 4.1 | 5.4 | 16.1 | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating expenses (income) <sup>(5)</sup> | 0.7 | (2.7) | (0.5) | (3.1) | 1.3 | (1.9) | 0.1 | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Allocated Madison Industries costs <sup>(6)</sup> | 2.6 | 2.6 | 2.6 | 3.2 | 2.3 | 2.2 | 1.9 | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recurring professional and consulting expenses <sup>(7)</sup> | 4.4 | 1.9 | 1.1 | 1.0 | 1.9 | 1.3 | 3.2 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on insurance proceeds <sup>(8)</sup> |  |  | (5.8) |  | (4.7) | 0.4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on legal settlement <sup>(9)</sup> |  |  |  |  | (4.0) |  |  |  |
| Adjusted EBITDA | $245.3 | $251.6 | $225.5 | $168.3 | $178.3 | $176.7 | $175.0 | $144.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) margin | -1.0% | 6.3% | 3.8% | 6.7% | 17.3% | 8.4% | 5.3% | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA Margin | 26.3% | 28.0% | 27.5% | 24.4% | 24.7% | 25.9% | 27.5% | 24.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Backlog | 2019.6 | 1453.2 | 1231.3 | 1160.6 | 968.2 | 1149.3 | 1127.5 | 910.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orders | 1512.2 | 1124.9 | 870.3 | 882.3 | 580.4 | 718.1 | 806.4 | 774.6 |

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(1)Represents the results of discontinued operations from the divestiture of Nortek Global HVAC and its subsidiary. Refer to Note 7 of our consolidated financial statements.

(2)Acquisition and divestiture expenses represents direct transaction costs related to acquisition and divestiture activity, including transaction fees, due diligence costs, transfer taxes and other direct costs related to acquisition activities, changes in the fair value of contingent consideration, purchase accounting adjustments, and other acquisition related charges, such as integration charges and professional and legal fees, and gain on the disposition of business.

(3)Represents costs and expenses in connection with various restructuring initiatives.

(4)Represents compensation expense under the EAR Plan.

(5)Non-operating expenses (income) represents foreign currency gains and losses on corporate intercompany loans, gains and losses on sale of fixed assets, gains and losses on marketable securities and other non-operating items.

(6)Represents indirect costs for support received from Madison Industries for certain internal and external corporate activities including, but not limited to, consolidation accounting, legal, and other Madison Industries corporate and infrastructure related services that will no longer be incurred following the consummation of this offering. This does not include services that will continue to be provided by Madison Industries International following the consummation of this offering pursuant to the Transition Services Agreement.

(7)Represents expenses for professional and consulting services related to non-recurring transactions.

(8)Represents one-time gain on insurance proceeds from damage to one of our manufacturing facilities.

(9)Represents one-time gain on settlement of favorable legal action.

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**Non-GAAP Financial Measures** 

In addition to financial results determined in accordance with GAAP, we believe that the following non-GAAP measures, including Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Net Income (Loss), Adjusted EBITDA, Adjusted EBITDA Margin, organic revenue growth rate, FCF and FCF Conversion, in each of the periods and forms presented below, are useful in evaluating the performance of our business.

We use these non-GAAP financial measures to measure the operational strength and performance of our business and believe these measures provide additional information to investors about certain non-cash items and items that we do not expect to continue at the same level in the future. Further, we believe these non-GAAP financial measures provide a meaningful measure of business performance and provide a basis for comparing our performance to that of other peer companies using similar measures. We use FCF and FCF Conversion as an additional liquidity measure and believe it provides useful information to investors about the cash generated from our core operations that may be available to repay debt, make other investments and return cash to stockholders.

When presented on a Pro Forma basis, such non-GAAP financial metrics solely give effect to the AprilAire Acquisition as if such transaction had occurred on January 1, 2025. These measures do not give effect to the Organizational Transactions, the concurrent private placement or offering-related adjustments presented in accordance with Article 11 under Regulation S-X. These metrics are intended to give the reader an opportunity to evaluate the Company and have a basis for comparability after giving effect to certain significant merger, acquisition and disposal activity as determined in accordance with Article 11 under Regulation S-X, as compared to the Company's actual historical results.

When presented on a Pro Forma Adjusted basis, such non-GAAP financial metrics give effect to the AprilAire Acquisition for the applicable periods, and also give pro forma effect to the Organizational Transactions, the concurrent private placement, this offering, the use of proceeds from this offering and the concurrent private placement and other offering-related adjustments presented in accordance with Article 11 under Regulation S-X. These metrics are intended to give the reader an opportunity to evaluate the Company and have a basis for comparability after giving effect to certain significant merger, acquisition and disposal activity as determined in accordance with Article 11 under Regulation S-X, as compared to the Company's actual historical results.

However, the non-GAAP financial information is presented for supplemental information purposes only and should not be considered as superior to or as a substitute for financial information presented in accordance with GAAP or the unaudited pro forma financial information presented in accordance with Article 11 under Regulation S-X, as applicable, and may be different from similarly-titled non-GAAP measures used by other companies. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP or Article 11 under Regulation S-X, as applicable. Investors are encouraged to review each of the related GAAP and unaudited pro forma financial measures and the applicable reconciliation of these non-GAAP financial measures to their most directly comparable GAAP and unaudited pro forma financial measures, as applicable.

Non-GAAP measures and pro forma financial information have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for an analysis of our results as reported under GAAP. Because of these limitations, the non-GAAP measures and pro forma financial information discussed herein should not be considered as a replacement for net income, net sales growth rate or net cash from operating activities. We compensate for these limitations by relying primarily on our GAAP results and using non-GAAP measures only for supplemental purposes.

**Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Net Income (Loss), Adjusted EBITDA and Adjusted EBITDA Margin** 

Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Net Income (Loss), Adjusted EBITDA and Adjusted EBITDA Margin are supplemental measures of operating performance that are not calculated in accordance with GAAP and do not represent, and should not be considered as, alternatives to net sales, net income, income before tax provision or any other performance measure as determined by GAAP.

We defined Adjusted Gross Profit as net sales less cost of goods sold, excluding the purchase accounting impacts of acquisitions such as amortization related to technology-related intangible assets and purchase accounting inventory adjustments. We define Adjusted Gross Profit Margin as Adjusted Gross Profit divided by net sales. We define Adjusted Net Income (Loss) as net income (loss) as adjusted for certain items that impact comparability from period to period. These adjustments include net (income) loss from discontinued operations, amortization expense, acquisition and divestiture expenses, restructuring expenses, equity appreciation rights expense, non-operating expenses (income), allocated Madison Industries costs, non-recurring professional and consulting expenses, gain on insurance proceeds, gain on legal settlement and the tax effect of net income (loss) adjustments. We define Adjusted EBITDA as net income (loss) as adjusted for net (income) loss from discontinued operations, interest and financing expenses, income tax expense (benefit), depreciation and amortization, acquisition and divestiture expenses, restructuring expenses, equity appreciation rights expense, non-operating expenses (income), allocated Madison Industries costs, non-recurring professional and consulting

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expenses, gain on insurance proceeds, and gain on legal settlement. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by net sales.

The following table reconciles Adjusted Gross Profit to GAAP Gross Profit, the most directly comparable GAAP measure:

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| | | | |
|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** |
| *($ in millions)* | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **Reconciliation of Adjusted Gross Profit to Gross Profit** | **2025** | **2024** | **2023** |
| Net sales | $3340.1 | $2624.7 | $2556.2 |
| Cost of goods sold (excluding intangible amortization) | (2052.6) | (1617.8) | (1618.4) |
| Technology intangible amortization | (36.0) | (29.7) | (29.7) |
| Gross Profit | 1251.5 | 977.2 | 908.1 |
| Technology intangible amortization | 36.0 | 29.7 | 29.7 |
| Purchase accounting inventory adjustment | 12.8 |  |  |
| Adjusted Gross Profit | $1300.3 | $1006.9 | $937.8 |
| Gross Profit Margin | 37.5% | 37.2% | 35.5% |
| Adjusted Gross Profit Margin | 38.9% | 38.4% | 36.7% |

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The following table reconciles Adjusted Net Income to net income (loss), the most directly comparable GAAP measure in each of the periods and bases (actual historical, Pro Forma and Pro Forma Adjusted) presented below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Pro Forma<br>(unaudited)**<sup>(1)</sup> | **Pro Forma<br>Adjusted<br>(unaudited)**<sup>(2)</sup> |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| *(In millions, except share and per share data)* | **2025** | **2024** | **2023** | **2025** | **2025** |
| **Net income (loss)** | $124.3 | $236.2 | $76.5 | $58.1 | $167.5 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net (income) loss from discontinued operations<sup>(3)</sup> | 1.4 | (82.6) | (26.4) | 1.4 | 1.4 |
| &nbsp;&nbsp;&nbsp;Amortization expense | 141.6 | 101.0 | 104.9 | 163.1 | 163.1 |
| &nbsp;&nbsp;&nbsp;Acquisition and divestiture expenses<sup>(4)</sup> | 24.8 |  | (2.7) | 68.9 | 68.9 |
| &nbsp;&nbsp;&nbsp;Restructuring expenses<sup>(5)</sup> | 4.1 | 10.7 | 17.1 | 6.0 | 6.0 |
| &nbsp;&nbsp;&nbsp;Equity appreciation rights expense<sup>(6)</sup> | 120.5 | 30.8 | 23.1 | 125.9 | 125.9 |
| &nbsp;&nbsp;&nbsp;Non-operating expenses (income)<sup>(7)</sup> | (5.6) | (1.2) | 1.0 | (0.8) | (0.8) |
| &nbsp;&nbsp;&nbsp;Allocated Madison Industries costs<sup>(8)</sup> | 11.0 | 9.3 | 10.1 | 11.0 | 11.0 |
| &nbsp;&nbsp;&nbsp;Non-recurring professional and consulting expenses<sup>(9)</sup> | 8.4 | 7.7 | 4.3 | 8.4 | 8.4 |
| &nbsp;&nbsp;&nbsp;Gain on insurance proceeds<sup>(10)</sup> | (5.8) | (4.3) |  | (5.8) | (5.8) |
| &nbsp;&nbsp;&nbsp;Gain on legal settlement<sup>(11)</sup> |  | (4.0) |  |  |  |
| &nbsp;&nbsp;&nbsp;Tax effect of net income (loss) adjustments<sup>(12)</sup> | (75.4) | (36.9) | (38.7) | (94.5) | (94.5) |
| **Adjusted Net Income** | $349.3 | $266.7 | $169.2 | $341.7 | $451.1 |

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(1)Financial information presented on a Pro Forma basis solely to give effect to the AprilAire Acquisition as if such transaction had occurred on January 1, 2025. These measures do not give effect to the offering-related adjustments presented in accordance with Article 11 under Regulation S-X and described in detail in the section entitled "Unaudited Pro Forma Combined Financial Information." See the unaudited pro forma combined statements of operations in the section entitled "Unaudited Pro Forma Combined Financial Information" for a description of the adjustments and assumptions underlying the Pro Forma financial information.

(2)Financial information presented on a Pro Forma Adjusted basis gives effect to (i) the AprilAire Acquisition as if such transaction had occurred on January 1, 2025 and (ii) the Organizational Transactions, the concurrent private placement, this offering, the use of proceeds from this offering and the concurrent private placement, and all other items required to be presented in accordance with Article 11 under Regulation S-X. See the unaudited pro forma combined statements of operations in the section entitled "Unaudited Pro Forma Combined Financial Information" for a description of the adjustments and assumptions underlying the Pro Forma Adjusted financial information.

(3)Represents the results of discontinued operations from the divestiture of Nortek Global HVAC and its subsidiary. Refer to Note 7 of our consolidated financial statements.

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(4)Represents direct transaction costs related to acquisition and divestiture activity, including transaction fees, due diligence costs, transfer taxes and other direct costs related to acquisition activities, changes in the fair value of contingent consideration, purchase accounting adjustments, and other acquisition related charges, such as integration charges and professional and legal fees, and gain on the disposition of business. Acquisition and divestiture expenses for the year ended December 31, 2025 included $12.0 million in transaction expenses and $12.8 million purchase accounting inventory adjustment related to the AprilAire Acquisition. No acquisition and divestiture expenses were incurred in 2024. The acquisition and divestiture expenses in 2023 related to the 2022 acquisition of Controlled Environments Limited and $2.9 million gain on remeasurement of consideration related to previous acquisitions.

(5)Represents costs and expenses in connection with various restructuring initiatives. For the year ended December 31, 2025, restructuring expenses were primarily driven by $4.1 million for severance associated with one-time workforce reductions. For the year ended December 31, 2024, restructuring expenses were primarily driven by $5.4 million for facility closures of commercial dehumidification and energy recovery manufacturing plants and our Chinese design center, as well as relocation of our distribution facility for high volume low speed fans, $3.4 million for product line start-up and transition costs for data center cooling production, and $1.8 million for severance associated with one-time workforce reductions driven primarily by facility closures. For the year ended December 31, 2023, restructuring expenses were primarily driven by $2.5 million for facility transitions, including relocation of product lines in our residential segment to Mexico and for data center plant rationalization, $4.8 million for product line transitions and discontinuations including one-time product line simplifications in our commercial segment, and $9.7 million for severance associated with one-time workforce reductions driven primarily by facility closures. On a Pro Forma basis, for the year ended December 31, 2025, restructuring expenses were primarily driven by the factors highlighted above as well as severance associated with one-time workforce reductions associated with the AprilAire Acquisition.

(6)Represents compensation expense under the EAR Plan.

(7)Represents foreign currency gains and losses on corporate intercompany loans, gains and losses on sale of fixed assets, gains and losses on marketable securities and other non-operating items. For the year ended December 31, 2025, these charges and gains primarily included the following: $2.1 million foreign currency translation gain on intercompany loans, $1.9 million realized gain on marketable securities, $1.0 million for gain on divestiture of business, $0.3 million gain on disposal of fixed assets, $0.4 million gain related to non-operating income on the Company's pension plans, and $0.7 million franchise tax expense. For the year ended December 31, 2024, these charges and gains primarily included the following: $2.9 million foreign currency translation gain on intercompany loans, $1.0 million loss on disposal of fixed assets, $3.1 million realized gain on marketable securities, and $1.8 million franchise tax expense. For the year ended December 31, 2023, these charges and gains primarily included the following: $0.6 million gain on disposal of fixed assets and $1.3 million franchise tax expense.

(8)Represents indirect costs for support received from Madison Industries for certain internal and external corporate activities including, but not limited to, consolidation accounting, legal, and other Madison Industries corporate and infrastructure related services that will no longer be incurred following the consummation of this offering. This does not include services that will continue to be provided by Madison Industries International following the consummation of this offering pursuant to the Transition Services Agreement.

(9)Represents expenses for professional and consulting services related to non-recurring transactions. For the year ended December 31, 2025, these services included $4.1 million for one-time audit, legal, and consulting fees incurred to prepare for initial public offering, $1.9 million in consulting fees for productivity improvement projects, $1.1 million in legal fees related to pre-acquisition legal claims, and $1.0 million in leadership recruiting and relocation fees. For the year ended December 31, 2024, these services primarily included $3.3 million in consulting fees for productivity improvement projects, $2.7 million in legal fees tied to a favorable legal settlement reached in 2024, and $1.2 million in leadership recruiting and relocation fees. For the year ended December 31, 2023, these services primarily included $1.3 million in consulting fees for productivity improvement projects, $1.1 million of leadership recruiting and relocation fees, and $1.0 million in legal fees tied to a favorable legal settlement reached in 2024.

(10)Represents one-time gain on insurance proceeds from damage to one of our manufacturing facilities.

(11)Represents one-time gain on settlement of favorable legal action.

(12)The tax effect from the above adjustments assumes an estimated worldwide marginal current tax rate of 25.7% for the year ended December 31, 2025, and 24.6% for the years ended December 31, 2024 and 2023 based on adjusted net income.

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The following table reconciles Adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, and Adjusted EBITDA Margin to net income (loss) margin, the most directly comparable GAAP measure in each of the periods and bases (actual historical, Pro Forma and Pro Forma Adjusted) presented below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Pro Forma<br>(unaudited)**<sup>(1)</sup> | **Pro Forma<br>Adjusted<br>(unaudited)**<sup>(2)</sup> |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| *($ in millions)* | **2025** | **2024** | **2023** | **2025** | **2025** |
| **Net income (loss)** | $124.3 | $236.2 | $76.5 | $58.1 | $167.5 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net (income) loss from discontinued operations<sup>(3)</sup> | 1.4 | (82.6) | (26.4) | 1.4 | 1.4 |
| &nbsp;&nbsp;&nbsp;Interest and financing expenses | 351.3 | 295.2 | 314.5 | 398.0 | 255.5 |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 66.3 | 35.6 | 38.1 | 49.8 | 82.9 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 190.0 | 140.8 | 148.2 | 215.7 | 215.7 |
| &nbsp;&nbsp;&nbsp;Acquisition and divestiture expenses<sup>(4)</sup> | 24.8 |  | (2.7) | 68.9 | 68.9 |
| &nbsp;&nbsp;&nbsp;Restructuring expenses<sup>(5)</sup> | 4.1 | 10.7 | 17.1 | 6.0 | 6.0 |
| &nbsp;&nbsp;&nbsp;Equity appreciation rights expense<sup>(6)</sup> | 120.5 | 30.8 | 23.1 | 125.9 | 125.9 |
| &nbsp;&nbsp;&nbsp;Non-operating expenses (income)<sup>(7)</sup> | (5.6) | (1.2) | 1.0 | (0.8) | (0.8) |
| &nbsp;&nbsp;&nbsp;Allocated Madison Industries costs<sup>(8)</sup> | 11.0 | 9.3 | 10.1 | 11.0 | 11.0 |
| &nbsp;&nbsp;&nbsp;Non-recurring professional and consulting expenses<sup>(9)</sup> | 8.4 | 7.7 | 4.3 | 8.4 | 8.4 |
| &nbsp;&nbsp;&nbsp;Gain on insurance proceeds<sup>(10)</sup> | (5.8) | (4.3) |  | (5.8) | (5.8) |
| &nbsp;&nbsp;&nbsp;Gain on legal settlement<sup>(11)</sup> |  | (4.0) |  |  |  |
| **Adjusted EBITDA** | $890.7 | $674.2 | $603.8 | $936.6 | $936.6 |
| Net sales | 3340.1 | 2624.7 | 2556.2 | 3518.9 | 3518.9 |
| Net income (loss) margin | 3.7% | 9.0% | 3.0% | 1.7% | 4.8% |
| Adjusted EBITDA Margin | 26.7% | 25.7% | 23.6% | 26.6% | 26.6% |

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(1)Financial information presented on a Pro Forma basis solely to give effect to the AprilAire Acquisition as if such transaction had occurred on January 1, 2025. These measures do not give effect to the Organizational Transactions or offering-related adjustments presented in accordance with Article 11 under Regulation S-X and described in detail in the section entitled "Unaudited Pro Forma Combined Financial Information." See the unaudited pro forma combined statements of operations in the section entitled "Unaudited Pro Forma Combined Financial Information" for a description of the adjustments and assumptions underlying the Pro Forma financial information.

(2)Financial information presented on a Pro Forma Adjusted basis gives effect to (i) the AprilAire Acquisition as if such transaction had occurred on January 1, 2025 and (ii) the Organizational Transactions, the concurrent private placement, this offering, the use of proceeds from this offering and the concurrent private placement, and all other items required to be presented in accordance with Article 11 under Regulation S-X. See the unaudited pro forma combined statements of operations in the section entitled "Unaudited Pro Forma Combined Financial Information" for a description of the adjustments and assumptions underlying the Pro Forma Adjusted financial information.

(3)Represents the results of discontinued operations from the divestiture of Nortek Global HVAC and its subsidiary. Refer to Note 7 of our consolidated financial statements.

(4)Acquisition and divestiture expense represents direct transaction costs related to acquisition and divestiture activity, including transaction fees, due diligence costs, transfer taxes and other direct costs related to acquisition activities, changes in the fair value of contingent consideration, purchase accounting adjustments, and other acquisition related charges, such as integration charges and professional and legal fees, and gain on the disposition of business. Acquisition and divestiture expenses for the year ended December 31, 2025 included $12.0 million in transaction expenses and $12.8 million purchase accounting inventory adjustment related to the AprilAire Acquisition. No acquisition and divestiture expenses were incurred in 2024. The acquisition and divestiture expenses in 2023 related to the 2022 acquisition of Controlled Environments Limited and $2.9 million gain on remeasurement of consideration related to previous acquisitions.

(5)Represents costs and expenses in connection with various restructuring initiatives. For the year ended December 31, 2025, restructuring expenses were primarily driven by $4.1 million for severance associated with one-time workforce reductions. For the year ended December 31, 2024, restructuring expenses were primarily driven by $5.4 million for facility closures of commercial dehumidification and energy recovery manufacturing plants and our Chinese design center, as well as relocation of our distribution facility for high volume low speed fans, $3.4 million for product line start-up and transition costs for data center

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cooling production, and $1.8 million for severance associated with one-time workforce reductions driven primarily by facility closures. For the year ended December 31, 2023, restructuring expenses were primarily driven by $2.5 million for facility transitions, including relocation of product lines in our residential segment to Mexico and for data center plant rationalization, $4.8 million for product line transitions and discontinuations including one-time product line simplifications in our commercial segment, and $9.7 million for severance associated with one-time workforce reductions driven primarily by facility closures. On a Pro Forma basis, for the year ended December 31, 2025, restructuring expenses were primarily driven by the factors highlighted above as well as severance associated with one-time workforce reductions associated with the AprilAire Acquisition.

(6)Represents compensation expense under the EAR Plan.

(7)Non-operating expenses (income) represents foreign currency gains and losses on corporate intercompany loans, gains and losses on sale of fixed assets, gains and losses on marketable securities and other non-operating items. For the year ended December 31, 2025, these charges and gains primarily included the following: $2.1 million foreign currency translation gain on intercompany loans, $1.9 million realized gain on marketable securities, $1.0 million for gain on divestiture of business, $0.3 million gain on disposal of fixed assets, $0.4 million gain related to non-operating income on the Company's pension plans, and $0.7 million franchise tax expense. For the year ended December 31, 2024, these charges and gains primarily included the following: $2.9 million foreign currency translation gain on intercompany loans, $1.0 million loss on disposal of fixed assets, $3.1 million realized gain on marketable securities, and $1.8 million franchise tax expense. For the year ended December 31, 2023, these charges and gains primarily include the following: $0.6 million gain on disposal of fixed assets and $1.3 million franchise tax expense.

(8)Represents indirect costs for support received from Madison Industries for certain internal and external corporate activities including, but not limited to, consolidation accounting, legal, and other Madison Industries corporate and infrastructure related services that will no longer be incurred following the consummation of this offering. This does not include services that will continue to be provided by Madison Industries International following the consummation of this offering pursuant to the Transition Services Agreement.

(9)Represents expenses for professional and consulting services related to non-recurring transactions. For the year ended December 31, 2025, these services included $4.1 million for one-time audit, legal, and consulting fees incurred to prepare for initial public offering, $1.9 million in consulting fees for productivity improvement projects, $1.1 million in legal fees related to pre-acquisition legal claims, and $1.0 million in leadership recruiting and relocation fees. For the year ended December 31, 2024, these services primarily included $3.3 million in consulting fees for productivity improvement projects, $2.7 million of legal fees tied to a favorable legal settlement reached in 2024, and $1.2 million of leadership recruiting and relocation fees. For the year ended December 31, 2023, these services primarily included $1.3 million in consulting fees for productivity improvement projects, $1.1 million of leadership recruiting and relocation fees, and $1.0 million in legal fees tied to a favorable legal settlement reached in 2024.

(10)Represents one-time gain on insurance proceeds from damage to one of our manufacturing facilities.

(11)Represents one-time gain on settlement of favorable legal action.

**Organic revenue growth rate** 

We define organic revenue growth rate as net sales growth rate as adjusted for acquisitions and divestitures and currency exchange rates. Sales from acquired businesses are excluded from the organic sales growth calculation for the first 12 months following the acquisition date, while sales from divested businesses are excluded for the 12 months preceding the divestiture. Organic revenue growth is based on continuing operations and excludes sales from discontinued operations.

We believe that organic revenue growth rate provides information to our management and investors about the underlying growth trends in our business and facilitating comparisons of our revenue performance with the performance in prior and future periods excluding any growth attributable to acquisitions. The following tables reconcile organic revenue growth rate to net sales growth rate, the most directly comparable GAAP measure.

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*Consolidated* 

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| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
| Net sales growth rate | 27.3% | 2.7% |
| Less: Impact of: |  |  |
| &nbsp;&nbsp;&nbsp;Acquisitions/divestitures | 15.0% | —% |
| &nbsp;&nbsp;&nbsp;Currency exchange rates | (0.1)% | (0.2)% |
| Organic revenue growth rate | 12.4% | 2.9% |

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*Commercial* 

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| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
| Net sales growth rate | 21.7% | 4.0% |
| Less: Impact of: |  |  |
| &nbsp;&nbsp;&nbsp;Acquisitions/divestitures | 4.4% |  |
| &nbsp;&nbsp;&nbsp;Currency exchange rates | (0.1)% | (0.2)% |
| Organic revenue growth rate | 17.4% | 4.2% |

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*Residential* 

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| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
| Net sales growth rate | 39.1% | (0.3)% |
| Less: Impact of: |  |  |
| &nbsp;&nbsp;&nbsp;Acquisitions/divestitures | 38.2% | —% |
| &nbsp;&nbsp;&nbsp;Currency exchange rates | (0.2)% | (0.2)% |
| Organic revenue growth rate | 1.1% | (0.1)% |

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**Free Cash Flow and FCF Conversion** 

FCF is a non-GAAP liquidity measure that we define as net cash flows provided by operating activities—continuing operations less purchases of property, plant and equipment plus proceeds from sale of property, plant and equipment. FCF Conversion is a non-GAAP liquidity measure that we define as FCF divided by net income (loss) from continuing operations.

We believe that FCF and FCF Conversion are useful indicators of liquidity that provide information to management and investors about the amount of cash used in our core operations that, after the purchases of property, plant and equipment, interest servicing and tax payments, is available to be used for strategic initiatives and to pay down debt principal. FCF and FCF Conversion may have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis of our results as reported under GAAP. The following table reconciles FCF to net cash flows provided by operating activities, the most directly comparable GAAP measure, and calculates FCF Conversion.

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| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| ($ in millions) | **2025** | **2024** | **2023** |
| Net cash flows provided by operating activities | $480.4 | $17.9 | $288.1 |
| Net cash flows (used in) provided by operating activities –<br> discontinued operations | 0.4 | (202.5) | 50.6 |
| &nbsp;&nbsp;&nbsp;Net cash flows provided by operating activities—<br> continuing operations | $480.0 | 220.4 | 237.5 |
| Purchases of property, plant and equipment | (40.6) | (28.2) | (26.1) |
| Proceeds from disposal of property, plant and equipment | 2.8 | 6.5 | 8.9 |
| &nbsp;&nbsp;&nbsp;FCF | $442.2 | $198.7 | $220.3 |
| Net income (loss) from continuing operations | $125.7 | $153.6 | $50.1 |
| Operating cash flow conversion—continuing operations | 381.9% | 143.5% | 474.1% |
| FCF Conversion | 351.8% | 129.4% | 439.7% |

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**Liquidity and Capital Resources** 

***General*** 

As of December 31, 2025, our principal sources of liquidity were cash and cash equivalents totaling $208.4 million, which were held for working capital purposes, as well as the available balance of our Revolving Credit Facility of $334.3 million.

We expect that our operating cash flows, in addition to our cash and cash equivalents, will enable us to continue to make investments in the future. We expect our operating cash flows to further improve as we increase our operational efficiency and experience economies of scale.

We have financed our operations primarily through debt financing. We believe our existing cash and cash equivalents and cash provided by operations will be sufficient to meet our working capital, capital expenditure and debt servicing needs for at least the next twelve months from the date of this prospectus. Our future capital requirements will depend on many factors including our company's and our industry's growth rates, the timing and extent of spending to support development efforts, the introduction of new and enhanced products and services offerings, the continuing market acceptance of our products and the timing and extent of acquisitions and dispositions. In the future, we may enter into arrangements to acquire or invest in businesses, services and technologies, including intellectual property rights.

We may require access to capital to fund our operations, including general working capital for operating expenses, purchases of property and equipment for our operations, to make investments in our growth and for other needs. To the extent that existing cash and cash from operations are not sufficient to fund our future operations or growth, we may need to raise additional funds through public or private equity or additional debt financing. Although we currently are not a party to any agreement and do not have any understanding with any third parties with respect to potential investments in, or acquisitions of, businesses or technologies, we may enter into these types of arrangements in the future, which could also require us to seek additional equity or debt financing. We cannot assure you that such additional financing will be available at terms acceptable to us, or at all. In addition, we may opportunistically seek to raise additional capital to fund our continued growth. To the extent that we are unsuccessful in raising capital through additional debt or equity financings, or rising interest rates impair our ability to effectively do so, our plans for continued growth may need to be moderated or curtailed.

On October 7, 2024, we completed the divestiture of NGH, which generated $1,147.8 million of net proceeds. We used $1,000.0 million to issue a cash distribution to Holdings and noncontrolling interests.

***Credit Facilities*** 

On June 21, 2021, Madison IAQ, as borrower, Madison IAQ II and certain subsidiaries of Madison IAQ, as guarantors, entered into the Credit Agreement with a syndicate of lenders. As of December 31, 2025, the Credit Agreement was comprised of (i) the $2,432.1 million initial Term Loan Facility, (ii) the $1,545.6 million Incremental Term Loan Facility, (iii) the $12.9 million of letters of credit outstanding and (iv) the $340.0 million Revolving Credit Facility. The lenders under the Credit Agreement hold a security interest in all or substantially all of Madison IAQ's and its subsidiaries' assets as described in the Credit Agreement. The Term Loan Facility matures on June 21, 2028, the Incremental Term Loan Facility matures on the earlier of (x) May 6, 2032 and (y) March 31, 2029 (unless, on or prior to such date, all indebtedness with respect to the Unsecured Notes is extended or refinanced to mature no earlier than the date that is 91 days later than May 6, 2032) and the Revolving Credit Facility matures on the earlier of (i) May 6, 2030, (ii) March 31, 2029 (unless, on or prior to such date, all indebtedness with respect to the Unsecured Notes is extended or refinanced to mature on a date that is at least 91 days later than May 6, 2030), (iii) March 31, 2028 (unless, on or prior to such date, all indebtedness with respect to the Secured Notes is extended or refinanced to mature no earlier than the date that is 91 days later than May 6, 2030) and (iv) the date that is 91 days prior to the maturity date of the Term Loan Facility (unless, on or prior to such date, all indebtedness with respect to the Term Loan Facility is extended or refinanced to mature on a date that is at least 91 days later than May 6, 2030).

As of December 31, 2025, we had $2,432.1 million and $1,545.6 million outstanding under our Term Loan Facility and Incremental Term Loan Facility, respectively, $12.9 million of letters of credit outstanding and no borrowings outstanding under the Revolving Credit Facility. As of December 31, 2025, the interest rates on our Term Loan Facility and Incremental Term Loan Facility were 6.7% and 6.6%, respectively. Under certain swap agreements, during the years ended December 31, 2025 and 2024, Madison IAQ paid a fixed rate ranging from 3.32% to 3.849% and received a rate of 1-month Term SOFR. After giving effect to such swap agreements on a weighted-average basis across the Term Loan Facility and Incremental Term Loan Facility, as of December 31, 2025, the effective interest rates on our Term Loan Facility and Incremental Term Loan Facility were 6.5% and 6.4%, respectively.

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The Term Loan Facility and Revolving Credit Facility rates are set at Term SOFR, subject to a 0.50% floor for the Term Loan Facility and a 0% floor for the Revolving Credit Facility, plus an applicable margin of 2.50% (which is reduced by 0.25% in the event of the consummation of an initial public offering, including this offering). The Incremental Term Loan Facility rate is set at Term SOFR, subject to a 0.50% floor, plus an applicable margin of 2.75%.

The Revolving Credit Facility does not amortize. The Term Loan Facility and the Incremental Term Loan Facility amortize at 1.00% annually of the aggregate principal amount of such loan which payments are due quarterly. However, on November 6, 2025, the Incremental Term Loan Facility was voluntarily prepaid in the amount of $150.0 million, which prepayment was applied to all future quarterly amortization payments on the Incremental Term Loan Facility through its scheduled maturity date.

The Credit Agreement contains customary representations and warranties, affirmative covenants, reporting obligations and negative covenants, including reporting covenants requiring certain quarterly and annual financial information, and restrictions on the incurrence of additional indebtedness, the payment of dividends, sale of assets, and entering into any merger or acquisition. The Credit Agreement also contains a financial covenant which is only operative if the Company had outstanding amounts drawn on the Revolving Credit Facility above a certain threshold. As of December 31, 2025, 2024 and 2023, the Company was in compliance with all covenants, and we expect to remain in compliance with all covenants during the twelve months from the date of this offering. See the section entitled "Description of Certain Indebtedness—Credit and Guaranty Agreement" for more information.

On March 20, 2026, we entered into the Sixth Amendment, which provides for the 2026 Incremental Revolving Facility. The effectiveness of the Sixth Amendment is subject to consummation of this offering and other conditions. See the section entitled "Recent Developments."

***Secured and Unsecured Notes*** 

On June 21, 2021, Madison IAQ issued $700 million aggregate principal amount of the Secured Notes and $1,035 million aggregate principal amount of 5.875% senior notes due 2029 (the "Unsecured Notes"). The Secured Notes accrue interest at a rate of 4.125% per annum, payable semi-annually on June 30 and December 30 of each year, and mature on June 30, 2028. The Unsecured Notes accrue interest at a rate of 5.875% per annum, payable semi-annually on June 30 and December 30 of each year, and mature on June 30, 2029.

The Secured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured first priority basis by Madison IAQ II and each of Madison IAQ's existing and future material wholly owned domestic restricted subsidiaries, to the extent such subsidiary guarantees the Credit Facilities. The Secured Notes rank equally in right of payment with all of Madison IAQ's and the guarantors' existing and future senior indebtedness, including obligations under the Credit Facilities and the Unsecured Notes, and are effectively senior to all existing and future senior unsecured indebtedness of Madison IAQ and the guarantors that is unsecured or secured by junior-priority liens, to the extent of the value of the assets securing the Secured Notes. The Secured Notes are structurally subordinated to all existing and future indebtedness and other liabilities of Madison IAQ's non-guarantor subsidiaries. As of December 31, 2025, the outstanding principal balance of the Secured Notes was $700.0 million and we were in full compliance with all covenants under the indenture governing the Secured Notes.

The Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by Madison IAQ II and each of Madison IAQ's existing and future material wholly owned domestic restricted subsidiaries, to the extent such subsidiary guarantees the Credit Facilities, subject to certain exceptions. The Unsecured Notes rank equally in right of payment with all of Madison IAQ's and the guarantors' existing and future senior indebtedness, including obligations under the Credit Facilities and the Secured Notes, and are effectively subordinated to Madison IAQ's and the guarantors' existing and future secured indebtedness, including the Credit Facilities and the Secured Notes, to the extent of the value of the collateral. The Unsecured Notes are structurally subordinated to all existing and future indebtedness and other liabilities of Madison IAQ's non-guarantor subsidiaries. As of December 31, 2025, the outstanding principal balance of the Unsecured Notes was $1,035.0 million and we were in full compliance with all covenants under the indenture governing the Unsecured Notes.

Both the Secured Notes and the Unsecured Notes are subject to certain customary operating and financial covenants, including limitations on the incurrence of additional debt, the creation of liens, the making of restricted payments, asset sales, affiliate transactions, and mergers or consolidations, among others. The Secured Notes and Unsecured Notes are also subject to customary events of default, which, if triggered, could result in the acceleration of the Secured Notes or Unsecured Notes, as applicable. The Secured Notes and Unsecured Notes may be redeemed at the option of Madison IAQ, in whole or in part, at specified redemption prices and subject to the terms set forth in the respective indentures.

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For additional information regarding the Secured Notes and Unsecured Notes, including the terms of the related indentures, guarantees and supplemental indentures, see "Description of Certain Indebtedness—4.125% Senior Secured Notes due 2028" and "Description of Certain Indebtedness—5.875% Senior Notes due 2029."

**Cash Flows** 

The following table sets forth a summary of our operating, investing, and financing activities for the years ended December 31, 2025, 2024 and 2023.

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Continuing operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net cash flows provided by operating activities | $480.0 | $220.4 | $237.5 |
| &nbsp;&nbsp;&nbsp;Net cash flows used in investing activities | (2353.2) | (82.4) | (32.0) |
| &nbsp;&nbsp;&nbsp;Net cash flows used in financing activities | 1736.6 | (1044.4) | (40.0) |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash | (0.2) | (2.8) | 1.7 |
| **Discontinued operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net cash flows provided by (used in) operating activities | 0.4 | (202.5) | 50.6 |
| &nbsp;&nbsp;&nbsp;Net cash flows provided by (used in) investing activities | 4.9 | 1144.8 | (3.5) |
| &nbsp;&nbsp;&nbsp;Net cash flows used in financing activities |  | (0.6) | (0.8) |
| **Total net change in cash and cash equivalents** | $(131.5) | $32.5 | $213.5 |

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**Comparison of the Years ended December 31, 2025 and December 31, 2024** 

***Continuing operations*** 

*Operating Activities.* We generated $480.0 million of net cash flows from operating activities during the year ended December 31, 2025, compared to inflow of $220.4 million during the year ended December 31, 2024. The year-over-year change was primarily due to incremental profit prior to depreciation and amortization and working capital investments particularly in our data center cooling business made in 2024 that were converted to cash.

*Investing Activities.* We used $2,353.2 million of net cash flows from investing activities during the year ended December 31, 2025, compared to the use of $82.4 million during the year ended December 31, 2024. For the year ended December 31, 2025, cash was used to invest in capital projects, issue a related party loan which was subsequently non-cash settled, and fund the AprilAire Acquisition and AcoustiFLO Acquisition offset by settlement of our marketable securities which were used in part to fund these acquisitions. For the year ended December 31, 2024, cash was used to invest in capital projects and U.S. Treasuries.

*Financing Activities.* We used $1,736.6 million of net cash flows from financing activities during the year ended December 31, 2025, compared to the use of $1,044.4 million during the year ended December 31, 2024. For the year ended December 31, 2025, cash was generated from the Incremental Term Loan Facility and contributions from Holdings used to fund the AprilAire Acquisition, and proceeds from a related party loan which was subsequently non-cash settled offset by debt principal payments. For the year ended December 31, 2024, cash was used to distribute a portion of the proceeds from the divestiture of NGH to Holdings, distributions to noncontrolling interest and term loan repayments.

***Discontinued operations*** 

*Operating Activities.* We generated $0.4 million of net cash flows from operating activities during the year ended December 31, 2025, compared to outflow of $202.5 million during the year ended December 31, 2024. The year-over-year change was primarily due to the divestiture of NGH occurring in 2024.

*Investing Activities.* We generated $4.9 million of net cash flows from investing activities during the year ended December 31, 2025, compared to generating $1,144.8 million during the year ended December 31, 2024. For the year ended December 31, 2025, cash was generated by working capital settlement from the divestiture of NGH in 2024. For the year ended December 31, 2024, cash was generated from proceeds from the divestiture.

*Financing Activities.* For the years ended December 31, 2024, cash was used to pay for capital leases obligations.

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**Comparison of the Years ended December 31, 2024 and December 31, 2023** 

***Continuing operations*** 

*Operating Activities.* We generated $220.4 million of net cash flows from operating activities during the year ended December 31, 2024, compared to inflow of $237.5 million during the year ended December 31, 2023. The year-over-year change was primarily due to working capital investments particularly in our data center cooling business, incremental equity appreciation rights payments partially offset by increased profits.

*Investing Activities.* We used $82.4 million of net cash flows from investing activities during the year ended December 31, 2024, compared to the use of $32.0 million during the year ended December 31, 2023. For the years ended December 31, 2024 and 2023, cash was used to invest in capital projects and U.S. Treasuries. The decrease in cash flows from investing activities year over year was driven by higher purchase of U.S. Treasuries.

*Financing Activities.* We used $1,044.4 million of net cash flows from financing activities during the year ended December 31, 2024, compared to the use of $40.0 million during the year ended December 31, 2023. For the year ended December 31, 2024, cash was used to distribute a portion of the proceeds from the divestiture of NGH to Holdings, distributions to noncontrolling interest and term loan repayments. For the year ended December 31, 2023, cash was used primarily for term loan repayments.

***Discontinued operations*** 

*Operating Activities.* We used $202.5 million of net cash flows from operating activities during the year ended December 31, 2024, compared to inflow of $50.6 million during the year ended December 31, 2023. The year-over-year change was primarily due to decreased profits, cash paid for taxes, and working capital changes.

*Investing Activities.* We generated $1,144.8 million of net cash flows from investing activities during the year ended December 31, 2024, compared to a use of $3.5 million during the year ended December 31, 2023. For the year ended December 31, 2024, cash was generated by proceeds from the divestiture of NGH offset by investments in capital projects. For the year ended December 31, 2023, cash was used primarily to invest in capital projects.

*Financing Activities.* We used $0.6 million of net cash flows from financing activities during the year ended December 31, 2024, compared to the use of $0.8 million during the year ended December 31, 2023. For the years ended December 31, 2024 and 2023, cash was used to pay for capital leases obligations.

**Indemnification Agreements** 

In the normal course of business, we provide indemnification of varying scope to customers against claims of infringement or other violation of intellectual property made by third parties arising from, in connection with, relating to or resulting from the use of our services, and from time to time we may be subject to claims by our customers under these indemnification provisions. Historically, costs related to these indemnification provisions have not been material, but we are unable to estimate the maximum potential impact of these indemnification provisions on our future results of operations.

To the extent permitted under Delaware law, we have agreements whereby we indemnify our directors and officers for certain events or occurrences while the director or officer is or was serving at our request in such capacity. The indemnification period covers all pertinent events and occurrences during the director's or officer's lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have director and officer insurance coverage that limits our exposure and enables us to recover a portion of any future amounts paid. We believe the estimated fair value of these indemnification agreements in excess of applicable insurance coverage is minimal.

**Off-Balance Sheet Arrangements** 

We do not have any relationships with unconsolidated entities or financial partnerships, such as structured finance or special purpose entities, that were established for the purpose of facilitating off-balance sheet arrangements or other purposes as of December 31, 2025 and 2024, as restated.

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**Critical Accounting Policies and Estimates** 

***Use of Estimates*** 

Our audited consolidated financial statements are prepared in accordance with GAAP. The preparation of these audited consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported periods. On an ongoing basis, we evaluate our estimates and assumptions. Our actual results may differ from these estimates.

We believe that of our significant accounting estimates, as described in Note 2 to the audited consolidated financial statements, the following accounting policies involve a greater degree of judgment, estimates and assumptions about highly complex accounting determinations. To the extent that these accounting determinations change, this may result in significant fluctuations in our reported results from period to period and could have a material impact on our financial condition or results of operations. Accordingly, we believe these policies are the most critical to aid in fully understanding and evaluating our audited consolidated financial condition and results of operations. As required by our policies, we evaluate our critical accounting estimates and judgments on an ongoing basis and update them as appropriate based on changing conditions.

***Goodwill and Other Intangible Assets*** 

Goodwill represents the excess of purchase price over the fair value of the identifiable tangible and intangible net assets acquired in a business combination. Goodwill and other indefinite-lived assets, inclusive of trade names, are not amortized but instead are tested and reviewed for impairment in the fourth quarter of each fiscal year or whenever there is a material change in events or circumstances that indicate that the fair value of the asset is more likely than not less than the carrying amount of the asset.

Impairment of goodwill is assessed at the reporting unit level while indefinite-lived intangible assets are assessed at the individual asset level. Each impairment assessment begins with a qualitative assessment to determine if it is more likely than not the fair value of a reporting unit to which goodwill has been assigned or indefinite-lived intangible asset is less than its carrying value. If the Company concludes, based on the qualitative assessment, that it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible is less than its carrying value, a quantitative assessment of the carrying value compared to its fair value is performed. The fair value of the reporting unit is determined using a discounted cash flow approach dependent on a number of significant management assumptions including estimates of operating results, capital expenditures, net working capital requirements, discount rates and terminal value assumptions. The fair value of indefinite-lived intangibles is determined using an income approach dependent on a number of significant management assumptions including forecasted revenues, market growth rates, expected market share, customer retention assumptions, and royalty and discount rates. Changes to those assumptions could materially impact our financial position or results of operations if actual results differ from such estimates and assumptions. To address this uncertainty, we perform sensitivity analyses on key estimates and assumptions. If the estimated fair value of the reporting unit or indefinite-lived intangible exceeds its carrying value, goodwill of the reporting unit and indefinite-lived intangible are not impaired. To the extent that the carrying amount of the reporting unit and indefinite-lived intangible exceeds its estimated fair value, an impairment loss will be recognized for the amount the carrying value exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit and indefinite-lived intangibles.

Intangible assets such as customer relationships, technology assets, patents, and backlog and other intangible assets with finite useful lives are amortized based on the pattern in which the economic benefits of the intangible asset are consumed. If a pattern of economic benefit cannot be reliably determined or if straight-line amortization approximates the pattern of economic benefit, a straight-line amortization may be used. The range of useful lives approximate the following:

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| | |
|:---|:---|
|  | **Years** |
| Customer relationships | 7 – 20 |
| Technology assets | 5 – 15 |
| Patents | 10 |
| Backlog and other | 1 – 14 |

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The Company assesses the recoverability of the carrying amount of its intangible assets with finite useful lives whenever events or circumstances indicate that the carrying amount of the asset group may not be recoverable. Determining whether an impairment loss has occurred requires the use of internal forecast to estimate future cash flows and the useful life over which these cash flows will occur. To determine fair value, we use our internal cash flow estimates discounted at an appropriate discount rate. If the undiscounted cash flows are less than the carrying amount of the asset group, an impairment loss is recognized for the amount by which the carrying value of the asset group exceeds the fair value of the asset group, not to exceed the carrying amount of the intangible asset.

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***Business Combinations*** 

We account for business combinations using the acquisition method of accounting, which requires that once control is obtained, all the assets acquired and liabilities assumed are recorded at their respective fair values at the date of acquisition. The determination of the acquisition date fair values of identifiable assets acquired and liabilities assumed requires estimates and the use of valuation techniques when fair value is not readily available and requires a significant amount of management judgment. For the valuation of intangible assets acquired in a business combination, we typically use an income approach. Specifically, for the AprilAire Acquisition, we used the multi-period excess earnings method to determine the estimated acquisition date fair values of the customer relationship and relief from royalty method for trademarks and technology intangible assets. The significant assumptions used to estimate the fair values of these intangible assets included projected cash flows, including revenue growth rates and margins, customer attrition rates, royalty rates and discount rates. Although the Company believes its estimates of acquisition date fair values are reasonable, actual financial results could differ from those estimates due to the inherent uncertainty involved in making such estimates. Changes in assumptions concerning future financial results of other underlying assumptions could have a significant impact on the determination of the fair values of the customer relationships intangible assets acquired. The excess of the purchase price over fair values of identifiable assets acquired and liabilities assumed is recorded as goodwill. During the measurement period, which is up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill due to the use of preliminary information in our initial estimates. Upon conclusion of the measurement period, any subsequent adjustments are recorded to earnings.

***Impairment of Long-Lived Assets*** 

The Company evaluates the recoverability of its long-lived assets, which include amortizable intangible assets and property, plant and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of long-lived assets may not be recoverable. The Company will record an impairment loss to reduce the carrying amount to fair value in the event the net book value of such assets exceeds the future undiscounted cash flows attributable to such assets.

***Revenue Recognition*** 

The Company recognizes revenue when control of performance obligations, which are distinct goods or services within the contract, is transferred to the customer. Control is transferred when the customer has the ability to direct the use of and obtain the benefits from the goods or services. When revenue is recognized at a point in time, control generally transfers at time of shipment. Revenues are recognized over time if the customer simultaneously receives control as the Company performs work under a contract, if the customer controls the asset as it is being produced, or if the product produced for the customer has no alternative use and the Company has a contractual right to payment with a reasonable profit margin. Revenue over time is primarily recognized using an output method, measured based on goods or services transferred to the customer to date relative to the remaining goods or services promised under the contract. This method is used as management considers goods or services transferred to be the best available measure of progress on these contracts. The transaction price for long-term contracts is primarily fixed; however, may include variable consideration, which includes, for example increases or decreases to the transaction price for change orders. Change orders which modify the scope of terms of an original contract are included in the transaction price once approved, the recovery amount is probable and the amount can be reliably estimated.

Revenue is measured based on the amount of consideration the Company expects to receive, reduced for estimates for return allowances, discounts and rebates. Product returns, customer allowances and rebates are estimated based on historical experience and known trends. Revenues also exclude any impacts from value-added taxes, sales tax and other taxes where the Company is a pass-through conduit for collecting and remitting such taxes to governmental authorities. Taxes collected are included in accrued expenses and other current liabilities until the taxes are remitted to the appropriate taxing authorities. Payment terms vary by customer and the time between invoicing and due date is typically not significant. Some customer contracts require an upfront cash deposit, which is included within customer deposits and deferred revenue on the consolidated balance sheets until control is transferred to the customer. Deferred revenue represents billing in excess of revenue recognized, which is included within customer deposits and deferred revenue on the consolidated balance sheets. Contract assets represent revenue recognized in excess of amounts billed and is included in accounts receivable on the consolidated balance sheets. The Company does not capitalize costs to obtain a contract as these amounts would generally be recognized over a period less than one year and are not material.

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***Income Taxes*** 

In the U.S., the Company files taxes as part of a consolidated return with Holdings and taxes paid are treated as distributions to Holdings. These consolidated financial statements are prepared on a separate return basis reflecting the Company on a stand-alone basis.

The Company accounts for income taxes under the asset and liability method. Deferred income tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities from a change in tax rates is recognized in earnings in the period that includes the enactment date. Non-U.S. subsidiaries pay income taxes in their respective countries and accordingly foreign income taxes related to their income are also recorded in the consolidated financial statements.

The Company annually assesses the realizability of deferred income tax assets recorded in each jurisdiction of operation. The Company records a valuation allowance against deferred income tax assets recorded in a particular jurisdiction if, based upon all available positive and negative evidence, the Company concludes that it is more likely than not that all or a portion of the deferred income tax assets recorded in such jurisdiction will not be realized.

The tax effects from an uncertain tax position can be recognized in the consolidated financial statements if the position is more likely than not to be sustained on audit based on the technical merits of the position. The Company recognizes the financial statement benefit of a tax position only after determining that it is more likely than not that the position would be sustained. For tax positions meeting the more likely than not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. When applicable, interest and penalties are calculated based on guidance from the relevant tax authority and recorded in the consolidated financial statements. As of December 31, 2025, the Company has recorded uncertain tax positions of $6.9 million, inclusive of penalties and interest.

**Recent Accounting Pronouncements** 

***Recently Issued Accounting Pronouncements*** 

In November 2024, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires public entities to disclose information about their reportable segments' significant expenses on an interim and annual basis. In addition, the amendments clarify circumstances in which an entity can disclose multiple segment measures of profit and loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. The Company adopted ASU 2023-07 on January 1, 2024 and has reflected the standard within its notes to the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires public entities to disclose disaggregated information about their effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact of this ASU on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE) ("ASU 2024-03"), which requires public entities to disclose disaggregated information about expenses by nature on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently assessing the impact of this ASU on its consolidated financial statements.

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. The amendments provide for a practical expedient and accounting policy election in measuring credit losses for accounts receivable and current contract losses arising from transactions accounted for under ASC Topic 606, *Revenue Recognition*. The ASU is effective for fiscal years beginning after December 1, 2025 and interim periods within those periods, with early adoption permitted. We are currently evaluating the impact that this guidance will have on the financial position and results of operations within our consolidated financial statements.

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**Quantitative and Qualitative Disclosures about Market Risk** 

***Interest Rate Risk*** 

We are exposed to interest rate risk through fluctuations in interest rates on our variable-rate debt obligations, specifically borrowings under the Term Loan Facility, the Incremental Term Loan Facility and the Revolving Credit Facility. Changes in interest rates could materially affect our financial results by increasing the cost of borrowing. As of December 31, 2025, we had (i) $2,432.1 million outstanding under our Term Loan Facility, (ii) $1,545.6 million outstanding under our Incremental Term Loan Facility and (iii) $334.3 million of borrowing capacity available under the Revolving Credit Facility.

To mitigate the impact of interest rate fluctuations, we utilize interest rate swaps to convert a portion of our variable rate debt to fixed rates. These hedging activities are designed to reduce variability of cash flows associated with interest payments. The effectiveness of these instruments is regularly assessed, and they are accounted for in accordance with applicable hedge accounting standards.

As of December 31, 2025 and 2024, the notional value of our interest rate swaps was $1,850 million and $1,050.0 million, respectively. As of December 31, 2025 and 2024, after taking into account the effect of our interest rate swap agreements that were in effect as of such date, approximately 46.5% and 42.8%, respectively, of our Term Loan Facility then outstanding was at a fixed interest rate, with the remainder at variable interest rates. In addition, as of December 31, 2025, the notional value of our interest rate collars was $700.0 million. After taking into effect both our interest rate swaps and collars, the Company has hedged approximately 64.1% of our Term Loan Facility. There were no outstanding interest rate collars as of December 31, 2024. For each of these periods, the effect of a hypothetical 100 basis point increase in overall interest rates, after considering the effect of our interest rate swaps, would result in an approximate $21.3 million and $14.0 million increase in annual interest expense, respectively.

***Foreign Currency Risk*** 

The majority of our operations are conducted in the United States; however we conduct operations in many countries around the world, including Canada, Mexico, China, the U.K. and throughout Europe. As a result, our results of operations are subject to both currency transaction risk and currency translation risk. We incur currency transaction risk when we enter into either a purchase or sale transaction using a currency other than the local functional currency. We are also exposed to transaction risk from changes in foreign currency exchange rates through sales and purchasing transactions when we sell products in functional currencies different from the currency in which the product and manufacturing costs were incurred. With respect to currency translation risk, our financial condition and results of operations are measured and recorded in the relevant local functional currency and then translated into U.S. dollars for inclusion in our consolidated financial statements. Exchange rates between most of the major foreign currencies we use to transact our business and the U.S. dollar have fluctuated over the last few years and we expect that they will continue to fluctuate. Foreign currency exchange rate risk is reduced through the maintenance of local production facilities in the markets we serve, which we believe creates a natural hedge to our foreign currency exchange rate risk. In instances where we utilize production facilities in lower cost markets, such as Mexico and China, to supply the markets we serve, we have used derivative financial instruments, primarily foreign currency forwards, to manage our exposure to foreign currency exchange rate risks arising from such operating activities. We expect to continue using derivative financial instruments to manage such risks going forward.

Currency exchange rates vary daily and often one currency strengthens against the U.S. Dollar while another currency weakens. Because of the complex interrelationship of worldwide supply chains and distribution channels, it is difficult to quantify the impact of a particular change in exchange rates. Also, our operating teams work to mitigate the impact of increased sourcing or production costs resulting from changes in foreign currency exchange rates and our commercial organizations work to adjust our products' prices likewise. As of December 31, 2025 and 2024, we held $26.4 million and $19.1 million notional value in foreign currency derivatives, respectively. For more information about our foreign currency risk, see Note 14 of our consolidated financial statements.

***Commodity Prices*** 

We are exposed to changing commodity prices, including but not limited to steel, aluminum, copper and plastics. Historically, we have generally been able to successfully pass significant commodity and raw material price increases onto our customers. Due to the critical nature of the products we sell, the indoor air quality that such products support, and the specialized, niche markets we serve, we believe reasonable price increases do not impact customer demand.

Additionally, from time to time, we enter into commodity futures and swaps, which are intended and effective as hedges of market price risk associated with the anticipated purchase of certain raw materials (primarily steel), and to reduce our exposure to commodity price fluctuations. A hypothetical 10% increase or decrease in the pricing of these derivative instruments would not have a material impact on our financial condition or results of operations. As of December 31, 2025, we have no outstanding commodity

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swap agreements and accordingly, do not have any ongoing exposure to commodity price fluctuations impacting our derivative instruments. For more information about our commodity swap agreements, see Note 14 of our consolidated financial statements.

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![img249127520_19.jpg](img249127520_19.jpg)

**A Letter to Prospective Shareholders**

For as long as I can remember, I have been surrounded by entrepreneurs and builders. My grandmother immigrated alone to the U.S. from Sweden nearly one hundred years ago with three dresses she'd sewn herself, her Confirmation bible and $25 dollars. She built a life here. My father was an insurance agent who treated his small office like a service business long before I knew the term – meeting customers at their kitchen tables, helping them through difficult moments, and building trust one conversation at a time. I learned early on that business shows up for people in their times of greatest need.

**That's what drew me to Madison Air.**

Our business is anchored by a simple truth: one of life's most essential elements is also one of its most overlooked. While some view air as a commodity, we believe it is a strategic asset in the environments where people live, learn and work. Managed well, we believe air is an essential driver of positive outcomes: helping hospitals operate safely, cooling data centers to power innovation, supporting healthier learning environments and keeping families healthy at home.

We take up to 25,000 breaths a day with up to 90% of them indoors, where air can be up to two to five times more polluted than the air outside. But if air isn't unpleasant or uncomfortable, it fades into the background of daily life.

**At Madison Air, we see air differently.** 

Madison Air has a portfolio of leading air-quality brands operating where performance matters most – high-value niches adjacent to traditional HVAC. Markets where differentiation is driven by performance, not price. This positioning gives us access to our estimated $40B total addressable market supported by powerful megatrends: the reshoring of U.S. manufacturing, increasing demand for energy efficiency, aging buildings and housing stock, and the rapid growth of AI and compute. We believe these forces are expanding durable markets where air directly impacts customer outcomes.

**We call this Return on Air™.**

Return on Air (ROA) is both our value proposition and our promise. At Madison Air, we deliver highly differentiated, custom and semi-custom engineered solutions in mission-critical environments where air is vital to customer success. Our portfolio – including brands such as Addison, AprilAire, Big Ass Fans, Broan-NuTone, Nortek Air Solutions, Nortek Data Center Cooling and Reznor – serves sectors where the cost of failure is high and performance truly matters. We believe ROA shows up in tangible outcomes by reducing costly downtime in data centers, improving consistency and yield in pharmaceutical or semiconductor cleanrooms and enhancing health, wellness and cognition.

ROA is how we deliver on our mission – to make the world safer, healthier and more productive.

**Our mission powers our people – and our people power our business.** 

Across Madison Air, over 8,500 team members, each with an entrepreneurial mindset, bring our mission to life every day. In an industry where hiring and retaining front line talent is notoriously difficult, our companies consistently exceed industry standards across employee safety, retention and satisfaction. We've worked hard to build a workplace where people choose to stay and grow.

It's a reflection of our frontline obsession – investing in training, advancement and modernized policies that promote safety, trust and ownership. We stay close to the work by knowing our people and their families, listening before we lead and empowering teams to make decisions that support performance and quality. I believe deeply that durable

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companies are built from the front line up, not the corporate center down. That principle is woven into the culture of Madison Air and into the way we show up for each other, our customers and the communities we serve.

Madison Air was founded by Larry Gies through the acquisition of leading and trusted air quality brands in the U.S. and creating the vision to make the world safer, healthier and more productive through the power of better air. My goal as CEO has been to unify these exceptional businesses into a cohesive, high-performing enterprise without losing the entrepreneurial spirit that made each brand successful. We believe our decentralized organizational structure allows us to invest closest to the point of impact, enabling dedicated teams to wake up every day thinking about the markets and customers they serve. This model drives resilient, sustainable growth and allows us to scale with discipline for the long term. It also allows us to provide our committed, talented team of entrepreneurs with a continued stream of growth opportunity.

As we move toward an IPO, our ambition is unchanged: to build something truly remarkable that will long outlast us. We believe entering the public markets will enhance our capitalization to enable us to invest through cycles, strengthen our position in high-growth markets and accelerate innovation where performance matters most. What will remain constant is who we are. Our mission shapes how we innovate, where we invest and how we grow. Return on Air is the tangible value our solutions deliver to customers – when air becomes a strategic asset. Our values – trust, bias for action and an owner's mindset – define the way we lead. And our decentralized, entrepreneurial culture powers our performance into the future.

I am deeply grateful to everyone who has been a part of our journey – our customers, our employees, our investors and our founder, Larry Gies. Your partnership and steadfast support of our mission have been instrumental in our success. And we believe we're just getting started.

Thank you for considering joining us on our journey.

Jill Wyant<br>Chief Executive Officer

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**Business** 

We take up to 25,000 breaths a day and spend up to 90% of our lives indoors, often breathing air that's two to five times more polluted than outdoor air. Clean air is absolutely essential to human life, yet most people rarely think about the air we breathe at home, in our schools, in healthcare facilities and in the workplace. Poor air quality doesn't just affect comfort; it undermines health, productivity and performance. Improving air quality is a fundamental principle that is a key tenet in everything we do.

At Madison Air, we see air differently. Our mission is to make the world safer, healthier and more productive through the power of better air. We've built a business that transforms air into tangible outcomes for customers, creating the potential for long-term growth opportunities for investors.

From protecting uptime in a data center with Nortek Data Center Cooling, to purifying air in a semiconductor fabrication facility with Nortek Air Solutions, to keeping families safer with AprilAire's Healthy Air System and improving workplace productivity, health and retention with Big Ass Fans – better air delivers better outcomes. That's the Madison Air advantage.

![img249127520_20.jpg](img249127520_20.jpg)

<sup>1</sup> Financial information presented on a Pro Forma basis solely to give effect to the AprilAire Acquisition as if such transaction had occurred on January 1, 2025. These measures do not give effect to the offering-related adjustments presented in accordance with Article 11 under Regulation S-X and described in detail in the section entitled "Unaudited Pro Forma Combined Financial Information." See the unaudited pro forma combined statements of operations in the section entitled "Unaudited Pro Forma Combined Financial Information" for a description of the adjustments and assumptions underlying the Pro Forma financial information.

<sup>2</sup> Adjusted EBITDA Margin is a non-GAAP financial measure. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by net sales for the same period. For a reconciliation of Adjusted EBITDA Margin to net income (loss) margin presented on an actual basis for the historical periods presented, the most directly comparable financial measure calculated and presented in accordance with GAAP, see "Management's Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures."

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The Foundation of our Industry Leadership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Differentiated by Return on Air** 

Return on Air is our value proposition and our promise. We transform air from a commodity into a strategic asset that drives tangible business outcomes. For customers, this means higher productivity, lower energy costs, health, comfort and home preservation, and protection of mission-critical operations. It's the promise that air can do more. And it's why customers trust Madison Air.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Leadership in growth markets** 

Unlike traditional HVAC, we focus on specialized sectors shaped by durable megatrends. With an estimated 8% share of an estimated $40 billion North American addressable market (based on Madison Air's reported net sales of $3.3 billion for the year ended December 31, 2025), we believe Madison Air has a clear runway for share gains and long-term growth through the cycle.

Our mission is to make the world safer, healthier and more productive through the power of better air. Our decentralized organizational structure keeps brands close to customers, while a lean corporate center drives strategy and disciplined capital allocation. Guided by our 80/20 operating model, we concentrate resources on the markets, products and customers that matter most – capitalizing on growth opportunities in our most attractive end markets. By consistently deploying disciplined capital allocation, we estimate that we have more than tripled our total addressable market since 2021, sharpening our focus on high-growth sectors with complex process requirements and greater long-term potential.

Behind these strengths stands a dynamic leadership team committed to advancing air quality and focused on serving customers. Our mission shapes our strategy, drives decisions and guides every aspect of how we operate – ensuring alignment across the organization and delivering sustainable value for customers and investors.

This strategy is reinforced by a resilient, diversified business model spanning Commercial and Residential markets. With a large installed base, based on historical averages of net sales and management estimates, we expect that approximately half of our net sales will continue to be derived from replacement and upgrade demand, plus approximately 10% from aftermarket parts and services. Air quality systems complement traditional climate control infrastructure and are becoming an important part of projects as customers put greater emphasis on air treatment and quality in new builds and upgrades.

![img249127520_21.jpg](img249127520_21.jpg)

<sup>1</sup> Based on historical averages of net sales and management estimates.

Note: Values are approximate.

Our technology platforms help to drive tangible gains in productivity, energy efficiency and cost savings, winning in sectors where air impacts customer success. By consistently expanding our estimated TAM and investing through cycles with disciplined capital allocation, we turn air into a business advantage. Helping customers improve health, productivity and efficiency supports their growth and helps to enable the world's most innovative industries perform at their best.

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**Our Market Opportunity** 

At Madison Air, we don't just participate in the indoor air quality market, we're shaping it. We serve an estimated $40 billion addressable North American market, separate and distinct from the broader approximately $200+ billion traditional heating and cooling market, where air can serve as an asset rather than simply a commodity. With only an estimated 8% market share today (based on Madison Air's reported net sales of $3.3 billion for the year ended December 31, 2025), we believe our path to growth is clear and compelling. We have been continually expanding our served markets through new product introductions and strategic acquisitions, both of which are consistent with our core mission of improving air quality.

![img249127520_22.jpg](img249127520_22.jpg)

<sup>1</sup> According to Grand View Research, HVAC Systems Market (2026-2033).

<sup>2</sup> Based on management estimates.

<sup>3</sup> Based on Madison Air's reported net sales of $3.3 billion for the year ended December 31, 2025.

Note: Values are approximate.

As a business with category-defining indoor air quality solutions, we believe Madison Air holds distinct and dynamic competitive advantages: trusted brands, deep application expertise, patent-protected innovation and strong channel and customer partnerships. In most markets, we compete with smaller fragmented players and, in a few select areas, we compete with non-core product lines from large HVAC original equipment manufacturers. We win because we deliver Return on Air – tangible performance gains through highly engineered, differentiated solutions backed by trusted brands and deep channel and customer relationships.

We use our scale to amplify these advantages. We leverage a broad, decentralized manufacturing footprint and enterprise-level procurement strength to deliver cost efficiencies that smaller, specialized competitors struggle to match. As a result, we believe Madison Air offers one of the most comprehensive, scaled solutions for both Commercial and Residential customers.

We focus on environments where air drives outcomes – uptime, compliance, process control and human health – because when air impacts outcomes, customers are willing to invest.

Our market is expanding, fueled by powerful megatrends that are redefining how air is managed across sectors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Human Health** – Clean air is now recognized as essential to respiratory health, cognitive performance and productivity, driving investment across homes, schools, healthcare and workplaces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Aging Residential Housing Stock** – With the average U.S. home now over 40 years old, according to the U.S. Census Bureau, sustained demand for replacement and upgrade solutions is accelerating, creating long-term opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Commercial Refurbishment** – Many commercial and industrial facilities built during the mid- and late-twentieth century rely on aging systems nearing end-of-life. Buildings constructed before 1980 account for 46% of U.S. commercial building stock, yet fewer than 25% of these buildings have received an HVAC upgrade since 2000, according to Melius Research. This creates a substantial opportunity for modernization, as advanced air solutions are critical to driving operational efficiency, creating healthy indoor air and reducing energy consumption.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**AI and Data Center Growth** – Explosive data center expansion driven by AI and cloud computing workloads is fueling demand for highly engineered precision air and liquid cooling systems capable of managing high thermal loads at hyperscale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Reshoring of Advanced Manufacturing** – Investments in high-specification manufacturing facilities, including semiconductor fabrication facilities and pharmaceutical cleanrooms, require tightly managed and highly regulated air environments. These applications require specialized low-humidity air handling and contamination control to protect yield, ensure compliance and maintain operational integrity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Energy Resilience and Electrification** – As energy demand grows, efficient and highly controllable air systems are increasingly important to integrate with evolving building envelopes and energy recovery technologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Industrial Productivity** – Tight labor markets are challenging manufacturers to improve employee productivity and retention. We believe this means that the safer, more comfortable environments that our products help to create, will increasingly be seen as a source of competitive advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Regulation and Building Standards** – New and more stringent ventilation building codes, energy efficiency mandates and indoor air quality regulations are raising performance baselines across commercial and residential settings, expanding the market for Madison Air's differentiated technologies.

As we continue to scale our platform, we expect that our TAM will expand across these sectors. We estimate that the total North American addressable market opportunity for our products and services across all of these sectors is approximately $40 billion as of December 31, 2025.

Using our decentralized model, we leverage the local expertise of our personnel at each of our material businesses within our Commercial and Residential segments to understand how each business views and estimates its TAM. As a result, we calculate TAM separately for each material business within our Commercial and Residential segments using a variety of methodologies, which are based upon a variety of sources, including information from independent industry analyses, publications, interviews with industry participants, public company data, analyst reports, government reports, as well as our own internal estimates and research. See "Market and Industry Data."

After calculating the TAM for each material business within our Commercial and Residential segments, management then aggregates each business-level TAM estimate to arrive at an aggregate estimated TAM for Madison Air. Utilizing this methodology, we estimate that our aggregate North American TAM across our businesses is approximately $40 billion as of December 31, 2025, with approximately $28 billion of growth since 2021.

While we believe our TAM estimates are reasonable, such information is inherently imprecise and we cannot assure you of the accuracy or completeness of our estimates. See "Risk Factors—Risks Related to Our Business— Our estimate of total addressable market is subject to numerous uncertainties. If we have overestimated the size of our total addressable market now or in the future, our future growth rate may be limited."

**Segment Overview** 

Madison Air is purpose-built to serve two high-impact, complementary segments – Commercial and Residential – each positioned for durable, scalable long-term growth. Unified by our commitment to highly engineered, scalable performance and tangible outcomes, we see air as essential infrastructure, whether powering mission-critical environments or protecting the health and safety of the home. The Commercial segment serves high-specification environments where air quality is essential to the performance of critical infrastructure, regulatory compliance and operational productivity. The Residential segment meets accelerating demand driven by health, comfort and home preservation priorities, evolving and expanding regulation and rising consumer awareness and expectations around indoor air quality.

**Commercial Segment** 

***Overview*** 

Representing approximately 66% of Madison Air's net sales for the year ended December 31, 2025, our Commercial businesses deliver highly engineered, custom and semi-custom air quality systems to support process control, regulatory compliance, energy efficiency and productivity in mission-critical environments. While our solutions often represent a small portion of total project spend or ongoing operating costs, the cost of failure in these environments is extremely high, making performance, reliability and service increasingly imperative to customer success. Our well-established brands, including Nortek, Big Ass Fans, Addison and Reznor, are trusted across foundational sectors, including healthcare and life sciences, advanced manufacturing, data centers, logistics and

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education. Through our Nortek Air Solutions and Nortek Data Center Cooling businesses, we provide custom and semi-custom HVAC solutions, including air handling units, cooling distribution units and packaged systems for healthcare, education, semiconductor fabrication and data centers. Our Nortek brand's specialized solutions differentiate us from traditional HVAC providers that offer standard heating and cooling systems, which do not comprise a material portion of our Commercial segment net sales. For the period from January 1, 2025 to May 6, 2025 and for the years ended December 31, 2024 and 2023, AprilAire's commercial brands generated net sales of $34.1 million, $100.5 million and $96.5 million, respectively, that would have been accounted for in Madison Air's Commercial segment had we owned AprilAire and its associated commercial brands during those periods.

![img249127520_23.jpg](img249127520_23.jpg)

***Technology Platforms*** 

Our Commercial segment centers on five core platforms, each engineered to solve complex challenges for our customers and deliver tangible Return on Air:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Air Handling** – Custom and semi-custom engineered technologies that enable precise airflow control, humidity management and air exchange across diverse environments. These solutions support critical applications in hospitals, life sciences, advanced manufacturing, as well as commercial buildings, data centers, education, hospitality and large-scale industrial facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Air and Liquid Cooling** – Advanced thermal management solutions designed for reliability, efficiency and scalability at hyperscale, supporting data centers and high-intensity industrial environments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Air Movement and Heat** – High-performance heating and cooling technologies that enhance employee safety, comfort and productivity while improving energy efficiency in logistics hubs, manufacturing facilities, public spaces and institutions, such as schools, restaurants and sporting facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Humidity Control and Dedicated Outdoor Air Systems ("DOAS")** – Systems that manage humidity and ventilation in healthcare, institutional and retail settings supporting process integrity, occupant comfort and sustainability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Energy Efficiency Enablers** – Precision-engineered energy recovery components and systems that reduce operating costs, improve energy efficiency and protect sensitive processes in critical sectors such as low-humidity manufacturing, EV charging infrastructure, renewable power generation and education and workplace safety and productivity.

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![img249127520_24.jpg](img249127520_24.jpg)

***Differentiated by Return on Air: Commercial Segment Case Studies*** 

<u>Healthcare</u> 

Healthcare environments can demand the highest standards of air quality, reliability and performance. A medical campus illustrates this distinction clearly. Administrative office buildings, typically two to three stories, can often be served by standard packaged rooftop HVAC units. These solutions, sufficient for basic heating and cooling needs, are most often provided by traditional HVAC companies.

The main hospital building, however, presents a fundamentally different challenge. Hospitals are large, complex facilities where patient health and safety is paramount. They require precise, clean air delivered at scale, with limited tolerance for unplanned downtime. These systems support critical spaces such as operating rooms, surgical suites and patient care areas. Madison Air is engineered for these challenges.

Our solutions are engineered to deliver highly filtered, pure airflow far beyond the limits of traditional HVAC systems. While many standard commercial air handlers are typically designed to provide 40,000–60,000 cubic feet per minute ("CFM") of airflow, Madison Air systems can deliver up to 400,000 CFM – nearly ten times greater capacity. This level of airflow is equivalent to ventilating approximately 400 average U.S. homes simultaneously.

Performance extends beyond capacity. Madison Air systems are designed to minimize cross-contamination between supply, return and bypass airflows, achieving leakage rates below 1%, compared to 3–5% for conventional HVAC systems. This precision can reduce the risk of airborne virus transmission, improve energy efficiency and extend asset life by preventing pressure fluctuations that accelerate wear. Longer asset life translates into lower lifecycle costs and higher operational continuity. We call this customer value Return on Air.

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![img249127520_25.jpg](img249127520_25.jpg)

Our solutions are engineered to meet exact customer requirements, including space constraints, air quality, air flow, serviceability and redundancy – parameters which often cannot be met to the same degree and specificity by traditional HVAC offerings. For example, features such as our FANWALL technology, which utilizes multiple smaller fans instead of a single large fan, reduce single-point failure risk and simplify maintenance. This design advantage also supports upgrade applications, supporting flexibility and resilience.

While traditional HVAC manufacturers scale production of standard units, Madison Air scales custom engineering. Leveraging AI tools, such as NASDA, we strive to accelerate design and apply more than 350 years of cumulative engineering expertise to deliver tailored solutions faster and smarter. NASDA is powerful design and modeling software that uses machine learning to help engineers optimize air handler design for efficiency, acoustics and stringent performance standards. We believe its collaborative interface allows our team to work closely with customers to configure solutions tailored to specific building requirements, which we believe will reduce operating costs and improve lifecycle performance.

<u>Data Centers</u>

We believe Madison Air is well-positioned to be one of the leading providers of integrated data center thermal management solutions for many of the country's leading hyperscalers and colocators. Our portfolio includes precision air handlers, rear door heat exchangers, advanced controls, liquid cooling and hybrid configurations, which combine air and liquid cooling, backed by decades of engineering expertise and deep industry know-how. This broad suite of technologies allows us to architect thermal management systems, not just individual products. It positions Madison Air as a strategic partner to hyperscalers and colocators.

As global data center capacity accelerates, cooling is becoming one of the largest and fastest-growing areas of infrastructure investment. Thermal management is now a core enabler of next-generation compute, and Madison Air is at the center of this transformation.

We believe our engineering leadership, built on Nortek's decades of high-density cooling expertise, gives us deep industry expertise and a decisive edge. As data centers often require a 99% or more uptime reliability standard and proven operational continuity, we are often specified early in the design process, providing Madison Air with privileged visibility and pull-through on major builds.

AI and advanced chipsets are driving unprecedented heat output and rack density, creating new technical challenges for data centers. According to UBS Research, $600 billion is being spent on data center build outs in 2025 with 20% or $120 billion dedicated to physical infrastructure, the majority of which is flowing into thermal management and uninterrupted power supply. On this

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backdrop, analysts report that pricing remains resilient and barriers to entry are high. Madison Air meets these demands with multi-modal cooling solutions that scale, delivering reliable, energy-efficient thermal performance for the most complex environments. High-density racks now routinely reach 70 to 100 kW and AI racks are projected to exceed 200 kW. At these power levels, heat output and energy demand are inseparable, and we believe these rising thermal demands will make cooling and power infrastructure co-design essential. Madison Air solutions are increasingly embedded in hyperscalers' and colocators' power utilization, sustainability and reliability planning initiatives – reinforcing our role as a strategic thermal infrastructure partner.

Our Data Center Cooling business combines multiple advantages: deep domain knowledge, engineering expertise, a broad suite of integrated thermal management solutions and a customer-first engagement model. One of the ways we strive to deliver this is through C-Force, a dedicated team supporting the world's leading hyperscalers and colocation providers across the entire lifecycle of their critical infrastructure. C-Force unites specialists in engineering, operations, project management, commissioning and service to provide a seamless end-to-end approach – from concept and highly engineered design to delivery, installation and on-going operations. Working side by side with customers, the team aims to innovate and engineer to site-specific requirements, execute on time and at scale, and de-risk mission-critical operations with best-in-class technical support, commissioning expertise and continuous uptime strategies backed by over 350 years of cumulative engineering and manufacturing experience.

![img249127520_26.jpg](img249127520_26.jpg)

<sup>1</sup> Based on management estimates and information presented in U.S. Energy Information Administration, *End Use: September 2025*, November 2025.

<sup>2</sup> Uptime standards applicable to Tier 1 to Tier 4 data centers.

<sup>3</sup> Based on management estimates and information presented in CBRE, *Global Data Center Trends 2025*, June 2025 and management estimates.

<sup>4</sup> According to Ponemon Institute, *Cost of Data Center Outages*, January 2016.

***Strategic Channel Approach*** 

Madison Air's Commercial segment reaches the market through a balanced and performance-driven go-to-market channel mix that includes manufacturers' sales representatives, distributors, direct sales, private label manufacturing for original equipment manufacturers ("OEMs") and e-commerce. This multi-channel approach ensures efficient coverage, strong market responsiveness and lasting customer relationships. Based on historical averages of net sales and management estimates, we expect that approximately

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38% of our Commercial channel net sales will continue to be derived from manufacturers' sales representatives, 37% from direct sales and 19% from distribution, with the remainder through e-commerce and OEM private label.

![img249127520_27.jpg](img249127520_27.jpg)

<sup>1</sup> Based on historical averages of net sales and management estimates.

Note: Values are approximate.

We aim to deliver superior speed, training and best-in-class service with a reputation for delivering on time, which we believe has earned long-tenured partnerships with channel partners and customers who rely on us for their most critical air-related needs. We invest in our channels to help partners fully understand and communicate our Return on Air value proposition. Our independent manufacturers' sales representatives are third-party channel partners who act as intermediaries between our businesses and the end-users of our solutions. These representatives work directly with end-users and their contractors to market our solutions, organize and respond to requests for quotes, and coordinate delivery, startup and commissioning. Certain end-customers prefer purchasing through these third-party representatives because these firms bundle our solutions with other products needed for their projects. Our manufacturers' sales representatives are incentivized through sales commissions. Our independent manufacturers' sales representative groups cover the top 50 North American markets where we believe they often serve as exclusive providers of certain of our solutions. Our manufacturers' sales representative network reaches local customers pursuing new construction or renovation projects. We maintain deep, long-tenured partnerships by providing significant training, application expertise and differentiated solutions. We feel as though this gives us unmatched reach, balance and influence in the market.

In addition to manufacturers' representatives, our distribution partners play a critical role by selling to contractors and building owners. Our sales team engages directly with our distribution partners to ensure their understanding of our solution offering and Return on Air value proposition. We clearly define targets and goals with our distribution partners to align incentives and drive performance.

We also maintain strategic, competitive relationships with blue-chip customers across key sectors. We believe these relationships are a source of competitive advantage, allowing us to understand diverse customer needs and anticipate market trends. For example, in our data center business, our highly trained direct sales and engineering teams partner directly with end customers, such as leading hyperscalers and colocators to jointly innovate and deliver tailored cooling solutions, often starting from the initial design phase of a project with an aim of staying ahead of evolving infrastructure demands in a rapidly changing and growing market.

It's a strategic approach that we believe allows us to build reach, scale effectively and earn trust which helps us ensure our solutions are specified, sold and supported across a wide range of industries and applications.

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Our multi-channel approach supports a proven land and expand sales strategy that maximizes customer lifetime value. The following example from our Air Movement and Heat business demonstrates how we grow relationships over time:

![img249127520_28.jpg](img249127520_28.jpg)

<sup>1</sup> Based on potential additional sales vs. initial $40,000 initial HVLS fan investment.

<sup>2</sup> According to Building and Environment Volume 88, *Extending air temperature setpoints: Simulated energy savings and design considerations for new and retrofit buildings* (2015).

<sup>3</sup> Management estimate based on a survey of outstanding literature, including (i) The University of Chicago EPIC Energy Policy Institute, *Hot Temperatures Decrease Worker Productivity, Economic Output* (August 2018), (ii) Building and Environment, Volume 41, *The effect of a redesigned floor plan, occupant density and the quality of indoor climate on the cost of space, productivity and sick leave in an office building–A case study* (December 2006) and (iii) ASHRAE Transactions, *Control of temperature for health and productivity in offices* (June 2004).

<sup>4</sup> Based on management estimates.

We have a proprietary route to market with our solutions and products and largely control our channel in our Air Movement and Heat business. With each solution delivering Return on Air benefits such as 30% energy cost reductions, significant cooling improvements and 15% productivity gains, we create natural expansion opportunities that drive both customer satisfaction and profitable growth across our Commercial segment.

**Residential Segment** 

***Overview*** 

The Residential segment accounted for approximately 34% of Madison Air's net sales as of December 31, 2025, and is anchored by trusted brands like AprilAire, Broan-NuTone and Zephyr. The acquisition of AprilAire in 2025 was pivotal in building our differentiated Residential platform. For the period from January 1, 2025 to May 6, 2025 and for the years ended December 31, 2024 and 2023, AprilAire's residential brands generated net sales of $144.6 million, $389.9 million and $334.7 million, respectively, that would have been accounted for in Madison Air's Residential segment had we owned AprilAire's residential brands during those periods. We estimate that net sales of the AprilAire brand have grown at a CAGR of approximately 8.4% from 2007 to December 31, 2025 (based on management estimates, including for periods preceding the brand's acquisition by Madison Air). Madison Air is one of the leading players in the industry, offering a full suite of Healthy Air System solutions, an integrated portfolio that addresses the five foundational pillars of indoor air quality – purification, ventilation, humidification, dehumidification and sensors and digital controls. These trusted brands enjoy wide-reaching distribution breadth, with multiple channels serving professionals, consumers and retailers.

Approximately 70% of Residential net sales came from replacement and upgrade demand for the year ended December 31, 2025, which generates recurring, highly visible revenue streams. We estimate that AprilAire's patent-protected filters, for example, can generate a recurring aftermarket opportunity with up to nine times aftermarket sales potential over the life of an air cleaner. The remaining approximately 30% of net sales for the year ended December 31, 2025 were driven by new construction, supported by evolving standards and builder demand for integrated code-compliant air quality solutions.

We believe we play a leading role in advancing Healthy Air solutions for single- and multi-family homes. As residential construction trends toward increasingly airtight building envelopes to improve energy efficiency, the need for indoor air quality solutions, including purification, ventilation, humidification, dehumidification and sensors and digital controls, has become increasingly more critical. When properly specified and installed, our highly engineered solutions are designed to meet these

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ventilation targets for builders and professionals while providing real-world benefits for homeowners like health, comfort, home preservation and energy efficiency.

Our products deliver meaningful and tangible benefits as consumers increasingly prioritize wellness and energy efficiency at a fraction of the cost of a traditional HVAC system overhaul. For example, instead of installing a complete heating and cooling system in a home (which can range from $5,000 to $15,000), a fully installed whole home humidifier (often $500 to $2,500) or bath fan (around $100, and that can often be installed by the homeowner) can provide better indoor air quality and comfort to a family, making them increasingly attractive for homeowners, builders and professionals.

![img249127520_29.jpg](img249127520_29.jpg)

***Technology Platforms*** 

Our Healthy Air System is built around five foundational pillars of indoor air quality – each engineered to address the performance, comfort and compliance demands of today's homes, while consistently delivering our tangible Return on Air value proposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Purification** – High-efficiency filtration removes particulates, pollutants and allergens to enhance health and comfort. We estimate that AprilAire's patent-protected filters can generate a recurring aftermarket opportunity with up to nine times aftermarket sales potential over the life of an air cleaner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Ventilation** – Replaces stale indoor air in increasingly airtight homes with clean, conditioned outdoor air. Supports cognitive function, reduces indoor pollutants and enables compliance with building codes and energy standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Humidification** – Maintains optimal humidity levels during dry seasons through whole-home systems that support respiratory health, improve overall HVAC efficiency and durability and enhance comfort.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Dehumidification** – Manages moisture in humid climates and below-ground spaces like basements and crawlspaces. Helps prevent mold growth and structural damage, supporting health, comfort and home preservation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Sensors and Digital Controls** – Smart sensors, zoning solutions and digital applications monitor indoor air quality in real time and automate system performance – delivering consistently Healthy Air with minimal homeowner involvement.

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![img249127520_30.jpg](img249127520_30.jpg)

***Differentiated by Return on Air*** 

We believe Madison Air's residential brands, AprilAire, Broan-NuTone and Zephyr, create a balanced market opportunity by serving both core ventilation needs and the growing demand for integrated Healthy Air solutions. As Madison Air provides one of the most complete portfolios of the Healthy Air System, we believe we are positioned to capture the entire spectrum of opportunity from standard builders to premium homeowners and the whitespace in between.

<u>Core ventilation</u>: (approximately 65% for the year ended December 31, 2024, based on $2.6 billion of Madison Air's reported net sales and $490.5 million of AprilAire's reported net sales for the year ended December 31, 2024, respectively)

Builders and professionals prioritize code compliance, cost, labor efficiency and risk. These professionals tell us they choose our solutions because they install faster, reduce callbacks and deliver proven premium performance – saving time and money. Management estimates that our solutions enable professionals to lower their labor costs and reduce costly warranty claims, directly improving their margins on each install.

Broan-NuTone is an industry leader and trusted brand in home ventilation – kitchen, bath and balanced supply / exhaust – and is trusted by builders, professionals and homeowners alike. Our latest innovations, including our Broan One Energy Recovery Ventilator ("ERV") and the Broan Evolve premium bathroom exhaust ventilation fan, extend our market position into advanced ventilation and premium categories, creating the potential for further upside in higher-margin segments while reinforcing our stronghold in core markets.

<u>The Healthy Air System</u>: (approximately 35% for the year ended December 31, 2024, and growing)

As homeowners invest in better air quality and healthier living environments, we believe Madison Air is uniquely positioned to lead with the Healthy Air System. With an estimated 92% of AprilAire's U.S. addressable market still unpenetrated based on the number of homes in the United States that have at least one indoor air quality device installed as compared to U.S. housing stock, we believe the growth opportunity is significant. Professionals are trained to have Return on Air conversations – showing homeowners how Healthy Air solutions can improve health, comfort, and home preservation. Professionals are trained to spot signs like musty smells indicating excess humidity, poor ventilation and possible mold growth, hardwood floors that are sensitive to humidity swings, and pets that lead to increased allergens, odors and pathogens. All these signs open the door to a Healthy Air System sale at a fraction of the cost of a full HVAC system and underpin our management estimated 40 million annual Healthy Air System selling opportunities, representing roughly four times more commercial opportunities than traditional HVAC system replacements alone, driven by the combination of HVAC unit replacements and service contract touchpoints.

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This contractor-led approach is only part of the story. To capture the full penetration opportunity, we look to activate every link in the value chain.

***Strategic Channel Approach*** 

Madison Air's Residential commercialization strategy leverages a diverse, highly engaged network of distributors, trade professionals, builders, retailers, e-commerce platforms and OEM private label partners. Our primary go-to-market channel consists of wholesale distribution partners, who sell our products to the professional contractors and dealers that serve the replacement, upgrade and new construction markets. We work closely with distributors, providing a one-stop Healthy Air System portfolio that simplifies inventory and drives category growth. Our contractor-first approach equips trade professionals, as well as builders, with the training, tools and differentiated products they need to simplify installation, reduce project costs and grow their businesses. We strive to educate and build loyalty with these key channel partners, as they ultimately influence end-customer purchase decisions. We structure our approach with the goal of ensuring we provide partners with the right tools, incentives and training, including in-person sessions at our facilities, to help them identify indoor air quality opportunities and communicate the value of our complete Healthy Air System. This hands-on support helps our channel partners understand the full value of our Healthy Air System and how it can deliver the Return on Air value proposition through improved efficiency, fewer callbacks and enhanced homeowner satisfaction. Beyond the professional channel, we also extend our reach through retail and appliance partners, bringing trusted brands into mainstream consumer purchase paths.

![img249127520_31.jpg](img249127520_31.jpg)

<sup>1</sup> Based on historical averages of net sales and management estimates.

Note: Values are approximate.

Beyond the professional channel, our mandate is to extend our reach through retail and appliance partners, bringing trusted brands into mainstream consumer purchase paths. Our presence on leading e-commerce platforms expands access and convenience for homeowners, supported by strong digital engagement and top-rated consumer reviews. OEM private label partnerships integrate Madison Air solutions into new equipment platforms, creating embedded value for builders and homeowners, while direct-to-consumer initiatives provide targeted opportunities for education and brand engagement.

Based on historical averages of net sales and management estimates, we expect our channel mix to continue to reflect this breadth: 53% from distribution and dealers, 15% from retail, 14% from appliance, 13% from e-commerce, 3% from OEM private label and 2% from direct sales. This channel structure is free of conflict, building trust across the system and enabling unified execution around performance, education and long-term partnership. Madison Air's differentiated solutions and trusted brands have earned loyalty across channels, reflected in repeat purchases and strong consumer ratings. By combining deep relationships with distributors, builders and professionals with expansion across retail and digital platforms, we have created a flywheel for sustained growth.

**Our Strengths** 

Madison Air enters this moment from a position of strength, supported by a scalable foundation designed for growth. We firmly believe that these three defining strengths power our ability to deliver better air, better outcomes for our customers and better returns:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Differentiated by Return on Air

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Leadership in growth markets

Together, these strengths create a business with category-defining products, real momentum and a compelling long-term growth story. With a footprint weighted toward replacement and upgrade demand, and a market still largely untapped, we believe Madison Air is poised to capture high-value whitespace across both Commercial and Residential markets. Importantly, tightening state and local ventilation codes are increasingly influencing homeowner and contractor choices – making high-performance solutions not just desirable, but often necessary for compliance. As North America's infrastructure continues to modernize, we believe building standards around air quality and energy efficiency will become more stringent and prevalent. As awareness for the power of air accelerates, we believe we are at the forefront of driving performance, unlocking potential and creating tangible value in this market.

**1.** **Differentiated by Return on Air** 

We invented the Return on Air value proposition, which is the tangible value created when air becomes a strategic asset. Air is not just about comfort, it impacts a broader set of critical outcomes, including uptime, efficiency, compliance, productivity and health. We don't just move air – we engineer it to deliver a tangible return in environments where air quality has a direct and significant impact on business performance.

![img249127520_32.jpg](img249127520_32.jpg)

<sup>1</sup>According to Ponemon Institute, *Cost of Data Center Outages,* January 2016.

<sup>2</sup>According to Meegle, *Cleanroom Airflow Strategies,* 2025.

<sup>3</sup>According to the United States Environmental Protection Agency, *Mold Course,* 2025.

<sup>4</sup>According to Science News Explores, *Stuffy classrooms may lower test scores,* 2015.

<sup>5</sup>Volatile Organic Compounds (VOCs).

<sup>6</sup>According to Atmospheric Environment, Volume 345, *Comparative analysis of indoor volatile compound levels in an office: Impact of occupancy and centrally controlled ventilation,* 2025.

Our customers realize a tangible return because our products are engineered for their specific, high-stakes environments. For a data center, Return on Air is captured through energy-efficient solutions. In an environment where we estimate a 100 megawatt data center can save up to $11 million annually per 0.1 reduction in Power Usage Effectiveness, this prevents downtime that can cost as much as $9,000 per minute. For a logistics operator, it is increased productivity and return on investment driven by a reduction in idle time each day. For a hospital, it is the improved patient safety from air systems engineered for leakage rates of 1% or less compared to 3-5% for conventional HVAC systems.

This unwavering focus on delivering a tangible return for our customers is the foundation of our strategy. It drives our innovation, strengthens our customer partnerships, and creates a durable competitive advantage in the markets we serve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Proprietary Technology Platforms Built with Deep Application Expertise and IP Protections** 

Madison Air's strength lies in understanding how systems perform in the field, not just on paper. Our engineering, sales and applications teams work alongside operators, builders and design engineers to solve complex air challenges tied to performance, compliance, and environmental conditions.

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This expertise enables us to deliver highly engineered custom and semi-custom solutions designed to fit customer site requirements. From cleanroom air handling for semiconductor fabrication facilities to humidity control in healthcare settings, our mandate is to deliver precision where it counts. In markets where performance, not price, drives selection, this is a decisive advantage.

We bring the same rigor to Residential markets, partnering with professionals, builders and distributors to advance Healthy Air solutions like purification, ventilation, humidification, dehumidification and sensors and digital controls. By staying embedded in customer workflows, we are better able to anticipate needs and accelerate innovation.

Our technology platforms combine proprietary designs, patent-protected innovations and integrated controls and are engineered to deliver precision, reliability and efficiency in critical environments. With approximately 600 R&D engineers and over 900 issued patents and pending patent applications, our technology spans advanced thermal management, cleanroom air handling, energy efficiency technologies and the Healthy Air System.

From advanced air and liquid cooling to purification, humidity management and intelligent sensing, our solutions are engineered to perform in the most demanding environments – hyperscaler data centers, semiconductor fabrication facilities, hospitals, schools and homes. Our mandate is to create environments that work better, so our customers can too.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Strong, Long-standing Customer and Channel Relationships** 

We invest in sales enablement, training, digital design tools, channel marketing and technical support – embedding Madison Air into customer and channel partner workflows. This alignment gives us visibility into market needs, accelerates conversions and connects us directly to decision-makers and influencers who shape demand. It's an advantage that we believe positions us to fuel growth and drive stronger sales performance across channels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Improved Outcomes Through Return on Air** 

Return on Air turns engineering differentiation into customer outcomes that drive uptime, productivity and lifetime economics. In mission-critical digital infrastructure, Nortek Data Center Cooling strives to deliver 99% on-time and on-quality. Consistent delivery protects customers in high-stakes environments from commissioning delay exposure, which we estimate is up to $1.5 million per day for a 100 megawatt site. In an operating room where patient safety is paramount, Nortek Air Solutions reliably delivers clean, healthy air. With its redundant system design, leak-rates are up to 80% lower than traditional HVAC systems.

We believe these tangible advantages deepen loyalty, strengthen specification preference and reinforce Madison Air as a leader in engineered air systems where performance drives business results.

**2.** **Leadership in Growth Markets** 

Our focus on high-growth, performance-driven markets is a second key differentiator. From data centers to homes, cleanrooms to classrooms, Madison Air continues to embed itself where air quality is important and demand is accelerating. These aren't traditional HVAC markets – they're high-stakes spaces where better air drives better outcomes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Established Brands in Growth Markets** 

Madison Air brings together powerhouse brands – Big Ass Fans, Nortek, Addison, Reznor, AprilAire and Broan-NuTone – that are recognized for superior performance. Our brands hold strong positions, with several setting specification standards, to deliver in high performance environments. Recognized for innovation and trusted for reliability, they serve both Commercial and Residential markets.

We believe Madison Air plays a leading role in precision air management, putting us at the center of fast-growing segments where air quality, energy efficiency and environmental control are critical to success. Brand strength builds loyalty and positions us well to attack the vast whitespace opportunity across our brands. Customers choose Madison Air

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for proven performance and differentiated solutions, not lowest cost. With deep customer relationships and several category-defining products, we believe our portfolio provides a durable edge in markets that demand more and are growing fast.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Strategic North American Presence** 

A broad North American footprint, deep channel partnerships and local engineering expertise enable speed, precision and close customer alignment. We believe this local agility at enterprise scale is a structural advantage in dynamic markets where reliability, responsiveness and technical excellence are critical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Resilient Growth: Replacement, Upgrade and Growing Services and Aftermarket Business** 

With roughly 60% of demand expected to be tied to replacement, upgrade and aftermarket activity based on historical averages of net sales and management estimates, we benefit from a durable revenue stream less sensitive to new construction cycles and economic fluctuations. Our growing installed base unlocks recurring revenue through aftermarket services and parts, reflecting our focus on lifecycle value and customer retention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Specialized End Markets That Value Return on Air** 

We serve technically demanding sectors – semiconductor manufacturing, high-density data centers, healthcare and life sciences, logistics, education and advanced manufacturing – where air quality impacts uptime, yields, safety and productivity. In Residential markets, our mandate is to create Healthy Air Systems to help professionals reduce installation time and callbacks while enhancing health, comfort, home preservation and energy efficiency for homeowners.

Across these specialized markets, Madison Air acts as a strategic partner, not just a supplier. Our deep application expertise and highly engineered solutions deliver tangible outcomes, which we believe gives us a distinct edge. It's how we deliver on our Return on Air value proposition.

Well-established brands, strong channel partnerships and an efficient North American manufacturing footprint help enable rapid, precise delivery of solutions. Scaled procurement and operational expertise create cost advantages that strengthen margins and build lasting structural benefits – which we believe fuels Madison Air's momentum to attack whitespace, capture market share, outperform competitors and deliver lasting value in growth markets.

Madison Air is built on a clear, disciplined operating philosophy that runs through the fabric of the company – from how we set priorities, to how we organize our teams and allocate capital. We combine entrepreneurial agility with strategic discipline, which we believe enables our businesses to stay close to customers, focus on what matters most and consistently execute through changing environments and market opportunities. This model has allowed us to scale efficiently, sustain performance through cycles and compound enterprise value over time.

![img249127520_33.jpg](img249127520_33.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Mission and Culture** 

Our mission is simple yet powerful: make the world safer, healthier and more productive through the power of better air. This purpose shapes how we build, grow and operate—whether protecting critical infrastructure, enabling safe hospital

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operations, supporting learning environments, or keeping families healthy at home. It drives a culture of integrity and ownership that attracts and retains top talent, with retention rates exceeding industry averages.

Moreover, our decentralized model empowers leaders to think and act like owners. Enterprise-wide mobility enables talent to move across brands, functions and geographies, sharing best practices and accelerating innovation. This culture of entrepreneurship and accountability scales with our business and strengthens our platform as we deepen our bench with leaders capable of leading Madison Air for generations to come.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**80/20 Operating Model** 

At the core of Madison Air's execution is an 80/20 operating model. We focus relentlessly on the few priorities that drive outsized impact. Our culture is to cut through complexity, sharpen accountability and redeploy resources toward the highest return opportunities.

Madison Air's 80/20 operating model is a core management philosophy that underpins our approach to delivering best-in-class customer service and financial performance. The model is based on Pareto's Law which states that 80% of consequences (outputs) come from 20% of causes (inputs) or a minority of inputs or efforts lead to the majority of results (formulated by economist Vilfredo Pareto in 1896). This principle is widely used for prioritization, optimization and increasing efficiency across business. Under this model, we focus on the products, customers and markets that generate the most value (our "80s"), while streamlining and reducing resource allocation to lower-value activities (our "20s"). By focusing on these high-impact areas, we believe we are able to better address our customers' needs, eliminate unnecessary complexity and cost, and enhance our ability to deliver exceptional service and solutions. The 80/20 model is embedded in our culture and is actively promoted by leadership at every level of the Company, guiding strategic planning, capital allocation, and talent deployment. By aligning our resources with our customers' greatest needs, we dedicate investments toward our highest-value opportunities to drive profitable growth.

Our management implements the 80/20 model across all aspects of the business, including through direct interactions with employees, suppliers and customers. For employees, the 80/20 model empowers teams to focus on high-impact activities and customers, and encourages a culture of prioritization and accountability. With suppliers, we concentrate relationships on partners that deliver the greatest value, focusing our supply chain to support our most critical products and markets. For customers, we direct significant sales and service efforts toward those who drive the majority of our results, with the goal of delivering superior service and solutions to our most important partners. In practice, we believe this approach has enabled us to accelerate growth by serving our best customers and markets, expand margins by shifting our revenue mix toward higher-margin opportunities and enhance cash conversion by simplifying operations and focusing on recurring, high-value revenue streams. Our critical priorities, as supported by the 80/20 operating model, are to drive profitable growth, expand margins and increase cash conversion by focusing on the opportunities we believe present the highest value and eliminating unnecessary costs and complexities.

We have assembled recognizable name brands that collectively represent sustained performance gains across the economic cycle. We believe this ability to generate durable top-line growth is reflected in our reported net sales growing at a management estimated 54.6% CAGR from January 1, 2020 to December 31, 2025, with our current portfolio of brands' collective net sales growing at a management estimated 7.8% CAGR over the same period, calculated giving effect to all merger and acquisition activity as if such brands had been owned for all periods presented.

Since completion of the transformational acquisitions of Nortek and Big Ass Fans in June and July of 2021, respectively, Madison Air's management has leveraged our 80/20 operating model to drive operational improvements across the portfolio. We believe our ability to drive sustainable margin improvements using our 80/20 operating model is reflected in our management estimated net income (loss) margin expansion of approximately 410 basis points from January 1, 2022 to December 31, 2025, with management estimated reported Adjusted EBITDA margin expansion of approximately 680 basis points over the same period.

We believe discipline strengthens margin sustainability by concentrating sales, marketing, engineering and operational resources on the products, markets and customers that deliver the highest margins. By eliminating complexity and shifting our revenue mix toward higher-margin opportunities, we strive to accelerate growth, enhance cost competitiveness and expand our installed base – unlocking more recurring revenue. As scale builds, we believe these benefits will support a durable margin engine that drives long-term profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Owner's Mindset** 

Madison Air empowers leaders to think and act like owners, placing decision-making closest to the point of impact: in the hands of our teammates who are speaking with our customers, developing our products and leading our front-line

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teams. This approach drives speed, accountability and agility across the organization. Supported by clear metrics, shared values and our delegation of authority framework, our teams stay focused on what drives performance and long-term value.

Our decentralized structure keeps businesses deeply connected to customers, enabling rapid problem solving and application of specific expertise. We remain lean at the center with approximately 0.5% of total headcount focused on strategic direction, capital allocation and enterprise and compliance talent. We have the advantages of a large organization, with the ability to share technologies, source strategically and cross-pollinate best practices, while preserving the entrepreneurial energy that fuels innovation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Sustainable Growth** 

Madison Air has driven sustainable growth through a balanced approach that combines organic growth and market expansion with strategic M&A. We invest in innovation, channel development and operational excellence to accelerate organic growth in high-performance markets, while selectively acquiring businesses that strengthen our portfolio and extend leadership in strategic categories.

Our capital allocation discipline is a cornerstone of this model. With capital expenditures targeted at 2% or less of net sales and a cash conversion target above 100%, we strive to maintain a strong balance sheet while funding both organic growth initiatives and strategic M&A. We believe our discipline and the strength of our balance sheet allow us to scale faster in markets where we have a clear advantage, without compromising long-term financial health.

**Our Growth Strategy** 

Madison Air's growth strategy is focused, disciplined and rooted in our core strengths. We plan to continue to build from a foundation of leadership in high-performance markets – by winning new customers, penetrating the share of wallet for our current customers, advancing targeted innovation and entering adjacent segments where demand is accelerating. Strategic M&A will continue to serve as an additional catalyst, which we seek to apply with precision to create meaningful value and strengthen our competitive position.

Our strategy is backed by deliberate and disciplined investment in growth capabilities. We invest in our sales and R&D capabilities to deepen customer engagement and broaden market reach, with the goal of accelerating innovation, driving organic growth and delivering next-generation solutions. We've committed over $300 million in capital since 2021 toward R&D, including potential growth opportunities and upgraded manufacturing equipment to enhance safety, quality and employee engagement.

A key enabler of growth is our highly flexible, decentralized manufacturing footprint. With over five million square feet of manufacturing and distribution capabilities across 33 manufacturing facilities in North America, two facilities in Europe and two facilities in APAC, we believe we have the capacity to support significant growth without outsized investment. We believe this is a structural advantage that allows us to reposition production rapidly, align resources to the highest-value opportunities and scale with speed.

We believe that our consistent execution and the success of our growth strategies is demonstrated by the durable, compounding growth of our current portfolio of brands. We estimate that Madison Air's reported net sales have grown at a CAGR of 54.6% on average from January 1, 2020 to December 31, 2025. We estimate that our current portfolio of brands' collective net sales have grown at a CAGR of 4.6% on average from 2007 to 2020 and 7.8% on average from January 1, 2020 to December 31, 2025 calculated giving effect to all merger and acquisition activity as if such brands had been owned for all periods presented, respectively, outpacing the U.S. GDP growth rate in 15 of the last 17 years on a historical basis.

***Fortify and Grow the Core*** 

With our estimated 8% share of an estimated $40 billion North American addressable market (based on Madison Air's reported net sales of $3.3 billion for the year ended December 31, 2025), we estimate that Madison Air has approximately $36 billion of

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runway for growth in existing markets. We intend to continue to invest in fortifying our foundation for durable, profitable growth by strengthening capabilities that expand our competitive advantage and unlock organic share gains. Our efforts to grow our core business are focused on the following objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Expand Market Share and Win New Customers** 

Having unlocked organic growth through a focus on high-value segments like data centers, cleanroom manufacturing, life sciences and clean energy, we are committed to sustaining this momentum by deepening investments across direct, representative and other channel sales. This includes expanding our direct sales force, adding regional sales managers in key geographies and strengthening relationships with manufacturers' sales representatives to capture share where demand is accelerating.

To win new customers and drive share gains, we launched the Madison Air Sales Academy in 2022 to deliver advanced sales and leadership training. We also redesigned incentive plans to reward profitable growth. At the same time, we are scaling marketing capabilities, building retail channel-focused teams and deploying generative AI-based channel enablement tools which we believe will increase visibility and stimulate demand. Together, we believe these initiatives form a high-performance commercial engine equipped with the talent, tools and motivation to grow share with existing customers and capture new opportunities.

![img249127520_34.jpg](img249127520_34.jpg)

<sup>1</sup>According to Omdia, *Omdia research predicts data center cooling market to reach $16.87 billion in 2028*, June 2024.

<sup>2</sup>According to Market Data Forecast, *North America Energy Recovery Ventilator Market Report,* June 2025.

<sup>3</sup>According to Silicon Semiconductor, *HVAC for semiconductor back-end market to surpass $4.7 billion by 2044,* November 2025.

<sup>4</sup>According to Meticulous Research, *Cleanroom HVAC Market by Filter Type (HEPA, ULPA), System Type (Recirculating, Single Pass), Component (AHU, FFU, Laminar Flow), Cleanroom Class (ISO 1-9), Application, End User, and Geography—Global Forecast to 2035, October 2025.*

<sup>5</sup>According to Precedence Research, *Desiccant Dehumidifier Market Size, Share and Trends 2025 to 2034,* November 2025; and Growth Market Reports, *Ice Arena Dehumidification Market Research Report 2033.*

<sup>6</sup>Based on management estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Leveraging AI and Advanced Digital Platforms for Growth** 

Madison Air is investing in AI and advanced digital platforms to transform customer experiences and make our solutions easier to design, sell and purchase. Key initiatives include ERP upgrades in several businesses and major enhancements to NASDA. NASDA is powerful design and modeling software that uses machine learning to help engineers optimize air handler design for efficiency, acoustics and stringent performance standards. We believe its collaborative interface allows our team to work closely with customers to configure solutions tailored to specific building requirements, which we believe will reduce operating costs and improve lifecycle performance.

Beyond design, we believe predictive AI capabilities, including NASDA and Broan-NuTone's smart sales planning algorithm will help enable us to anticipate subtle shifts in demand, capture new customers and deepen relationships with existing ones to drive speed, efficiency and growth.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Invest in Innovation** 

We believe Madison Air's innovation pipeline strengthens our competitive advantage and reinforces our market position in high-performance air solutions. We have expanded product development capabilities across Commercial and Residential markets and introduced differentiated solutions for the most demanding applications – addressing rising thermal loads in data centers, delivering advanced heating and cooling solutions for logistics providers and creating air movement solutions specifically for new construction projects. We are also launching next-generation products that are designed to align with the industry's accelerating shift to electrification.

In Residential markets, we are investing to deliver technologies across purification, ventilation, humidification, dehumidification and sensors and digital controls – advancing our market position in several Healthy Air categories. Robust new product roadmaps are in place and actively executed, helping to ensure Madison Air continues to be a standard-setter for innovation and tangible Return on Air.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Expand Aftermarket and Service Capabilities** 

We believe Madison Air is in the early stages of unlocking significant value from our installed base. We believe these opportunities represent a structural source of recurring, predictable and compounding revenue—enhancing both earnings stability and lifetime customer value. Across both Commercial and Residential markets, our solutions are deeply embedded in environments where performance and reliability are key. We believe this drives consistent demand for aftermarket services and parts. Approximately 50% of our aftermarket component sales are proprietary parts, creating high-margin, recurring revenue streams. Over time, we believe these aftermarket offerings have and should return multiples of the initial equipment sale, making them a powerful engine for long-term growth. For example, we estimate that Nortek Data Center Cooling's cooling systems can generate a recurring aftermarket opportunity with up to three times the initial equipment sale value over the lifecycle of a cooling system. As our installed base grows, we expect demand to naturally rise for replacement components, scheduled maintenance, upgrades and system optimization. Our presence in performance-driven markets – data centers, semiconductor fabrication facilities, cleanrooms, advanced manufacturing and residential – is expected to further increase aftermarket intensity and heighten customer reliance on our products throughout the lifecycle.

![img249127520_35.jpg](img249127520_35.jpg)

<sup>1</sup>AprilAire sells media air cleaners, which purify the air, for $70 per unit and replacement filters for $40 per unit, on average, at trade professional pricing.

<sup>2</sup>According to A1 Mechanical Heating & Cooling, *How Often Should Your HVAC Be Serviced?,* August 2024.

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***Strategic Expansion in Underpenetrated Markets*** 

Madison Air strives to accelerate growth by targeting high-value whitespace in markets where performance requirements are rising and our innovative solutions portfolio gives us a clear edge. Our unique value creation model aims to focus resources on the highest return opportunities, deploying dedicated teams and capital with precision while maintaining overall spend efficiency.

A flexible North American-focused manufacturing footprint of over five million square feet enables rapid capacity shifts to capture growth. For example, we recently repositioned production to meet surging data center cooling needs without adding new facilities, which we believe is a significant advantage versus competitors in these fast-paced environments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Capitalize on Significant Whitespace** 

We are unlocking growth potential in adjacent segments aligned with macro tailwinds like electrification, demand for Healthy Air and rising precision requirements. Examples include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Big Ass Fans, a brand that brings performance and innovation with industrial HVLS fans, a category we estimate has an approximate 4% market penetration based on a management estimated industrial HVLS fan market size of $256.5 million for the year ended December 31, 2025, and a management estimated whitespace opportunity of $6.80 billion for the industrial HVLS fan category. We estimate this whitespace opportunity based on the average price of our fans multiplied by our estimate of the total number of fans that can be installed in the United States, using an estimate of the total 'fanable' floor space based on data from published private and governmental studies and management estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Residential indoor air quality, where only 8% of U.S. homes have indoor air quality devices – and we estimate that those homes mostly have only one – where a Madison Air complete Healthy Air System includes up to five devices to improve indoor air, making it one of the most complete portfolios of Healthy Air Solutions.

We believe these whitespace segments are underserved, tightly aligned with our core strengths and offer a clear path to scalable growth and category leadership. Beyond these examples, we see opportunity in emerging adjacencies like adding connectivity to our Healthy Air Systems and providing aftermarket services – market opportunities with the potential to be powerful levers for recurring revenue and margin expansion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Expand our TAM** 

As we continuously work to strengthen our position in "close to the core" adjacent markets, we are also looking ahead – with a goal to identify the next wave of high-growth opportunities. Since 2021, Madison Air estimates that it has tripled its North American TAM by entering specialized markets such as data centers, advanced manufacturing cleanrooms and residential fresh air systems. We believe these sectors grow at mid-single to double-digit rates, and we believe these sectors are structurally resilient and well-positioned to create durable vectors for long-term value. By applying the same disciplined approach that has fueled our success, we believe we are well-positioned to extend the strength of our market position into the next wave of air innovation.

![img249127520_36.jpg](img249127520_36.jpg)

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<sup>1</sup>Based on management estimates.

Our estimated $28 billion increase in TAM is based on management estimates and independent industry analysis and publications, and is comprised of: (a) our entry into the data center cooling market, which we estimate at $8 billion based upon estimates from independent industry analysis; (b) a management–estimated $15 billion addressable market for indoor air quality solutions accessed through the AprilAire Acquisition; (c) our entry into the $0.5 billion residential balanced ventilation market (according to Market Data Forecast); (d) our entry into the $1.5 billion semiconductor chip fabrication market (according to Silicon Semiconductor); (e) our entry into the $0.5 billion low humidity manufacturing market (according to Precedence Research and Growth Market Reports); (f) our entry into a $0.5 billion life sciences market (according to Meticulous Research) and (g) a management–estimated $2 billion of growth in existing markets since 2021. For more information, see "Market and Industry Data."

While we believe our TAM estimates are reasonable, such information is inherently imprecise and we cannot assure you of the accuracy or completeness of our estimates. See "Risk Factors—Risks Related to Our Business—Our estimate of total addressable market is subject to numerous uncertainties. If we have overestimated the size of our total addressable market now or in the future, our future growth rate may be limited."

**Strategic M&A** 

Madison Air uses select M&A to accelerate organic growth and strengthen our portfolio. More than 80% of our acquisitions have been sourced outside of auction processes through longstanding relationships, underscoring our reputation as a trusted, long-term partner and acquirer of choice. We target acquisitions that fill critical gaps, enhance technology platforms, expand market reach and unlock synergies, while aligning with our cultural and operational fit. This approach allows acquired companies to retain their domain expertise and benefit from shared capabilities across our enterprise. Our decade-long cultivation of Research Products Corporation, which brought AprilAire into our portfolio in 2025, exemplifies this strategy – reinforcing our leadership in the Healthy Air category and aligning perfectly with our Return on Air value proposition.

Each strategic acquisition aims to open new avenues for innovation and customer value, extending our ability to deliver Return on Air. This disciplined strategy has delivered growth and margin expansion, compounding enterprise value over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Portfolio Enhancements** 

We target businesses that bring differentiated technologies, expand our presence in attractive end markets and deepen customer and channel access. Every acquisition is aimed to complement and extend Madison Air's core capabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Platform Synergies** 

The addition of AprilAire to our Residential segment in May 2025 is a powerful example. This acquisition expands our Healthy Air opportunities by bringing together the power of the AprilAire and Broan-NuTone brands to support our channel partners and customers. We believe we are differentiated by having two strong brands with differentiated innovations – a complete portfolio of Healthy Air Solutions, strong product innovation driving Return on Air, state of the art laboratory facilities, strong contractor channel relationships and broad and diverse distribution with multiple channels serving professionals and consumers. We believe this combination positions us to drive scaled growth at attractive margins.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**M&A Track Record** 

From day one, Madison Air set out with a clear vision to build a comprehensive portfolio of air solutions that transform air from a commodity into a strategic asset for our customers. Since 2017, Madison Air has deployed over $8 billion of capital across 13 acquisitions, ranging in enterprise values from $10 million tuck-ins to our transformational transaction with Nortek in 2021, which exceeded $3 billion. In May 2025, we also completed the AprilAire Acquisition for approximately $2.6 billion. This breadth demonstrates our ability to recognize the right opportunities, achieve ambitious synergy targets and deliver the value that defines Madison Air's success. Just as importantly, we know when to pivot to divest misaligned businesses to keep our portfolio strong. As an example, we divested NGH, a residential HVAC business, in 2024 as we believed it focused on the more commoditized markets within residential HVAC, which did not fit with our Return on Air value proposition to customers and channel partners.

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The divestiture did not include any brands used in Madison Air's ongoing businesses, notably the Nortek or Mammoth brands (which continue to be used by Madison Air).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Disciplined Execution** 

We aim to guide every acquisition by using rigorous strategic and financial criteria. Our disciplined integration approach is designed to ensure that M&A activity consistently compounds enterprise value, as evidenced by our management estimated 1,800 basis point expansion of Nortek Air Solutions' gross margin from January 1, 2021 to December 31, 2025 and 16.6% net sales CAGR over the same period, which we believe demonstrates our ability to drive performance and unlock value.

Madison Air's growth strategy centers on a disciplined plan to strengthen our core business, expand into adjacent markets and selectively enter high-growth niches through organic initiatives and strategic M&A. With our estimated 8% share of an estimated $40 billion North American addressable market (based on $3.3 billion of Madison Air's reported net sales for the year ended December 31, 2025), we believe Madison Air has meaningful, substantial and impressive room for organic growth. We believe our growth will be fueled by portfolio alignment with attractive end markets, expanded sales capabilities, innovation that delivers Return on Air and untapped potential across both Commercial and Residential segments, positioning us well to attack the vast whitespace opportunity across our brands.

**The Power of Madison Air** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Mission** 

Our mission is simple yet powerful: make the world safer, healthier and more productive through the power of better air. This purpose shapes how we build, grow and operate—whether protecting critical infrastructure, enabling safe hospital operations, supporting learning environments, or keeping families healthy at home. It drives a culture of integrity and ownership that attracts and retains top talent, with retention rates exceeding industry averages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Science of Healthy Air** 

The science of Healthy Air is proven and growing. Principles of air quality, humidity and thermal management apply across a variety of environments, from hyperscaler data centers to residential homes. We believe this shared foundation connects our Commercial and Residential businesses, helping to enable cross-portfolio innovation, application expertise sharing and engineering breakthroughs that amplify impact across our different end-markets. Every solution we deliver is engineered to improve health, protect assets, drive performance or provide other demonstrable benefits.

We believe our position among the leaders is reinforced by our IP portfolio, design-first engineering and scale advantages. Together, we believe these assets and advantages advance the science of Healthy Air and create the potential for a durable competitive advantage, positioning Madison Air to compete in the next wave of air innovation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**80/20: A Performance Model** 

Since our founding, the 80/20 operating model has been ingrained in Madison Air's culture and strategy. We focus relentlessly on the critical priorities that drive the greatest impact. This 80/20 operating model eliminates complexity, accelerates decision-making and aims to unlock profitable growth across the enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Our Decentralized Model** 

Our decentralized model empowers leaders to think and act like owners, placing decision-making closest to the point of impact: those teammates within each specific business who are speaking with our customers, developing our products and leading our front-line teams. Our front-line teams, which are organized by our brands, are comprised of those team members who work directly with our customers and in our operations. These are the team members who execute our day-to-day business with our partners across the value chain in order to produce high-quality and reliable products. Our front-line teams are separate and distinct from our lean support functions, who support and empower our front-line teams to operate effectively. Enterprise-wide mobility enables talent to move across brands, functions and geographies, sharing best practices and accelerating innovation. This culture of entrepreneurship and accountability scales with our business and strengthens our platform as we deepen our bench with leaders capable of leading Madison Air for generations to come. Rather than requiring our front-line teams to seek approval from a large centralized corporate structure for

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day-to-day business decisions, this approach enables the front-line team to react with speed, accountability and agility across the organization. Supported by clear metrics, shared values and expectations and our delegation of authority framework, our front-line teams are intended to stay focused on what drives performance and creates long-term value. Compared to a large centralized corporate structure and hierarchy, we believe this structure keeps our businesses deeply connected to customers, enabling rapid problem solving, better response times and the application of specific expertise.

While our business model is highly decentralized, we provide centralized support with select services where we believe we can create significant value. For example, centralized support for procurement enables us to leverage our scale, to negotiate lower material costs and drive competitive advantage. Centrally supported procurement also facilitates the maintenance of a diversified and resilient supply chain, which helps manage risk and pricing volatility. However, the effectiveness of these centrally supported functions can be constrained by the autonomy of individual business units and prevailing market conditions, and any failure in these areas could have a negative impact across multiple business units.

Our decentralized corporate structure is not a prerequisite to identifying any acquisition target or integrating a successful acquisition into our enterprise. We have found that with some acquisitions, our decentralized corporate structure is viewed favorably by the acquiree in that its leadership team can continue to remain close to its operations and customers while also leveraging, for example, some of the centralized cost advantages with respect to our supply chain. However, this structure may also complicate the integration of acquired businesses, limit our ability to realize synergies and increase the risk that acquired businesses do not operate in a manner consistent with our overall policies and compliance framework.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Capital Allocation** 

Capital allocation is our most important centralized capability, ensuring that our time, talent and treasury flow to the highest return priorities. We believe balanced and disciplined capital allocation with a focus on areas where we see the greatest return works to secure our position in our markets and deliver the Return on Air value proposition.

While our business model is highly decentralized, we centralize select services that have the potential to create significant value. Procurement is one example. We centralize procurement to leverage our scale, allowing us to secure certain materials at lower cost, helping to drive competitive advantage. We also aim to maintain a diversified and resilient supply chain to further minimize risk and manage pricing volatility.

We believe this disciplined approach protects and provides the opportunity to continue to enhance margins, ensures stability, powers growth and positions Madison Air to be a leader in the markets we serve.

**Intellectual Property** 

Our trademarks and those of our subsidiaries are registered or otherwise legally protected in various jurisdictions including the United States, Canada, European Union, China, India, Israel, Benelux, Brazil, France, the United Kingdom, Taiwan, Australia, New Zealand, Mexico, Japan, Switzerland, Venezuela, Hong Kong and Malaysia. As of December 31, 2025, we indirectly own approximately 825 trademark registrations and applications worldwide. We also rely upon trade secrets and know-how to develop and maintain our competitive position. We protect intellectual property rights through a variety of methods, including trademark, patent, copyright and trade secret laws, in addition to confidentiality agreements with suppliers, employees, consultants and others who have access to our proprietary information. Generally, registered trademarks have a perpetual life, provided that they are renewed on a timely basis and continue to be used properly as trademarks. We intend to maintain our material trademark registrations so long as they remain valuable to us. Other than such material trademarks, we do not believe our business is dependent to a material degree on other trademarks, patents, copyrights or trade secrets. See the section entitled "Risk Factors—Risks Related to Intellectual Property."

**Competition** 

Each of our businesses is subject to significant competition from a number of companies throughout the world, including national and regional manufacturers of indoor air quality solutions as well as local manufacturers that primarily focus on niche categories and product offerings. Due to the nature of our products and services and the markets we serve, our competition can vary from (i) similarly sized or larger, national and multinational OEMs to (ii) smaller, regional and niche competitors. Large OEM competitors generally have broad product portfolios, but tend to emphasize standardized, mass-produced offerings with limited customization and solution integration. Smaller competitors typically operate at sub-scale with narrower product breadth, lower brand awareness and more limited innovation, capital and distribution capabilities.

The following are some of the companies we view as significant competitors in the material markets in which our business segments operate.

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***Commercial Segment***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Air Handling**: AAON, Inc., Haakon Industries, Evapco, Inc., Innovent, Exyte Holding Gmbh and Trane Technologies plc

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Air Movement**: Greenheck Fan Corporation, Hunter Fan Company, MacroAir Technologies and Rite-Hite Holding Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Data Centers**: Alliance Air Products, Basx Solutions, SilentAire Technology, Vertiv Holdings Co, Munters AB and Motivair Corporation

***Residential Segment***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Ventilation**: Panasonic Holdings Corporation, ReVent Bath Fans and Bosch

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Healthy Air Systems**: Resideo Technologies, Inc.

We believe we are differentiated through specialized, mission-critical solutions, superior engineering and customization capabilities, and value-based selling anchored in Return on Air. We believe our portfolio of trusted brands, North American channel and manufacturing footprint, locally agile operating model and strategy centered on whitespace growth and innovation enable us to compete effectively across both large national and smaller fragmented competitors.

Additionally, our broad go-to-market strategy and channel relationships serve as a significant competitive advantage and provide access to key market segments. We believe that our relationships with a broad set of customers provide visibility into the future needs of the marketplace and diversify our business across a wide array of end markets and project types.

We also serve other market niches where we can leverage our scale, global reach and expansive capabilities relative to the players with whom we compete. We believe our manufacturing capabilities drive lower manufacturing and supply chain risk for our customers due to our large scale and global reach.

We believe we provide superior products and customer service due to our decentralized model, as decision making resides closest to the point of impact, and our 80/20 operating model, which we believe allows us to overserve the most important elements of our portfolio. This combination provides us with application expertise in our market niches. Due to our enhanced and systematic focus, we believe we are at a competitive advantage to other players that do not solely focus on the specific area of indoor air quality solutions or do not maintain our scale and global reach. In addition, our decentralized model helps us to attract entrepreneurially focused talent, as differentiated employees are interested in operating in our entrepreneurial environment with our well-established mission and culture.

We believe our national scale, breadth of product offering, current portfolio of brands and differentiated customer service levels make us the preferred supplier for distributors and retailers in North America and provide us with a significant competitive advantage. Our key strengths and strategies described under "—Our Strengths" allow us to compete effectively in the markets in which we operate.

**Seasonality** 

Certain of our sales are seasonal as construction, repair and restoration activity generally increases during the summer months when there is favorable weather and longer daylight conditions. For certain high volume low speed fan customers, sales peak in the summer months as fans are replaced whereas sales of unit heaters and other heat products peak in the winter months. Significant tropical storms, hurricanes, regional floods and deep freezes increase the demand for restoration dehumidifiers and fans; such events are sporadic in nature and typically occur during their respective seasons. This seasonality is generally mitigated by other products and services we provide that have no material seasonal effect.

**Governmental Regulations** 

We are subject to a wide variety of laws, rules and regulations in the United States and abroad that involve matters central to our business, including those relating to our manufacturing operations. Many of these laws, rules and regulations are continually evolving, and we expect that we will continue to become subject to new laws, rules, regulations, industry standards, contractual requirements and other obligations in the United States and other jurisdictions. The following sections describe certain significant regulations to which we are subject, but these are not the only regulations to which our businesses must comply. For a description of the risks related to the regulations that we are subject to, see the section entitled "Risk Factors—Risks Related to Litigation and Regulation."

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***Environmental, Health and Safety*** 

Our operations and properties are subject to extensive and frequently changing federal, state, local and foreign laws and regulations relating to environmental protection, including laws and regulations governing air emissions, greenhouse gas emissions, water discharges, waste management and workplace safety. We use and generate hazardous substances and wastes in our operations and, as a result, could be subject to potentially material liabilities relating to the investigation and clean-up of contaminated properties and to claims alleging personal injury. We are required to conform our operations and properties to these laws and adapt to regulatory requirements in all countries as these requirements change. In connection with our acquisitions, we may assume significant environmental liabilities, some of which we may not be aware of, or may not be quantifiable, at the time of any such acquisition.

We are also subject to permitting requirements under environmental, health and safety laws and regulations applicable in the jurisdictions in which we operate. Those requirements obligate us to obtain permits from one or more governmental agencies in order to conduct our operations. These permits are typically issued by state agencies, but permits and approvals may also be required from federal or local governmental agencies. The requirements for permits vary depending on the location where our regulated activities are conducted. We believe we comply in all material respects with environmental laws and regulations and possess the permits required to operate our manufacturing and other facilities. Our environmental compliance costs in the future will depend, in part, on the nature and extent of our manufacturing activities, regulatory developments and future requirements that cannot presently be predicted.

Our health and safety policies and practices include an employee training and competency development program to regularly train, verify and encourage compliance with health and safety procedures and regulations. We regularly monitor our total recordable incident rate ("TRIR"), and as a result of our commitment to continuously improve our health and safety policies and practices, as of December 31, 2025, our year-to-date TRIR has improved 28% from 1.32 in 2024 to 0.95 in 2025. Our Chief Financial Officer oversees the environmental, health and safety leaders across our businesses. The Chief Financial Officer also provides monthly updates to the Chief Executive Officer and executive committee members.

***Anti-Corruption and Anti-Bribery Laws and Regulations*** 

We are subject to the FCPA and anti-corruption laws and similar laws in foreign countries, such as the U.K. Bribery Act. Any violation of these laws by us or our agents or distributors could create substantial liability for us, subject our officers and directors to personal liability and harm our reputation. Increased business in higher risk countries could subject us and our officers and directors to increased scrutiny and increased liability. In addition, becoming familiar with and implementing the infrastructure necessary to comply with laws, rules and regulations applicable to new business activities and mitigating and protecting against corruption risks could be costly.

***Export Controls and Trade Policies*** 

We are subject to numerous domestic and foreign regulations relating to our operations worldwide. In particular, our activities must comply with restrictions relating to the export of controlled technology and sales to denied or sanctioned parties contained in the U.S. Export Administration Regulations, and sanctions administered by OFAC. Our businesses may also be impacted by additional domestic or foreign trade regulations, including domestic and foreign customs, tariffs and quotas or other trade barriers or restrictions.

**Human Capital Management** 

As of December 31, 2025, our global team was comprised of over 8,650 employees, including approximately 600 employees dedicated to R&D, who are driven by our mission to make the world safer, healthier and more productive. Our team is primarily based in North America, where approximately 94% of our personnel reside, including Mexico, where approximately 11% of our personnel reside. Our remaining employees are located across other countries around the world in line with our business footprint and operations. Approximately 76% of our workforce consists of employees related to manufacturing with the remaining 24% representing sales and marketing, customer service, general management, R&D, engineering and other support functions. Maintaining a highly skilled workforce enables our continuous growth and productivity and fosters and sustains our strong mission driven culture. This is further evidenced by our employee Net Promoter Score of 44.4pts as of September 2025, which is 28pts above the national manufacturing average of 16pts.

Our culture is underpinned by a community driven set of core values that shape our identity and guide our actions. Our values are built on trust, entrepreneurship and a bias for action. These values are the strategic compass that steers us toward our mission, and they are the foundation upon which we build relationships – with our customers, our employees and the world at large. We believe our values, mission and business model attract differentiated talent. Our team members are committed to our mission of making the world safer, healthier and more productive by providing better air. Entrepreneurial employees are allured by our decentralized model, as it provides them with the opportunity to operate their own segmented business combined with the benefits of working for a larger organization. As of December 31, 2025, approximately 540 of our U.S.-based employees were represented by a labor union.

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**Facilities** 

Our corporate headquarters are in Chicago, Illinois. We have additional office, manufacturing and warehousing locations in the United States, Mexico and Canada, in addition to various other countries. In total, as of December 31, 2025, we leased and owned a total of approximately seven million square feet, of which over five million square feet was dedicated to manufacturing and distribution. Our additional locations include China, the United Kingdom, Czech Republic and Sweden. We believe that our facilities are adequate for our current needs and to support future growth.

**Legal Proceedings** 

From time to time, we may be involved in various legal proceedings and subject to claims that arise in the ordinary course of business. Although the results of litigation and claims are inherently unpredictable and uncertain, we are not currently a party to any litigation the outcome of which, we believe, if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results, cash flows or financial condition. We may also receive requests for information from government agencies in connection with their regulatory or investigational authority that arise in the ordinary course of business. Such requests can include subpoenas or demand letters for documents to assist the government in audits or investigations. We review such requests and notices and take appropriate action. Regardless of the outcome, litigation and investigations have the potential to have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

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**Management** 

Below is a list of the names, ages (as of December 31, 2025), positions and a brief account of the business experience of the individuals who serve as our executive officers and directors.

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| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp;&nbsp;**Age** | &nbsp;&nbsp;&nbsp;**Position** |
| Jill Wyant | &nbsp;&nbsp;54 | President, Chief Executive Officer and Director Nominee |
| JJ Foley | &nbsp;&nbsp;38 | Chief Financial Officer |
| Leah Larson | &nbsp;&nbsp;46 | Group President of Air Movement & Heat |
| Karin Overstreet | &nbsp;&nbsp;55 | President of Nortek Data Center Cooling |
| Russell Toney | &nbsp;&nbsp;56 | Group President of Air Handling |
| Dale Philippi | &nbsp;&nbsp;63 | President and Chief Executive Officer of AprilAire |
| Quan Nguyen | &nbsp;&nbsp;48 | Group President of Air Quality & Home Solutions |
| Jeffrey Krautkramer | &nbsp;&nbsp;49 | Chief Human Resources Officer |
| John Lavorato | &nbsp;&nbsp;58 | General Counsel |
| Kristina Paschall | &nbsp;&nbsp;51 | Chief Information Officer |
| Graeme Moir | &nbsp;&nbsp;46 | Vice President of Strategic Sourcing |
| Michael Kenning | &nbsp;&nbsp;34 | Interim Chief Accounting Officer |
| Larry Gies | &nbsp;&nbsp;59 | Chairman |
| Hudson La Force | &nbsp;&nbsp;61 | Director Nominee |
| George Nolen | &nbsp;&nbsp;69 | Director Nominee |

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***Jill Wyant*** has served as our President and Chief Executive Officer since June 2021, and is also expected to join our Board upon completion of this offering. Prior to joining the Company, Ms. Wyant held various positions at Ecolab, a provider of water, hygiene and infection prevention solutions, between 2009 and 2020, including as Executive Vice President and President – Global Regions and Global Healthcare. Prior to Ecolab, Ms. Wyant held multiple leadership positions at General Electric, a multinational conglomerate. Ms. Wyant has also served as Vice Chairman of the Board for the U.S. Chamber of Commerce since March 2023, and as a member of the board of directors of Dow Inc. since April 2020. Ms. Wyant received a B.A. in International Marketing and Japanese Studies from the University of St. Thomas, and an MBA with highest honors from The University of Chicago Booth School of Business. We believe Ms. Wyant is qualified to serve on our Board because of her extensive knowledge of our business and strategy, as well as her experience in a leadership role with us as our President and Chief Executive Officer.

***JJ Foley*** has served as our Chief Financial Officer since joining the Company in February 2021. Prior to joining the Company, Mr. Foley was Senior Director of Investor Relations at General Electric from April 2019 to January 2021, where he was responsible for communicating the company's strategy and value to the investment community, while working as a key partner with executive leadership. Prior to this role, Mr. Foley was the head of Financial Planning and Analysis for General Electric Aviation between February 2017 and April 2019, and served in various other roles at General Electric between July 2009 and February 2017. Mr. Foley received a B.S. in Accounting and Finance from Marquette University.

***Leah Larson*** has served as our Group President of Air Movement & Heat since January 2025 and President of Big Ass Fans. Prior to these roles, Ms. Larson served as our Chief Marketing Officer from August 2021 to January 2025. Prior to joining the Company, Ms. Larson served as Chief Marketing Officer at Blue Cross Blue Shield of Minnesota from January 2020 to October 2020. Ms. Larson previously held various positions at Ecolab between 2011 and 2020, where she led global growth strategies for Ecolab's Institutional and Pest Elimination businesses. Ms. Larson received a B.A. in Business Administration from St. Norbert College and an MBA from the University of Minnesota.

***Karin Overstreet*** has served as President of Nortek Data Center Cooling since April 2023. Prior to her current role, Ms. Overstreet was the Global President of various platforms at IDEX Corporation, including the Severe Duty Flow Control Platform from May 2022 to April 2023, the Energy Platform from April 2021 to May 2022 and the BAND-IT Platform from October 2018 to April 2021. Ms. Overstreet previously served as Vice President of Construction for Stanley Black & Decker from August 2016 to October 2018. Ms. Overstreet received a B.S. in Aerospace Engineering from the University of Minnesota and an MBA from the University of Chicago Booth School of Business.

***Russell Toney*** has served as our Group President of Air Handling since June 2023. Prior to this role, Mr. Toney served as President of Nortek Air Solutions from February 2023 to June 2023. Mr. Toney previously served as President, Specialty Products Group at Dover Corporation, a diversified global manufacturing company from May 2018 to February 2023, where he led businesses providing highly engineered products to customers across the industrial automation, automotive and electronics sectors. Before joining Dover Corporation, Mr. Toney held senior leadership positions at General Electric and worked in strategy and manufacturing at

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Boston Consulting Group and Procter & Gamble. Mr. Toney received a B.S. in Chemical Engineering from the University of Dayton and an MBA from the Darden Graduate School of Business at the University of Virginia.

***Dale Philippi*** has served as President and CEO of AprilAire since March 2017 and has continued to serve in this role following the AprilAire Acquisition in May 2025. Mr. Philippi successfully led the strategy and sale of AprilAire to join the Madison Air portfolio. Prior to AprilAire, Mr. Philippi has held senior executive positions with Electrolux AB, Black & Decker and Ernst & Young Management Consulting and has served as CEO and board member for privately held and private equity-backed companies in the consumer and industrial middle markets. Mr. Philippi earned a B.S. in Materials Engineering from the University of Montana and an MBA from the University of Chicago Booth School of Business.

***Quan Nguyen*** has served as our Group President of Air Quality & Home Solutions since September 2025. Prior to joining the Company, Mr. Nguyen served as Adjunct Professor in Management and Organizations at the Cox School of Business at Southern Methodist University from August 2024 to May 2025. Before SMU, Mr. Nguyen held various positions at Lennox International, a worldwide provider of climate control solutions for HVAC systems, including Vice President and General Manager of Lennox Industries Residential from October 2017 to February 2024, where he drove digital transformation, unified brand architecture and launched award-winning customer engagement platforms. Mr. Nguyen received a B.S. in Mechanical Engineering from the United States Military Academy and an MBA from Harvard Business School.

***Jeffrey Krautkramer*** has served as our Chief Human Resources Officer since November 2021. Prior to joining the Company, Mr. Krautkramer served as Chief Human Resources Officer at Starkey Hearing Technologies from December 2018 to November 2021 and as Vice President of Human Resources at IDEX Corporation from June 2012 to December 2018, supporting global leaders in talent, segmentation and operations. Mr. Krautkramer received a B.S. in Psychology from the University of Minnesota and a Master of Human Resources & Labor Relations from Michigan State University.

***John Lavorato*** has been our General Counsel since June 2021. Mr. Lavorato has also served as the General Counsel for our parent company, Madison Industries, a global industrial company, since 2016, and for Filtration Group Corporation, a global provider of filtration solutions, from 2016 to 2021 and from 2023 to present. Mr. Lavorato previously held various positions at Dell Technologies, including Vice President of Global Sales Operations and various domestic and global leadership roles within the legal and operations functions. Mr. Lavorato practiced law at Seyfarth Shaw and as a Captain with the United States Army in the Judge Advocate General Corps. Mr. Lavorato received a B.S. in Political Science from Santa Clara University, a J.D. from Santa Clara University School of Law and an L.L.M. from Georgetown University Law Center.

***Kristina Paschall*** has served as our Chief Information Officer since January 2025. Prior to joining the Company, Ms. Paschall served as Executive Vice President and Chief Information and Digital Officer at JBT Corporation, a global provider of technology solutions for the food and beverage industry, from October 2020 to January 2025 and was formerly JBT's Chief Information Officer from September 2017 to October 2020. Prior to JBT, Ms. Paschall served as Chief Information Officer at Ferrara Candy Company from October 2013 to September 2017. Ms. Paschall earned a B.S. in Finance from the University of Illinois' Gies College of Business and an MBA from the University of Chicago Booth School of Business.

***Graeme Moir*** has served as Vice President of Strategic Sourcing since January 2023. In this role, Mr. Moir works closely with business units, engineering teams and a global supplier network to ensure sourcing excellence supports the Company's mission and growth. With more than two decades of experience in procurement and supply chain management, Mr. Moir has a proven track record of developing global sourcing strategies that enhance competitiveness and operational performance. Prior to this role, Mr. Moir was Director of Sourcing for Nortek Air Solutions from June 2007 to January 2023. Mr. Moir received a Diploma in Accounting from Fanshawe College.

***Michael Kenning*** has served as our Interim Chief Accounting Officer since December 2025, and previously served as our Global Controller since November 2021. Prior to joining the Company, Mr. Kenning was an Assurance Senior Manager at PricewaterhouseCoopers LLP from September 2014 to October 2021, where he was responsible for leading audit engagements for a diverse portfolio of clients and advising on complex accounting matters. Mr. Kenning received a Masters of Accountancy from the University of Wisconsin-Madison.

***Larry Gies*** is the founder of Madison Air and has served as the Chairman of our Board since October 2017. Mr. Gies is also the founder of our parent, Madison, a global industrial company, and has served as its, or its predecessors', Chief Executive Officer since 1994. Mr. Gies serves on the boards of Northwestern University and the Accelerate Institute. Mr. Gies received a B.S. in Accounting from the University of Illinois' Gies College of Business and a Masters in Management from the Kellogg School of Management at Northwestern University. We believe Mr. Gies' experience of building Madison Air as well as his leadership in many other industries, make him a valuable addition to our Board.

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***Hudson La Force*** is expected to join our Board prior to the completion of this offering. Mr. La Force served as Chief Executive Officer of W. R. Grace & Co. ("Grace"), a leading global specialty chemicals manufacturer, from 2018 through 2021. Mr. La Force also served as its Chief Operating Officer from 2016 to 2018 and as Chief Financial Officer from 2008 to 2016. Prior to joining Grace, Mr. La Force served as Chief Operating Officer and Senior Counselor to the Secretary at the U.S. Department of Education. He also was a member of the President's Management Council. Mr. La Force served on the board of directors of Grace from 2017 to 2021, the board of directors of Filtration Group Corporation since June 2022 and has served on the board of directors of Halma plc since June 2025. Mr. La Force earned a Bachelor's degree at Baylor University and an MBA at the Kellogg School of Management at Northwestern University. We believe Mr. La Force's public company experience and prior global leadership roles in technology manufacturing make him a valuable addition to our Board.

***George Nolen*** is expected to join our Board prior to the completion of this offering. Mr. Nolen served as Chief Executive Officer and Chairman of Filtration Group Corporation, from 2010 to 2014 and as its Chief Executive Officer from January 2017 through December 2018 and a member of its board of directors since June 2022. Mr. Nolen is also Vice Chair of Madison, where he has held several positions since October 2010. Prior to these roles, Mr. Nolen held various executive positions at Siemens Corporation, a multinational manufacturing conglomerate, between October 1982 and August 2009. Mr. Nolen was President and Chief Executive Officer at Siemens Corporation between 2004 and 2009 and he was responsible for the company's United States strategy in a variety of industries which resulted in significant growth during his tenure. Mr. Nolen received a B.S. in Marketing from Virginia Tech. We believe Mr. Nolen's experience leading large-scale diversified businesses through periods of significant growth and his experience in the filtration industry make him a valuable addition to our Board.

**Family Relationships** 

There are no family relationships between any of our executive officers or directors.

**Corporate Governance** 

***Board Composition and Director Independence*** 

Our business and affairs are managed under the direction of our Board. Following completion of this offering, our Board will be composed of four directors. Our certificate of incorporation will provide that the authorized number of directors may be changed only by (i) a resolution of our Board, (ii) a consent of stockholders in lieu of a meeting in accordance with Section 228 of the DGCL; provided that Holdings beneficially owns 40% or more of the voting power of the stock entitled to vote generally in the election of directors, or (iii) the holders of a majority of the voting power present or represented by proxy at a duly convened meeting of stockholders; provided that, in each case, so long as Holdings is entitled to nominate directors under the Director Nomination Agreement, the number of directors may not be changed without Holdings' consent. Our certificate of incorporation will also provide that our Board will be divided into three classes of directors, with the classes as nearly equal in number as possible. Subject to any earlier resignation or removal in accordance with the terms of our certificate of incorporation and bylaws, our Class I director will be Larry Gies and will serve until the first annual meeting of stockholders following the completion of this offering, our Class II director will be Hudson La Force and will serve until the second annual meeting of stockholders following the completion of this offering and our Class III directors will be George Nolen and Jill Wyant and will serve until the third annual meeting of stockholders following the completion of this offering. Upon completion of this offering, we expect that each of our directors will serve in the classes as indicated above. In addition, our certificate of incorporation will provide that our directors may be removed with or without cause by the affirmative vote of at least a majority of the voting power of our outstanding shares of stock entitled to vote thereon, voting together as a single class for so long as Holdings beneficially owns 40% or more voting power of the stock entitled to vote generally in the election of directors. If Holdings' beneficial ownership falls below 40% of the voting power of the stock entitled to vote generally in the election of directors, then our directors may be removed only for cause upon the affirmative vote of at least 66 2/3% of the voting power of our outstanding shares of stock entitled to vote thereon. Our certificate of incorporation will provide that Holdings will have the right to designate the Chairman of the Board for so long as Holdings beneficially owns at least 30% of the voting power of the then outstanding shares of our capital stock (Class A common stock and Class B common stock on an as-converted basis) then entitled to vote generally in the election of directors. Larry Gies serves as the Chairman of our Board.

Subject to the exemptions applicable for a controlled company (as discussed below), the listing standards of the NYSE require that, subject to specified exceptions, each member of a listed company's audit, compensation and nominating and corporate governance committees be independent and that audit committee members also satisfy independence criteria set forth in Rule 10A-3 under the Exchange Act.

Our Board has also determined that each of George Nolen and Hudson La Force meet the requirements to be an independent director. In making this determination, our Board considered the relationships that each such non-employee director has with the Company and all other facts and circumstances that our Board deemed relevant in determining independence.

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***Cybersecurity and Information Systems Risk Management*** 

We take various measures in an effort to ensure the integrity of our information systems, including implementation of security controls. While the full Board has ultimate oversight responsibility for risk management, our management is responsible for managing and implementing these policies. To assist our Board with its oversight, the Audit Committee of our Board (our "Audit Committee") will review the risk management processes relating to cybersecurity on a periodic basis, including the steps our management takes to monitor and control such exposures.

***Controlled Company Status*** 

Upon completion of this offering, Holdings will continue to control a majority of the voting power of our outstanding common stock. As a result, we will be a "controlled company." Under the rules of the NYSE, a company of which more than 50% of the voting power for the election of directors is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain NYSE corporate governance requirements, including the requirements that, within one year of the date of the listing of our common stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we have a board that is composed of a majority of "independent directors," as defined under the rules of such exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we have a compensation committee that is composed entirely of independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we have a nominating and corporate governance committee that is composed entirely of independent directors.

Following this offering, we intend to rely on the exemptions for the requirements to have a fully independent Compensation Committee and Nominating and Corporate Governance committee. As a result, our Compensation and Nominating Committee may not consist entirely of independent directors or be subject to annual performance evaluations. Accordingly, you may not have the same protections afforded to stockholders of companies that are subject to all of the NYSE corporate governance requirements.

***Board Committees*** 

Upon completion of this offering, our Board will have an Audit Committee and a Compensation and Nominating Committee. The composition, duties and responsibilities of these committees will be as set forth below. In the future, our Board may establish other committees, as it deems appropriate, to assist it with its responsibilities, subject to Holdings' consent right over the formation of any new committees of our Board for so long as Holdings beneficially owns at least 10% of the voting power of our then-outstanding common stock.

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| | | |
|:---|:---|:---|
| **Board Member** | **Audit Committee** | **Compensation and<br>Nominating Committee** |
| Larry Gies |  | X |
| Hudson La Force | X | X |
| George Nolen | X | X |
| Jill Wyant |  |  |

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***Audit Committee*** 

Following this offering, our Audit Committee will be composed of Hudson La Force and George Nolen, with Hudson La Force serving as chair of the committee. We intend to comply with the audit committee requirements of the SEC and the NYSE, which require that the Audit Committee have at least one independent director by the date our Class A common stock is listed on the NYSE, a majority of independent directors within 90 days following the listing date and all independent directors within one year of the listing date. We anticipate that, prior to the completion of this offering, our Board will determine that Hudson La Force and George Nolen meet the independence requirements of Rule 10A-3 under the Exchange Act and the applicable listing standards of the NYSE. We anticipate that, prior to our completion of this offering, our Board will determine that Hudson La Force is an "audit committee financial expert" within the meaning of SEC regulations and applicable listing standards of the NYSE. The Audit Committee's responsibilities upon completion of this offering will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•appointing, approving the compensation of, and assessing the qualifications, performance and independence of our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pre-approving audit and permissible non-audit and tax services, and the terms of such services, to be provided by our independent registered public accounting firm;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing our policies on risk assessment and risk management, including cybersecurity and information systems risk management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and discussing with management and the independent registered public accounting firm our annual and quarterly financial statements and related disclosures as well as critical accounting policies and practices used by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing the adequacy of our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•establishing policies and procedures for the receipt and retention of accounting-related complaints and concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•recommending, based upon the Audit Committee's review and discussions with management and the independent registered public accounting firm, whether our audited financial statements shall be included in our Annual Report on Form 10-K;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•monitoring our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preparing the Audit Committee report required by the rules of the SEC to be included in our annual meeting proxy statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing, approving, and overseeing any related party transactions on an ongoing basis, in accordance with our policies and procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and discussing with management and our independent registered public accounting firm our earnings releases.

***Compensation and Nominating Committee*** 

Following this offering, our Compensation and Nominating Committee will be composed of Larry Gies, Hudson La Force, and George Nolen, with Larry Gies serving as chair of the committee. As a controlled company, we intend to rely upon the exemption for the requirement that we have a Compensation Committee and Nominating and Corporate Governance Committee comprised of entirely independent directors. The Compensation and Nominating Committee's responsibilities upon completion of this offering will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•annually reviewing and approving corporate goals and objectives relevant to the compensation of our chief executive officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•evaluating the performance of our chief executive officer in light of such corporate goals and objectives and determining and approving the compensation of our chief executive officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and approving the compensation of our other executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•appointing, compensating and overseeing the work of any compensation consultant, director search firm, outside legal counsel or other advisor retained by the Compensation and Nominating Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•conducting the independence assessment outlined in the NYSE rules with respect to any compensation consultant, director search firm, outside legal counsel, or other advisor retained by the Compensation and Nominating Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•annually reviewing and reassessing the adequacy of the committee charter in its compliance with the listing requirements of the NYSE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and establishing our overall management compensation, philosophy and policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•overseeing and administering our compensation and similar plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and making recommendations to our Board with respect to director compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and discussing with management the compensation discussion and analysis to be included in our annual proxy statement or Annual Report on Form 10-K;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•subject to the rights of Holdings under the Director Nomination Agreement, identifying and recommending to our Board the persons to be nominated for election as directors and to each of our Board's committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•developing and recommending to our Board best practices and corporate governance principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•developing and recommending to our Board criteria for board and committee membership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•developing and recommending to our Board a set of corporate governance guidelines; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and recommending to our Board the structure and membership of the committees of our Board.

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**Compensation Committee Interlocks and Insider Participation** 

None of our executive officers currently serves, or in the past fiscal year has served, as a member of the Board or Compensation Committee of any entity that has one or more executive officers serving on our Board or Compensation and Nominating Committee.

**Risk Oversight** 

Our Board will oversee the risk management activities designed and implemented by our management. Our Board will execute its oversight responsibility for risk management both directly and through its committees. The full Board will also consider specific risk topics, including risks associated with our strategic plan, business operations and capital structure. In addition, our Board will receive detailed regular reports from members of our senior management and other personnel that include assessments and potential mitigation of the risks and exposures involved with their respective areas of responsibility.

Our Board will delegate to the Audit Committee oversight of our risk management process. Our Compensation and Nominating Committee will also consider and address risk as it performs its respective committee responsibilities. All committees will report to the full Board as appropriate, including when a matter rises to the level of a material or enterprise level risk.

**Code of Business Conduct and Ethics** 

Prior to completion of this offering, we intend to adopt an updated code of business conduct and ethics that applies to all of our employees, officers and directors, including those officers responsible for financial reporting. Upon the closing of this offering, our code of business conduct and ethics will be available on our website. We intend to disclose any amendments to the code, or any waivers of its requirements, on our website.

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**Executive Compensation** 

**Compensation Discussion and Analysis** 

This compensation discussion and analysis section describes the material elements of compensation that are paid, awarded to, or earned by, our named executive officers or "NEOs," who consist of our principal executive officer, principal financial officer and our three other most highly compensated executive officers who were serving as executive officers at the end of the last fiscal year. For fiscal year 2025, our NEOs were:

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| | |
|:---|:---|
| **Name** | **Principal Position** |
| Jill Wyant | Chief Executive Officer & President |
| JJ Foley | Chief Financial Officer |
| Russell Toney | Group President of Air Handling |
| Karin Overstreet | President of Nortek Data Center Cooling |
| Dale Philippi | President and Chief Executive Officer of AprilAire |

---

The following discussion relates to the historical compensation of our NEOs, whose compensation is disclosed below, as well as the principles underlying our executive compensation policies and decisions as we transition to a public company. This discussion may contain forward-looking statements that are based on our current plans, considerations, expectations and determinations regarding future compensation programs and decisions.

**Executive Compensation Objectives and Philosophy** 

Our mission is to make the world safer, healthier and more productive through the power of air. Our compensation program is designed to reinforce the following objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•attract, retain and motivate world class entrepreneurial leaders who are motivated by our mission and share our desire to build something truly remarkable while creating tremendous value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reinforce our ownership culture by creating a strong linkage between results and rewards, and to specifically attract leaders who want to have a substantial stake in our performance results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•place a paramount importance on integrity, transparency, clarity, and meeting commitments – critical behaviors that create and reinforce trust and bias for action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•attract and retain world class talent early in their career and develop them to be the future leaders of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•emphasize our pay-for-performance philosophy that places greater emphasis on variable versus fixed pay by linking an outsized portion of executive compensation with robust long-term incentive rewards intended to drive Company financial and value-creation objectives.

To achieve the objectives described above, our executive compensation program combines short- and long-term components, and fixed and variable elements, with an emphasis on long-term, variable elements. As described in more detail below, we use the following direct compensation elements, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•base salary, to provide market-competitive fixed compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•annual incentive compensation, to reward short-term performance against specific financial and strategic objectives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•long-term incentive compensation, to link management rewards to critical financial objectives and long-term value creation and shareholder returns.

The markets in which we operate are highly competitive and demand sometimes outpaces the supply of talent, resulting in significant increases in compensation among the companies with whom we compete for this talent. These trends require us to regularly and proactively assess our executive compensation program to ensure it remains both competitive and cost efficient in light of market conditions.

**Determination of Compensation Levels and Design Practices** 

Historically, the compensation of our NEOs has been set by our Chief Executive Officer (other than with respect to her own compensation) in consultation with our Chairman. The compensation of our Chief Executive Officer has historically been determined by our Chairman. As a result, historical compensation amounts have been individualized, based on various informal factors including

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our financial condition and available resources, the Company's need for the particular position, the compensation levels of our other executive officers and, for those employees who joined us as a result of an acquisition, the compensation amounts in effect at the time of such acquisition. Historically, we have also considered the competitive market for corresponding positions for companies of similar size and stage of development operating in our industry, including in consultation with compensation consultants and based on surveys of market data. However, we have not formally benchmarked executive compensation against a particular set of peer companies or used a formula to set the compensation for our executives in relation to peer group data.

In anticipation of this offering, the Board intends to establish a Compensation and Nominating Committee and will delegate to the Compensation and Nominating Committee certain responsibilities with respect to the Company's compensation programs. The contemplated structure and oversight of Compensation and Nominating Committee matters is discussed in more detail in the section entitled "Management—Corporate Governance." As we gain experience as a public company, we expect that the specific direction, emphasis and components of our executive compensation program may continue to evolve. Accordingly, the compensation paid to our NEOs will continue to evolve after this offering.

Subsequent to this offering, it is expected that our Chief Executive Officer, assisted by our Chief Human Resources Officer, will make recommendations to the Compensation and Nominating Committee for each element of compensation for our NEOs based on comparable market data. Our Chief Executive Officer will also make recommendations to the Compensation and Nominating Committee regarding other compensation program matters including the design, metrics, and target-setting of our short- and long-term incentive plans, as well as our benefit and retirement programs. The compensation of our Chief Executive Officer is expected to be determined by our Compensation and Nominating Committee subsequent to this offering.

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| | | |
|:---|:---|:---|
| **Element of Pay** | &nbsp;&nbsp;&nbsp;**Summary** | &nbsp;&nbsp;&nbsp;**Purpose** |
| Base Salary | Fixed compensation | Provides a base amount of compensation not subject to Company performance risk |
| Annual Incentive Plan Awards | Based on total net sales, Adjusted EBITDA, operating cash flow | Incentivize achievement of annual operating objectives important to the success of the Company |
| Long-Term Incentive Awards (EAR Plan) | Represents a right to share in the appreciation of the value of the Company | Align executive interests with those of stockholders by providing opportunity to share in increase in value of the Company |
| Termination Benefits | Certain agreements with NEOs contain termination benefits | Attract executive talent by providing an appropriate level of financial protection against involuntary job loss |

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Each element is intended to motivate and reward executives in different ways consistent with our overall compensation objectives (as described above). We combine these elements in order to formulate compensation packages that provide competitive pay, reward the achievement of financial, operational and strategic objectives and align the interests of our NEOs with those of our stockholders.

**Pay Mix** 

We use the particular elements of compensation described above because we believe that they provide a well-proportioned mix of secure compensation, retention value and at-risk compensation that aligns with shareholder interests and produces short-term and long-term performance incentives and rewards. By following this approach, the executive officers are provided a measure of security in the minimum expected level of compensation and motivated to focus on business metrics that will produce a high level of short-term and long-term performance for the Company and long-term wealth creation for all stockholders. We believe the mix of metrics used for our annual performance bonus and long-term incentive program also provides an appropriate balance between short- and long-term financial performance.

We do not currently have formal policies relating to the allocation of total compensation among the various elements of our compensation program. However, consistent with our pay-for-performance philosophy the mix of compensation for our NEOs is significantly weighted toward at-risk pay in the form of short- and long-term incentives tied closely to driving growth and total shareholder return.

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***Base Salary*** 

The fixed component of our NEOs' compensation has historically been base salary. The base salary established for each of our NEOs is intended to reflect their responsibilities, experience, impact, performance and other discretionary factors deemed relevant by our Chief Executive Officer (other than with respect to her own base salary), such as the applicable base salary in effect at the time of an acquisition for any NEOs who joined the Company as a result of an acquisition, and is approved by our Chairman. Our Chief Executive Officer and/or our Chairman, as applicable, have historically determined market level compensation for base salaries based on our executives' experience in the industry with reference to market data of the base salaries of executives at comparable companies. This determination is largely based on the experience of our Chief Executive Officer and/or our Chairman, as applicable, of the compensation practices relevant to our Company, and has also included consultation with compensation consultants.

With these principles in mind, base salaries have historically been reviewed annually by our Chief Executive Officer and/or our Chairman, and may be adjusted from time to time based on the results of this review.

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| | | | |
|:---|:---|:---|:---|
| **NEO** | &nbsp;&nbsp;&nbsp;**Base Salary as<br>of January 1, 2025**  | **Base Salary as<br>of January 1, 2026**  | **Percentage Increase** |
| Jill Wyant | $&nbsp;&nbsp;900000 | $900000 | N/A |
| JJ Foley | $&nbsp;&nbsp;505000 | $505000 | N/A |
| Russell Toney | $&nbsp;&nbsp;500000 | $515000 | 3.0%<sup>(1)</sup> |
| Karin Overstreet | $&nbsp;&nbsp;425000 | $446250 | 5.0%<sup>(1)</sup> |
| Dale Philippi | &nbsp;&nbsp;N/A | $730000<br><sup>(2)</sup> | N/A |

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(1)Increase to base salaries, effective as of April 2025, reflects both market- and performance-based increases.

(2)Mr. Philippi commenced employment with the Company on May 6, 2025 following the AprilAire Acquisition.

The actual amount of base salary paid to our NEOs in fiscal year 2025 is set forth in the Summary Compensation Table below.

***Annual Incentive Plan***

The Company maintains a discretionary annual incentive plan for eligible employees, including our NEOs. The annual cash bonuses are intended to offer an opportunity to earn incentive compensation by rewarding the achievement of certain corporate financial performance objectives.

On an annual basis, or at the commencement of an executive officer's employment with us, our Chief Executive Officer (other than with respect to her own bonus opportunities), in consultation with our Chairman, sets a target level of bonus compensation that is structured as a percentage of annual base salary (which, for purposes of the 2025 annual incentive plan for the NEOs other than Mr. Philippi, is measured based on W-2 wages for time worked during the plan year). Depending upon achievement of certain corporate financial performance objectives, executive officers may receive up to 200% of their target cash bonus amounts. Our Chief Executive Officer (other than with respect to her own bonus opportunities) along with the Chairman may adjust bonus targets or payments due to extraordinary or nonrecurring events, such as acquisitions or other major development projects.

For the 2025 calendar year, the annual incentive plan included the following corporate performance objectives: total net sales (which the Company defines in accordance with GAAP), Adjusted EBITDA (which the Company defines as net income (loss) as adjusted for net (income) loss from discontinued operations, interest and financing expenses, income tax expense (benefit), depreciation and amortization, acquisition and divestiture expenses, restructuring expenses, equity appreciation rights expense, non-operating expenses (income), allocated Madison Industries costs, non-recurring professional and consulting expenses, gain on insurance proceeds, and gain on legal settlement) and cash flows from operating activities (which the Company defines as cash flows from operating activities in accordance with GAAP as displayed in the GAAP statement of cash flows plus cash interest paid, U.S. Federal taxes paid, transaction expenses paid, allocated Madison Industries costs, and equity appreciation rights payments, and less capital expenditures). Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures."

The chart below demonstrates the potential payouts under the annual incentive plan for the 2025 calendar year for Ms. Wyant and Mr. Foley based on achievement of the corporate performance objectives. For any payout to be made for any of the three performance objectives, the Company must have achieved at least the Adjusted EBITDA threshold with respect to the 2024 calendar year. Otherwise, the performance objectives are separate and distinct metrics, each subject to its own threshold and maximum threshold, and are measured independently. For the portion applicable to each of the three performance objectives, performance determined between the threshold and target performance levels or the target and maximum performance levels will be adjusted

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incrementally based on the percentage above the lower threshold. No payment will be made for performance falling below the threshold performance level.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Total Net Sales (30%)** | &nbsp;&nbsp;**Total Net Sales (30%)** | &nbsp;&nbsp;**Adjusted EBITDA (40%)** | &nbsp;&nbsp;**Adjusted EBITDA (40%)** | &nbsp;&nbsp;**Operating Cash Flow (30%)** | &nbsp;&nbsp;**Operating Cash Flow (30%)** |
|  | &nbsp;&nbsp;**Year-Over-Year Increase** | &nbsp;&nbsp;**Payout** | &nbsp;&nbsp;**Year-Over-Year Increase** | &nbsp;&nbsp;**Payout** | &nbsp;&nbsp;**Year-Over-Year Increase** | &nbsp;&nbsp;**Payout** |
| &nbsp;&nbsp;Threshold | &nbsp;&nbsp;3% | &nbsp;&nbsp;50% | &nbsp;&nbsp;6% | &nbsp;&nbsp;50% | &nbsp;&nbsp;1% | &nbsp;&nbsp;50% |
| &nbsp;&nbsp;Target | &nbsp;&nbsp;14% | &nbsp;&nbsp;125% | &nbsp;&nbsp;16% | &nbsp;&nbsp;125% | &nbsp;&nbsp;11% | &nbsp;&nbsp;125% |
| &nbsp;&nbsp;Maximum | &nbsp;&nbsp;16% | &nbsp;&nbsp;200% | &nbsp;&nbsp;20% | &nbsp;&nbsp;200% | &nbsp;&nbsp;15% | &nbsp;&nbsp;200% |

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For our NEOs with operational management responsibilities (Mr. Toney and Ms. Overstreet), the targets for their respective individual division or group for total net sales, Adjusted EBITDA and cash flows from operating activities were used. As noted above, Mr. Philippi's employment commenced following the AprilAire Acquisition. Accordingly, for the 2025 calendar year, he participated in the short-term incentive plan applicable to AprilAire, with performance objectives entirely based on the Adjusted EBITDA for AprilAire (which the Company defines as net income (loss), subject to certain adjustments including interest and financing expenses, income tax expense (benefit), depreciation and amortization, acquisition and divestiture expenses, restructuring expenses, stock compensation expenses, non-recurring professional and consulting expenses, and non-operating expenses (income)).

We believe that establishing cash bonus opportunities helps us attract and retain qualified and highly skilled executives. These annual bonuses are intended to reward executive officers who drive earnings growth and have a positive impact on corporate results.

For fiscal year 2025, the NEOs were eligible to receive target annual bonuses equal to a percentage of their fiscal year 2025 base salaries as follows: 100% for Ms. Wyant, 100% for Mr. Foley, 60% for Mr. Toney, 65% for Ms. Overstreet, and 90% for Mr. Philippi, with threshold annual bonuses equal to 50% of their target annual bonus amounts (or, for Mr. Philippi, 25% of his target annual bonus amount) and maximum annual bonuses equal to 200% of their target annual bonus amounts for fiscal year 2025.

Based on the achievement of corporate performance metrics described above, the Board determined to pay 2025 annual cash bonuses based on 139.8% of overall Company target performance for Ms. Wyant and Mr. Foley, 96% of target performance for Mr. Toney, 132.4% for Ms. Overstreet and 138.2% of target performance for Mr. Philippi.

***Long-Term Incentive Compensation*** 

*EAR Plan* 

Madison IAS, our affiliate, has granted long-term equity appreciation awards to certain employees and service providers of the Company. The awards are governed by the terms of the EAR Plan and individual award agreements. Our Board believes that long-term incentive compensation is an important component of our executive compensation program and that providing a significant portion of our NEOs' total compensation package in long-term compensation aligns the incentives of our executives with our long-term corporate success and helps foster a strong ownership culture.

Each of our NEOs received an equity appreciation award when they joined our company based on their position with us and their relevant prior experience. In addition, we have granted additional equity appreciation awards on occasion to retain our executives or as they are promoted and to recognize the achievement of corporate goals and/or strong individual performance.

Historically, the Company applied a vesting schedule to awards at the discretion of the EAR Plan manager, which varied depending on the grant date and the participant's position with the Company, typically with a portion of equity appreciation awards subject to time-based vesting and the remaining portion vesting only upon a sale event with respect to Madison IAS. In addition, awards under the EAR Plan have historically been earned and settled in cash upon the attainment of performance conditions, the occurrence of a qualifying liquidity event (as defined in the EAR Plan), or at the discretion of the EAR Plan manager. Awards under the EAR Plan are also subject to the participant's compliance with restrictive covenants, including non-compete covenants.

On December 31, 2025, Madison IAS amended the EAR Plan to convert outstanding equity appreciation awards into the right to receive units of Madison IAS (or, following this offering, shares of our Class A common stock) with a value equal to a specified percentage of the appreciation in the value of Madison IAS, so long as the applicable threshold return (as defined in the EAR Plan or applicable award agreement) has been achieved as of the vesting date and the participant has complied with the terms of the EAR Plan and the applicable award agreement. Following the amendment of the EAR Plan, equity appreciation awards will generally cliff-vest on the fifth anniversary of the grant date, subject to the participant's continued employment through the applicable vesting date. However, in connection with the amendment of the EAR Plan, equity appreciation awards with vesting dates prior to the amendment date were amended to vest as of January 1, 2026. On or about February 15, 2026 and March 23, 2026, respectively, vested equity

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appreciation awards held by employees of the Company and its subsidiaries as of January 1, 2026 were settled, with such vested equity appreciation awards converted into an aggregate of 1,320,378 and 11,018 limited liability company units of Madison IAS, respectively, in full satisfaction of the vested equity appreciation awards. In connection with this offering, Madison IAS will further amend the EAR Plan to express outstanding and unvested equity appreciation awards as units that will be exchangeable into one share of our Class A common stock on a one-to-one basis rather than awards expressed on a percentage basis. Further, effective as of the date a Form S-8 registration statement covering the EAR Units becomes effective, the Company will assume the EAR Plan and outstanding awards from Madison IAS.

Ms. Wyant and Messrs. Foley and Philippi each hold unvested equity appreciation awards that remain subject to different vesting schedules, generally vesting over a three-year period or on the third anniversary of the grant date (or, if later, January 1, 2026, as noted above). Mr. Toney holds one outstanding equity appreciation award that is subject to performance- and time-based vesting conditions relating to Nortek Air Solutions achieving its operational performance results including sales, development, staffing, project management and revenue targets over the period from July 1, 2025 through December 31, 2026. The vesting schedules are described in more detail below under "Outstanding Equity Awards at 2025 Fiscal Year End."

In 2025, we granted equity appreciation awards to each of the NEOs. Mr. Philippi's award was granted in connection with the commencement of his employment with the Company following the AprilAire Acquisition. Mr. Philippi's award is not subject to achieving the applicable threshold return. Other than the grant awarded to Mr. Philippi, the incremental grants were awarded in recognition of the applicable NEO's performance and contributions to the Company.

See the section entitled "Additional Narrative Disclosure—Potential Payments Upon Termination or Change in Control" below for more details regarding the treatment of the equity appreciation awards upon a termination of employment or change in control.

***Other Executive Benefits and Perquisites*** 

We provide benefits to our executive officers on the same basis as other eligible employees. We also provide annual executive physicals to our NEOs, upon request, and employer-paid long-term disability coverage or reimbursement of premiums to Ms. Wyant and Messrs. Foley and Philippi. Mr. Philippi is also eligible for personal use of a Company-leased automobile.

***Clawback Policy*** 

In connection with this offering, we intend to adopt a "clawback" policy that is compliant with the listing rules of the applicable listing exchange, as required by the Dodd-Frank Act.

***U.S. Federal Income Tax and Accounting Considerations*** 

The Board considers certain tax and accounting implications when designing the Company's executive compensation programs. Section 162(m) of the Internal Revenue Code limits us to a deduction for federal income tax purposes of no more than $1 million of compensation paid to certain executive officers in a taxable year. Section 162(m) did not apply to us in fiscal year 2025, as we did not have publicly held common stock. The Board believes that tax deductibility is only one of several relevant considerations in setting compensation and, accordingly, intends to retain discretion to authorize compensation that is not deductible for federal income tax purposes if they determine it is in the best interests of the Company.

***Compensation Risk Management*** 

The Company has determined that any risks arising from its compensation programs and policies are not reasonably likely to have a material adverse effect on the Company. The Company's compensation programs and policies mitigate risk by combining performance-based, long-term compensation elements with payouts that are highly correlated to the value delivered to stockholders. The combination of performance measures for annual incentive compensation and vesting schedules for awards under the EAR Plan encourage employees to maintain both a short and a long-term view with respect to Company performance.

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**2025 Summary Compensation Table** 

The following table sets forth certain information with respect to compensation for the fiscal year ended December 31, 2025 earned by, awarded to or paid to our NEOs.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal<br>Position** | **Year** | **Salary<br>($)** | **Bonus<br>($)** | **Option<br>Awards<br>($)**<sup>(1)</sup> | **Non-Equity<br>Incentive<br>Plan<br>Compensation<br>($)**<sup>(2)</sup> | **All Other<br>Compensation<br>($)**<sup>(3)</sup> | **Total<br>($)** |
| Jill Wyant,<br>*Chief Executive<br>Officer & President* | 2025 | $900000  | —  | $11339606 | $1258200 | $14000  | $13511806 |
| JJ Foley,<br>*Chief Financial<br>Officer* | 2025 | $501155  | —  | $4558732 | $700615 | $24676  | $5785178 |
| Russell Toney,<br>*Group President of<br>Air Handling* | 2025 | $511539  | —  | $1194352 | $294572 | $14000  | $2014463 |
| Karin Overstreet,<br>*President of Nortek<br>Data Center Cooling* | 2025 | $438077  | —  | $1007074 | $377009 | $14066  | $1836226 |
| Dale Philippi,<br>*President and Chief Executive Officer of AprilAire*<sup>(4)</sup> | 2025 | $477308 <br><sup>(5)</sup> | $300 <br><sup>(6)</sup> | $309637 | $907974<br><sup>(7)</sup> | $113337  | $1808556 |

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(1)All amounts in this column represent the share-based compensation modification expense of outstanding equity appreciation awards associated with their conversion from a cash-based award into the right to receive units of Madison IAS (or, following this offering, shares of our Class A common stock), computed as of the conversion date in accordance with FASB ASC Topic 718, with respect to the modified awards using the assumption set forth in note 17 in the Notes to Consolidated Financial Statements appearing elsewhere in this prospectus. The amounts reported in this column reflect the share-based compensation modification expense for these awards and do not correspond to the actual economic value that may be ultimately realized by the NEOs for the awards.

Equity appreciation awards are comparable to stock appreciation rights. Accordingly, they are classified as "options" under the definition provided in Item 402(a)(6)(i) of Regulation S-K. For more information about the equity appreciation awards, see the section above under "Long-Term Incentive Compensation."

At the time of grant, equity appreciation awards granted to the NEOs prior to the amendment of the EAR Plan represented cash-settled awards. As a result, only the share-based modification expense for the 2025 equity appreciation awards is reflected in this column. If the equity appreciation awards had been accounted for as equity-classified awards as of the grant date, the aggregate grant date fair value of equity appreciation awards granted in 2025 to the NEOs computed in accordance with FASB ASC Topic 718 would have been as follows: $24,655,273 for Ms. Wyant, $7,396,582 for Mr. Foley, $500,054 for Mr. Toney, $750,013 for Ms. Overstreet and $3,914,562 for Mr. Philippi.

(2)This column represents annual incentive plan awards earned for the year ended December 31, 2025 to be paid in 2026. Incentive plan amounts are determined as discussed above under "Annual Incentive Plan."

(3)This column includes $14,000 in 401(k) plan employer matching contributions for each NEO, except for Mr. Philippi. For Mr. Philippi, (a) $23,400 is attributable to employer contributions to the 401(k) plan of AprilAire for the period following the date he commenced employment with the Company, (b) $77,277 is attributable to employer contributions to the nonqualified deferred compensation plan of AprilAire for the period following the date he commenced employment with the Company, (c) $9,055 is attributable to the aggregate incremental cost to the Company for Mr. Philippi's personal use of a company-leased automobile, calculated based on the annual lease value of the vehicle, multiplied by the percentage of personal miles driven by Mr. Philippi during the year and (d) $3,605 is attributable to employer-paid disability insurance premiums. For Mr. Foley, (i) $2,231 is attributable to reimbursement of premiums for a long-term disability policy and (ii) $8,445 is attributable to the cost of an executive physical. For Ms. Overstreet, the remaining amount is attributable to the Company's cost for a holiday gift card plus a gross up for the associated taxes payable by Ms. Overstreet.

(4)Mr. Philippi commenced employment with the Company on May 6, 2025 following the Company's acquisition of AprilAire and its flagship consumer brand, AprilAire.

(5)Includes only the portion of Mr. Philippi's base salary paid by the Company following the date he commenced employment with the Company.

(6)Includes the amount of a discretionary holiday bonus paid to Mr. Philippi.

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(7)Includes the full amount of Mr. Philippi's annual bonus for the 2025 year, despite Mr. Philippi commencing employment with the Company on May 6, 2025.

**2025 Grants of Plan-Based Awards** 

The following table sets forth certain information with respect to grants of plan-based awards for the year ended December 31, 2025 with respect to our NEOs, consisting of cash bonus opportunities under our annual incentive plan and awards of equity appreciation rights pursuant to the EAR Plan prior to its amendment on December 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Grant Date** | &nbsp;&nbsp;**Estimated Future Payouts**<br>**Under Non-Equity Incentive**<br>**Plan Awards** | &nbsp;&nbsp;**Estimated Future Payouts**<br>**Under Non-Equity Incentive**<br>**Plan Awards** | &nbsp;&nbsp;**Estimated Future Payouts**<br>**Under Non-Equity Incentive**<br>**Plan Awards** |
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Plan** | &nbsp;&nbsp;**Grant Date** | &nbsp;&nbsp;**Threshold<br>($)**<sup>(1)</sup> | &nbsp;&nbsp;**Target<br>($)**<sup>(1)</sup> | &nbsp;&nbsp;**Maximum<br>($)**<sup>(1)</sup> |
| &nbsp;&nbsp;Jill Wyant | &nbsp;&nbsp;Annual Incentive Plan | &nbsp;&nbsp;— | $&nbsp;&nbsp;450000 | $&nbsp;&nbsp;900000 | $&nbsp;&nbsp;1800000 |
|  | &nbsp;&nbsp;EAR Plan<br><sup>(2)</sup> | &nbsp;&nbsp;11/17/2025 | &nbsp;&nbsp;— | (3) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;JJ Foley | &nbsp;&nbsp;Annual Incentive Plan | &nbsp;&nbsp;— | $&nbsp;&nbsp;252500 | $&nbsp;&nbsp;505000 | $&nbsp;&nbsp;1010000 |
|  | &nbsp;&nbsp;EAR Plan<br><sup>(2)</sup> | &nbsp;&nbsp;11/17/2025 | &nbsp;&nbsp;— | (3) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell Toney | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Incentive Plan | &nbsp;&nbsp;— | $&nbsp;&nbsp;154500 | $&nbsp;&nbsp;309000 | $&nbsp;&nbsp;618000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EAR Plan<br><sup>(2)</sup> | &nbsp;&nbsp;6/25/2025 | &nbsp;&nbsp;— | (3) | &nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EAR Plan<br><sup>(2)</sup> | &nbsp;&nbsp;7/1/2025 | &nbsp;&nbsp;— | (3) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Karin Overstreet | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Incentive Plan | &nbsp;&nbsp;— | $&nbsp;&nbsp;145031 | $&nbsp;&nbsp;290063 | $&nbsp;&nbsp;580125 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EAR Plan<br><sup>(2)</sup> | &nbsp;&nbsp;12/5/2025 | &nbsp;&nbsp;— | (3) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dale Philippi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Incentive Plan | &nbsp;&nbsp;— | $&nbsp;&nbsp;164250 | $&nbsp;&nbsp;657000 | $&nbsp;&nbsp;1314000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EAR Plan<br><sup>(2)</sup> | &nbsp;&nbsp;5/6/2025 | &nbsp;&nbsp;— | (3) | &nbsp;&nbsp;— |

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(1)Represents the threshold, target and maximum applicable to annual incentive plan awards, as described in more detail above under "Annual Incentive Plan." For purposes of these amounts, each NEO's annual base salary was used; however, for the NEOs other than Mr. Philippi actual payments are determined based on W-2 wages for time worked during the plan year.

(2)In connection with the EAR Plan amendment as of December 31, 2025, outstanding equity appreciation awards were converted from cash-based awards into the right to receive units of Madison IAS (or, following this offering, shares of our Class A common stock). The share-based compensation modification expense of outstanding equity appreciation awards associated with their conversion is reflected in the 2025 Summary Compensation Table, computed as of the conversion date in accordance with FASB ASC Topic 718 using the assumptions set forth in note 17 in the Notes to Consolidated Financial Statements appearing elsewhere in this prospectus. The aggregate grant date fair value of equity appreciation awards granted in 2025 to the NEOs if the equity appreciation awards had been accounted for as equity-classified awards as of the grant date, computed in accordance with FASB ASC Topic 718, is reflected in note (1) to the 2025 Summary Compensation Table. The equity appreciation awards are described in more detail under "Long-Term Incentive Compensation" and the Outstanding Equity Awards at 2025 Fiscal Year End Table.

(3)Represents grants of equity appreciation awards that were made in 2025 prior to the amendment of the EAR Plan as of December 31, 2025. As of the date of grant, these awards represented cash-settled awards that were granted on a percentage basis and amounts payable thereunder are not determinable until settlement, with no threshold, target or maximum levels for the awards. The equity appreciation awards are described in more detail under "Long-Term Incentive Compensation" and the Outstanding Equity Awards at 2025 Fiscal Year End Table.

**Narrative Description to the Summary Compensation Table and the Grant of Plan-Based Awards Table for the 2025 Fiscal Year** 

**Agreements with Named Executive Officers**

The Company or one of its subsidiaries has entered into offer letters with each of the NEOs. The offer letters each provide for, among other things, annual base salary, a target annual bonus opportunity, eligibility to receive an equity appreciation award, and eligibility to participate in the Company's benefit plans and programs.

Each of the NEOs is also party to an offer letter, severance letter or other agreement (collectively, the "Severance Agreements") that provides for certain severance benefits upon a termination by us without "cause" or, in some cases, a resignation for "good reason." Mr. Toney entered into a Severance Agreement in February 2026. Please see the section entitled "Additional Narrative Disclosure—Potential Payments Upon Termination or Change in Control" below for more details regarding the severance benefits provided to the Company's NEOs.

Each of the NEOs is subject to certain restrictive covenant obligations, including confidentiality, non-competition and non-solicitation of customers and employees covenants.

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**Outstanding Equity Awards at 2025 Fiscal Year End** 

The following table sets forth certain information with respect to outstanding equity awards of our NEOs as of December 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Option Awards**<sup>(1)</sup> | &nbsp;&nbsp;**Option Awards**<sup>(1)</sup> | &nbsp;&nbsp;**Option Awards**<sup>(1)</sup> | &nbsp;&nbsp;**Option Awards**<sup>(1)</sup> | &nbsp;&nbsp;**Option Awards**<sup>(1)</sup> |
| &nbsp;&nbsp;**Name<br>(a)** | &nbsp;&nbsp;**Number of<br>Securities<br>Underlying<br>Unexercised<br>Options<br>(#)<br>Exercisable** | &nbsp;&nbsp;**Number of<br>Securities<br>Underlying<br>Unexercised<br>Options<br>(#) Unexercisable**<sup>(2)</sup> | &nbsp;&nbsp;**Equity Incentive<br>Plan Awards:<br>Number of<br>Securities<br>Underlying<br>Unexercised<br>Unearned<br>Options<br>(#)** | &nbsp;&nbsp;**Option<br>Exercise<br>Price<br>($)**<sup>(3)</sup> | &nbsp;&nbsp;**Option<br>Expiration<br>Date** |
| &nbsp;&nbsp;&nbsp;Jill Wyant |  | (4) |  | N/A | N/A |
| &nbsp;&nbsp;&nbsp;JJ Foley |  | (4) |  | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Russell Toney |  | (4) | (4) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Karin Overstreet |  | (4) |  | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Dale Philippi |  | (4) |  | N/A | N/A |

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(1)Equity appreciation awards are comparable to stock appreciation rights. Accordingly, they are classified as "options" under the definition provided in Item 402(a)(6)(i) of Regulation S-K. For more information about the equity appreciation awards, see the section above under "Long-Term Incentive Compensation."

(2)Outstanding equity appreciation awards are granted on a percentage basis and the number of units of Madison IAS (or, following this offering, shares of our Class A common stock) are not determinable until vesting and settlement.

(3)The equity appreciation awards are not traditional options, and therefore, there is no exercise price. Instead, equity appreciation awards represent the right to receive units of Madison IAS (or, following this offering, shares of our Class A common stock) with a value equal to a specified percentage of the appreciation in the value of Madison IAS, so long as the applicable threshold return has been achieved as of the vesting date and the participant has complied with the terms of the EAR Plan and the applicable award agreement.

(4)As of December 31, 2025, following the amendment of the EAR Plan, all of the outstanding equity appreciation awards held by the NEOs were unvested and will vest as set forth in the following table, in each case, subject to the NEO's continued employment through the applicable vesting date and accelerated vesting upon a Qualifying Sale (as defined below) (other than with respect to Mr. Toney's performance vesting awards), as described in more detail under the section above under "Long-Term Incentive Compensation" and "Potential Payments Upon Termination or a Change in Control."

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Grant Date** | **EAR Percentage** | **Vesting Schedule** |
| Jill Wyant | 6/14/2021 | 0.250000% | 2/3 of the grant vested on 1/1/2026 and 100% will vest on the fifth anniversary of the grant date |
|  | 4/1/2022 | 0.050000% | 1/3 of the grant vested on 1/1/2026, 2/3 of the grant will vest on the fourth anniversary of the grant date, and 100% will vest on the fifth anniversary of the grant date |
|  | 11/11/2022 | 0.140000% | 1/3 of the grant vested on 1/1/2026, 2/3 of the grant will vest on the fourth anniversary of the grant date, and 100% will vest on the fifth anniversary of the grant date |
|  | 6/20/2023 | 0.046574% | Cliff vest on the third anniversary of the grant date |
|  | 10/25/2023 | 0.069862% | Cliff vest on the third anniversary of the grant date |
|  | 12/9/2024 | 0.097780% | Cliff vest on the third anniversary of the grant date |
|  | 11/17/2025 | 0.250000% | Cliff vest on the third anniversary of the grant date |
| JJ Foley | 2/1/2021 | 0.127000% | Cliff vested on 1/4/2026 |
|  | 6/29/2021 | 0.018951% | Cliff vested on 1/4/2026 |
|  | 4/1/2022 | 0.010613% | Cliff vested on 1/4/2026 |
|  | 11/11/2022 | 0.027834% | Cliff vested on 1/4/2026 |
|  | 6/20/2023 | 0.011644% | Cliff vest on the third anniversary of the grant date and are subject to a two-year holding period following vesting |
|  | 10/27/2023 | 0.023288% | Cliff vest on the third anniversary of the grant date and are subject to a two-year holding period following vesting |
|  | 12/9/2024 | 0.029334% | Cliff vest on the third anniversary of the grant date and are subject to a two-year holding period following vesting |
|  | 11/17/2025 | 0.075000% | Cliff vest on the third anniversary of the grant date and are subject to a two-year holding period following vesting |
| Russell Toney | 3/13/2023 | 0.081097% | Cliff vest on the fifth anniversary of the grant date |
|  | 6/25/2025 | 0.006930% | Cliff vest on the fifth anniversary of the grant date |
|  | 7/1/2025 | 0.006930% | Cliff vest on the fifth anniversary of the achievement of the performance-based conditions. The performance-based conditions relate to Nortek Air Solutions achieving its operational performance results including sales, development, staffing, project management and revenue targets over the period from 7/1/2025 through 12/31/2026 |
| Karin Overstreet | 3/20/2023 | 0.057927% | Cliff vest on the fifth anniversary of the grant date |
|  | 4/15/2024 | 0.009778% | Cliff vest on the fifth anniversary of the grant date |
|  | 9/16/2024 | 0.009778% | Cliff vest on the fifth anniversary of the grant date |
|  | 12/5/2025 | 0.007605% | Cliff vest on the fifth anniversary of the grant date |
| Dale Philippi | 5/6/2025 | 0.054250% | Cliff vest on the third anniversary of the grant date |

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**Options Exercised and Stock Vested in the 2025 Fiscal Year** 

During the fiscal year ended December 31, 2025, our NEOs did not hold any stock options, did not have any stock-based or equity incentive awards that vested, and did not exercise any stock options, stock appreciation rights or similar instruments.

**Pension Benefits** 

Our NEOs did not participate in or have account balances in qualified or nonqualified defined benefit plans sponsored by us. Our Board or Compensation and Nominating Committee may elect to adopt qualified or nonqualified defined benefit plans in the future if it determines that doing so is in the Company's best interest.

**Nonqualified Deferred Compensation** 

The following table sets forth information regarding contributions to, earnings on and total balances in the nonqualified defined contribution plans or other nonqualified deferred compensation plans, as applicable, for Mr. Philippi in 2025, are described in more detail under "Additional Narrative Disclosure—Nonqualified Deferred Compensation."

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Executive<br>Contributions<br>in Last FY<br>($)**<sup>(1)</sup> | &nbsp;&nbsp;**Registrant<br>Contributions<br>in Last FY<br>($)**<sup>(2)</sup> | &nbsp;&nbsp;**Aggregate<br>Earnings<br>in Last FY<br>($)** | &nbsp;&nbsp;**Aggregate<br>Withdrawals/<br>Distributions<br>($)** | &nbsp;&nbsp;**Aggregate<br>Balance at<br>Last FYE<br>($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Dale Philippi | $98419 | $77277 | $1553 |  | $177249 |

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(1)Amounts reflect elective deferrals of 2025 base salary.

(2)Company contributions included in "All Other Compensation" for 2025 in the Summary Compensation Table.

**Additional Narrative Disclosure** 

**Retirement benefits** 

We currently maintain a retirement plan intended to provide benefits under Section 401(k) of the Code, pursuant to which employees, including the NEOs, can make voluntary elective deferrals. In 2025, we provided matching contributions to the NEOs equal to 100% of the NEO's elective deferrals that do not exceed 3% of eligible compensation plus 50% of the NEO's elective deferrals thereafter that do not exceed 5% of eligible compensation. All contributions under the retirement plan are subject to certain annual dollar limitations, which are periodically adjusted for changes in the cost of living. Participants become vested in employer matching contributions over two years.

In 2025, Mr. Philippi participated in the 401(k) plan for AprilAire, pursuant to which participants become vested in discretionary employer matching contributions and employer nonelective profit-sharing contributions over five years. For 2025, the Company provided a discretionary employer matching contribution to Mr. Philippi equal to 3% of his base salary and an employer nonelective profit-sharing contribution equal to 6% of his base salary, in each case, subject to applicable tax limitations.

**Nonqualified Deferred Compensation**

Mr. Philippi participates in the Research Products Corporation Deferred Compensation Plan (the "DCP"), in which a select group of management or highly compensated employees of AprilAire, including Mr. Philippi, are eligible to defer portions of their compensation to save for retirement and other life events. The DCP permits eligible participants to defer up to 50% of their base salary and up to 75% of their bonus under the annual incentive plan. In addition, participants are eligible for an employer nonelective contribution if the participant has made the maximum salary contributions permitted under the AprilAire 401(k) plan. DCP accounts are invested in publicly traded mutual funds, at the option of the participant. DCP accounts are paid out based on the participant's election at the time of the deferral, subject to the requirements of Section 409A of the Internal Revenue Code. All DCP accounts are considered unfunded general contractual obligations and are subject to the claims of our general, unsecured creditors. For 2025, the Company provided an employer matching contribution to Mr. Philippi equal to 3% of his compensation deferrals, and an employer nonelective contribution equal to 6% of his compensation over the qualified plan limit. Participants in the DCP are 100% vested in employer contributions.

**Potential Payments Upon Termination or a Change in Control** 

***EAR Plan*** 

Under the EAR Plan and amendment, upon the termination of a participant's employment for any reason, all unvested equity appreciation awards will be immediately forfeited. Upon a sale, merger or consolidation involving one or more of Madison IAS and its subsidiaries (collectively, the "Madison IAS Companies") following which the direct or indirect owners of Madison IAS no longer own a direct or indirect interest in any of the operating assets which were owned by the Madison IAS Companies (a "Qualifying Sale"), all unvested equity appreciation awards will fully vest as long as the participant remains employed through the closing of that transaction. The approximate value of the equity appreciation awards that were unvested (or subject to a substantial risk of forfeiture based on the EAR Plan) that would have accelerated as of a Qualifying Sale on December 31, 2025 based on the valuation of Madison IAS as of September 30, 2025 (which was the most recent valuation prepared as of December 31, 2025) for each of the NEOs is as follows: $89,174,768 for Ms. Wyant, $31,920,097 for Mr. Foley, $9,364,763 for Mr. Toney, $8,391,471 for Ms. Overstreet and $5,350,194 for Mr. Philippi.

Holders of equity appreciation awards are subject to certain restrictive covenant obligations, including covenants involving confidentiality, non-competition and non-solicitation of customers and employees. Upon a participant's breach of any restrictive covenant obligations or termination of employment for "cause," Madison IAS has the authority to reduce, terminate or cause the forfeiture of any outstanding equity appreciation award or any units of Madison IAS or shares of our common stock issued in connection with an award.

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*Wyant Offer Letter* 

Pursuant to Ms. Wyant's offer letter, upon a termination by the Company without "cause" or a resignation by her for "good reason" (each, a "Qualifying Termination"), subject to Ms. Wyant's execution and non-revocation of a general release of claims in favor of the Company, the Company would provide her with severance equal to 150% of her base salary, payable in installments over the 18-month period post-termination, and a pro-rata bonus for the year of termination based on the target performance level. If the Qualifying Termination occurs within one year prior to the consummation of a change in control, all of Ms. Wyant's unvested EAR awards would vest upon the change in control. Upon a Qualifying Termination of Ms. Wyant's employment as of December 31, 2025, Ms. Wyant would have received $2,250,000 in cash severance payments (assuming a full year's annual bonus based on the target performance level). If the Qualifying Termination occurs within one year prior to the consummation of change in control, Ms. Wyant would also receive accelerated vesting of her outstanding equity appreciation awards described above.

For purposes of Ms. Wyant's offer letter:

"Cause" means a termination as a result of Ms. Wyant's: (i) indictment of, or plea of guilty or nolo contendere to, any felony or a lesser crime involving dishonesty, fraud, misappropriation, theft, wrongful taking of property, embezzlement, bribery, forgery, extortion or other crime of moral turpitude, in connection with her employment or which has a material adverse effect on the Company; (ii) commission of fraud, misappropriation or embezzlement; (iii) theft or misappropriation involving any property or money of the Company; (iv) use of illegal drugs or controlled substances (excluding those lawfully prescribed to her by a medical provider) that adversely affects her job performance; (v) material breach of the terms of the offer letter; (vi) violation of any restrictive covenants in any agreement with the Company or any of its affiliates; (vii) violation of any material written policy of the Company that could adversely affect the Company; or (viii) willful or gross neglect of her duties, willful or gross misconduct in performance of her duties, or the willful violation of any written Company policy that adversely affects her performance of her duties which, if curable, is not cured within 10 days after receipt of written notice from the Company.

"Good Reason" means, without Ms. Wyant's consent, and subject to certain notice and cure provisions: (i) a material reduction in the nature or scope of her responsibilities, duties or authorities; (ii) a material reduction in her base salary (except for an across-the-board reduction of less than 10% of her base salary that affects all similarly situated executives) or bonus opportunity; (iii) a material breach by the Company of Ms. Wyant's offer letter; or (iv) a material change in the primary geographic location at which she must perform her services.

"Change in Control" means either (i) the sale, lease, transfer, conveyance or other disposition, in one transaction or a series of related transactions, of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, to one or more independent third parties; or (ii) a transaction or a series of related transactions (including by way of merger, consolidation, recapitalization, reorganization or sale of such securities) the result of which is that the direct or indirect equity owners of the Company immediately prior to such transaction, together with their affiliates, after giving effect to such transaction, are no longer in the aggregate, directly or indirectly, the beneficial owners of at least 50% of the voting power of the outstanding voting securities of the Company or any successor thereto.

*Philippi Agreement*

Pursuant to an agreement entered into between Mr. Philippi and AprilAire prior to the AprilAire Acquisition, upon a Qualifying Termination within the two-year period following a change in control of AprilAire (including its acquisition by the Company), the Company (or its applicable subsidiary) would provide Mr. Philippi with a lump sum payment equal to (i) two times the sum of (a) his annual base compensation at the time of termination (or, if higher, as of immediately prior to the change in control), plus (b) the highest annual incentive compensation paid to him in either of the two full calendar years prior to the year of termination, and (ii) the benefits in effect immediately prior to the change in control (or, if higher, as of immediately prior to his termination) for a period of two years following his date of termination. In addition, the Company (or its applicable subsidiary) would, at Mr. Philippi's election, pay for professional outplacement services up to an amount equal to 15% of Mr. Philippi's then-current base salary. Upon a Qualifying Termination of Mr. Philippi's employment as of December 31, 2025, which was within two years following the Company's acquisition of AprilAire, Mr. Philippi would have received $4,092,708 in cash severance payments and up to $109,500 in outplacement benefits.

For Purposes of Mr. Philippi's Severance Agreement:

"Cause" means a termination as a result of Mr. Philippi's gross negligence, fraud or intentional misconduct or other continuous and material actions or omissions that, in the good faith judgment of the Board, would have a material and negative effect on AprilAire.

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"Good Reason" means: (i) a reduction in salary from that in effect immediately prior to the change in control; (ii) any change in the Research Products Corporation Incentive Compensation Plan that results in a reduction in Mr. Philippi's bonus amount from that in effect immediately prior to the change in control; (iii) any material reduction in any employee benefit program available to Mr. Philippi immediately prior to the change in control; (iv) a material modification in Mr. Philippi's level of responsibility or a material change in his duties as they existed immediately prior to the change in control (including a material change in reporting relationships or fiscal responsibilities, or a substantial change in responsibilities for personnel or in the amount of time devoted to any particular job responsibility or duty); or (v) an assignment or transfer of Mr. Philippi to a facility other than the principal office of AprilAire or outside of Dane County, Wisconsin even if to the principal office of AprilAire.

*Other Severance Agreements*

Pursuant to the remaining Severance Agreements (including the Severance Agreement that Mr. Toney entered into in February 2026), upon a termination of employment by the Company (or its applicable subsidiary) without "cause", subject to the NEO's execution and non-revocation of a release of claims in favor of the Company, the Company (or its applicable subsidiary) would provide Messrs. Foley and Toney, and Ms. Overstreet with severance equal to 12 months' of the applicable NEO's base salary, payable in installments over the 12-month period post-termination. Mr. Foley's offer letter also provides for the same severance benefits upon a resignation by him for "good reason." The remaining Severance Agreements do not provide for enhanced severance in connection with a change in control of the Company.

Upon a termination of employment by the Company (or its applicable subsidiary) without "cause" (or a resignation for "good reason" for Mr. Foley only), in each case, as of December 31, 2025, Mr. Foley and Ms. Overstreet would have received the following cash severance payments: $505,000 for Mr. Foley and $446,250 for Ms. Overstreet. Mr. Toney was not party to a Severance Agreement as of December 31, 2025.

For purposes of Mr. Foley's offer letter:

"Cause" means a termination as a result of Mr. Foley's: (i) indictment of, or plea of guilty or nolo contendere to, any felony or a lesser crime involving dishonesty, fraud, misappropriation, theft, wrongful taking of property, embezzlement, bribery, forgery, extortion or other crime of moral turpitude; (ii) commission of fraud, misappropriation or embezzlement; (iii) theft or misappropriation involving any property or money of the Company; (iv) use of illegal drugs or controlled substances (excluding those lawfully prescribed to him by a medical provider) that adversely affects his job performance; (v) material breach of the terms of the offer letter; (vi) repeated unexcused absence from work which remains uncured within 10 days following written notice; (vii) violation of any restrictive covenants; (viii) violation of any material written policy of the Company that could adversely affect the Company or violation of any written business ethics or conflict of interest policy; (ix) willful or gross neglect of his duties, willful or gross misconduct in performance of his duties, or the willful violation of any written Company policy that adversely affects performance of his duties which, if curable, is not cured within 10 days after receipt of written notice from the Company; or (x) failure to follow any lawful and material business directive from the Chief Executive Officer or the Senior Managing Director which, if curable, is not cured within 10 days after receipt of written notice from the Company.

"Good Reason" means, without Mr. Foley's consent, and subject to certain notice and cure provisions: (i) a material reduction in the nature or scope of his responsibilities, duties or authorities; (ii) a material reduction in his base salary (except for an across-the-board reduction of less than 10% of his base salary that affects all similarly situated executives); (iii) a required relocation of his principal place of business by more than 50 miles; or (iv) a material breach by the Company (or its applicable subsidiary) of Mr. Foley's offer letter.

**Compensation in Connection with This Offering**

**Long-Term Incentive Plan** 

In order to incentivize our employees following the completion of this offering, our Board will adopt a long-term incentive plan, the 2026 Plan, for employees, consultants and directors prior to the completion of this offering. If and when adopted, our NEOs would be eligible to participate in the 2026 Plan. The 2026 Plan may provide for the grant of options, stock appreciation rights, restricted stock, restricted stock units, performance awards, stock awards, dividend equivalents, other stock-based awards (including equity appreciation rights granted pursuant to the EAR Plan), cash awards and substitute awards intended to align the interests of employees and other service providers, including our NEOs, with those of our stockholders.

*Securities to be Offered*

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Subject to adjustment in the event of certain transactions or changes of capitalization in accordance with the 2026 Plan, 44,003,369 shares of Class A common stock (the "Share Reserve") will be reserved for issuance pursuant to awards under the 2026 Plan. The total number of shares reserved for issuance under the 2026 Plan will be increased annually on January 1 of each calendar year from and including 2027 through January 1, 2036, by the lesser of (i) 1.50% of the aggregate number of shares of Class A common stock and Class B common stock, outstanding on December 31 of the immediately preceding calendar year and (ii) the number of shares of Class A common stock as is determined by our Board. No more than 44,003,369 shares of Class A common stock may be issued pursuant to incentive stock options. Shares of Class A common stock subject to an award that expires or is cancelled, forfeited, exchanged, settled in cash or otherwise terminated without delivery of shares and shares withheld to pay the exercise price of, or to satisfy the withholding obligations with respect to, an award will again be available for delivery pursuant to other awards under the 2026 Plan.

*Administration*

The 2026 Plan will be administered by our Compensation and Nominating Committee (the "Committee"), which may delegate its powers and duties under the 2026 Plan in accordance with the terms of the 2026 Plan. The Committee has broad discretion to administer the 2026 Plan, including the power to determine the eligible individuals to whom awards will be granted, the number and type of awards to be granted and the terms and conditions of awards. The Committee may also accelerate the vesting or exercise of any award and make all other determinations and to take all other actions necessary or advisable for the administration of the 2026 Plan. To the extent the 2026 Plan administrator is not the Committee, our Board will retain the authority to take all actions permitted by the administrator under the 2026 Plan. Additionally, our Board retains the right to exercise the authority of the Committee to the extent consistent with applicable law.

*Eligibility*

Our employees, consultants and non-employee directors will be eligible to receive awards under the 2026 Plan.

*Non-Employee Director Compensation Limits*

Under the 2026 Plan, in a single calendar year, a non-employee director may not be granted awards for such individual's service on our Board having a value, taken together with any cash fees paid to such non-employee director, in excess of $750,000 (except that the Committee may make exceptions to such limit and for any year in which a non-employee director (i) first commences service on our Board, (ii) serves on a special committee of our Board or (iii) serves as lead director or non-executive chair of our Board, such limit may be increased, with the limit to be increased to $1,000,000).

*Types of Awards*

Stock Options. We may grant stock options to eligible persons, except that incentive stock options may only be granted to persons who are our employees or employees of one of our subsidiaries, in accordance with Section 422 of the Code. The exercise price of a stock option generally cannot be less than 100% of the fair market value of a share of Class A common stock on the date on which the stock option is granted and the stock option must not be exercisable for longer than 10 years following the date of grant. In the case of an incentive stock option granted to an individual who owns (or is deemed to own) at least 10% of the total combined voting power of all classes of our equity securities, the exercise price of the option must be at least 110% of the fair market value of a share of Class A common stock on the date of grant and the option must not be exercisable more than five years from the date of grant.

Stock Appreciation Rights. A stock appreciation right ("SAR") is the right to receive an amount equal to the excess of the fair market value of one share of Class A common stock on the date of exercise over the grant price of the SAR. The grant price of a SAR generally cannot be less than 100% of the fair market value of a share of Class A common stock on the date on which the SAR is granted. The term of a SAR may not exceed 10 years. SARs may be granted in connection with, or independent of, other awards. The Committee has the discretion to determine other terms and conditions of a SAR award.

Restricted Stock Awards. A restricted stock award is a grant of shares of Class A common stock subject to the restrictions on transferability and risk of forfeiture imposed by the Committee. Unless otherwise determined by the Committee and specified in the applicable award agreement, the holder of a restricted stock award has rights as a stockholder, including the right to vote the shares of Class A common stock subject to the restricted stock award or to receive dividends on the shares of Class A common stock subject to the restricted stock award during the restriction period. In the discretion of the Committee or as set forth in the applicable award agreement, dividends distributed prior to vesting may be subject to the same restrictions and risk of forfeiture as the restricted stock with respect to which the distribution was made.

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Restricted Stock Units. A restricted stock unit is a right to receive cash, shares of Class A common stock or a combination of cash and shares of Class A common stock at the end of a specified period equal to the fair market value of one share of Class A common stock on the date of vesting. Restricted stock units may be subject to the restrictions, including a risk of forfeiture, imposed by the Committee. If the Committee so provides, a grant of restricted stock units may provide a participant with the right to receive dividend equivalents.

Performance Awards. A performance award is an award that vests and/or becomes exercisable or distributable subject to the achievement of certain performance goals during a specified performance period, as established by the Committee. Performance awards (which include performance stock units) may be granted alone or in addition to other awards under the 2026 Plan, and may be paid in cash, shares of Class A common stock, other property or any combination thereof, in the sole discretion of the Committee.

Dividend Equivalents. Dividend equivalents entitle a participant to receive cash and/or shares of Class A common stock equal in value to regular cash dividends paid with respect to a specified number of shares of Class A common stock. Dividend equivalents may be granted on a free-standing basis or in connection with another award (other than stock options, SARs or, unless otherwise determined by the Committee, other stock-based awards).

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, the value of our shares of Class A common stock.

Cash Awards. Cash awards may be granted on terms and conditions, including vesting conditions, and for consideration, including no consideration or minimum consideration as required by applicable law, as the Committee determines in its sole discretion.

Substitute Awards. In connection with an entity's merger or consolidation with the Company or the Company's acquisition of an entity's property or stock, awards may be granted in substitution for any other award granted before the merger or consolidation by such entity or its affiliates.

*Certain Transactions*

If any change is made to our capitalization, such as a share split, share combination, share dividend, exchange of shares or other recapitalization, merger or otherwise, that results in an increase or decrease in the number of outstanding shares of Class A Common Stock, appropriate adjustments may be made by the Committee in the shares subject to an award under the 2026 Plan. The Committee will also have the discretion to make certain adjustments to awards in the event of a change in control, such as accelerating the vesting or exercisability of awards, requiring the surrender of an award, with or without consideration, or making any other adjustment or modification to the award that the Committee determines is appropriate in light of the transaction.

*Clawback*

All awards granted under the 2026 Plan will be subject to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with any Company clawback or similar policy or any applicable law related to such actions.

*Amendment and Termination*

Our Board or the Committee may amend or terminate the 2026 Plan at any time; however, stockholder approval will be required for any amendment to the extent necessary to comply with applicable law. Stockholder approval will be required to make amendments that (i) increase the aggregate number of shares that may be issued under the 2026 Plan or (ii) change the classification of individuals eligible to receive awards under the 2026 Plan.

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**Director Compensation** 

To date, except for the compensation provided to Hudson La Force as provided below to induce his service as a potential independent director of the Board upon completion of this offering, we have not provided compensation to directors for their services as directors or members of committees of the Board. We have reimbursed and will continue to reimburse our non-employee directors for their reasonable expenses incurred in attending meetings of our Board and committees of the Board.

Following the completion of this offering, we anticipate that we will implement a policy pursuant to which our non-employee directors will be eligible to receive designated compensation for service on our Board and committees of our Board. The amount and form of compensation has not yet been determined but will be based on comparable market data.

**Director Compensation Table** 

The table below provides compensation amounts provided to Mr. La Force for fiscal year 2025.

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| | | |
|:---|:---|:---|
| **Name** | **Option Awards<br>($)**<sup>(1)</sup> | **Total<br>($)** |
| Hudson La Force | $12022 | $12022 |

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(1)The equity appreciation awards are comparable to stock appreciation rights. Accordingly, they are classified as "options" under the definition provided in Item 402(a)(6)(i) of Regulation S-K. For more information about the equity appreciation awards, see the section above under "Long-Term Incentive Compensation."

The amount in this column represents the share-based compensation modification expense of an outstanding equity appreciation award associated with its conversion from a cash-based award into the right to receive units of Madison IAS (or, following this offering, shares of our Class A common stock), computed as of the conversion date in accordance with FASB ASC Topic 718, with respect to the modified award using the assumptions set forth in note 17 in the Notes to Consolidated Financial Statements appearing elsewhere in this prospectus. The amount reported in this column reflects the share-based compensation modification expense for this award and does not correspond to the actual economic value that may be ultimately realized by the award. If the equity appreciation awards had been accounted for as equity-classified awards as of the grant date, the grant date fair value of the equity appreciation award granted in 2025 to Mr. La Force computed in accordance with FASB ASC Topic 718 would have been $200,222. As of December 31, 2025, Mr. La Force held an unvested equity appreciation award equal to 0.002772% of the appreciation in value of Madison IAS. Mr. La Force's outstanding equity appreciation award will cliff-vest on the third anniversary of the grant date, subject to his continued service through the applicable vesting date and accelerated vesting upon a Qualifying Sale.

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**Principal Stockholders** 

The following table sets forth information about the beneficial ownership of our Class A common stock and Class B common stock as of April 6, 2026 and as adjusted to reflect the sale of our Class A common stock in this offering, for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each person or group known to us who beneficially owns more than 5% of our Class A common stock or Class B common stock immediately prior to this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each of our Named Executive Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all of our directors and executive officers as a group.

Each stockholder's percentage ownership before the offering is based on Class A common stock and Class B common stock outstanding as of April 6, 2026. Each stockholder's percentage of beneficial ownership after the offering is based on 164,497,178 shares of Class A common stock and 324,429,147 shares of Class B common stock outstanding, as the case may be, immediately after the completion of this offering and the concurrent private placement. We have granted the underwriters an option to purchase up to 12,403,846 additional shares of Class A common stock. The number of shares of Class A common stock outstanding excludes 324,429,147 shares of Class A common stock issuable upon conversion of shares of our Class B common stock on a one-for-one basis. If all outstanding shares of Class B common stock were converted, we would have 488,926,325 shares of Class A common stock outstanding immediately after this offering, assuming no exercise by the underwriters of their option to purchase additional shares. The number of EAR units that will be granted to holders of unvested EAR awards at Madison IAS will depend on the initial public offering price per share of Class A common stock. The number of EAR units granted to holders of unvested EAR Plan awards assumes an offering price of $26.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus.

Beneficial ownership for the purposes of the following table is determined in accordance with the rules and regulations of the SEC. These rules generally provide that a person is the beneficial owner of securities if such person has or shares the power to vote or direct the voting thereof, or to dispose or direct the disposition thereof or has the right to acquire such powers within 60 days. Class A common stock subject to options that are currently exercisable or exercisable within 60 days of April 6, 2026 are deemed to be outstanding and beneficially owned by the person holding the options. These shares, however, are not deemed outstanding for the purposes of computing the percentage ownership of any other person. Except as disclosed in the footnotes to this table and subject to applicable community property laws, we believe that each stockholder identified in the table possesses sole voting and investment power over all common stock shown as beneficially owned by the stockholder.

Unless otherwise noted below, the address of each beneficial owner listed on the table is c/o 444 West Lake Street, Suite 4460, Chicago, Illinois 60606. Beneficial ownership representing less than 1% is denoted with an asterisk (\*). <br>

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares Beneficially Owned Prior to this Offering and the Concurrent Private Placement** | **Shares Beneficially Owned Prior to this Offering and the Concurrent Private Placement** | **Shares Beneficially Owned Prior to this Offering and the Concurrent Private Placement** | **Shares Beneficially Owned Prior to this Offering and the Concurrent Private Placement** | **Shares Beneficially Owned Prior to this Offering and the Concurrent Private Placement** |  | **Shares Beneficially Owned After this Offering and the Concurrent Private Placement** | **Shares Beneficially Owned After this Offering and the Concurrent Private Placement** | **Shares Beneficially Owned After this Offering and the Concurrent Private Placement** | **Shares Beneficially Owned After this Offering and the Concurrent Private Placement** | **Shares Beneficially Owned After this Offering and the Concurrent Private Placement** |  |
| **Name of Beneficial Owner** | **Shares of<br>Class A<br>common<br>stock** | **% of Class A<br>common<br>stock<br>Outstanding** | **Shares of<br>Class B<br>common<br>stock** | **% of Class B<br>common<br>stock<br>Outstanding** | **% of<br>Combined<br>Voting<br>Power**<sup>(1)</sup> |  | **Shares of<br>Class A<br>common<br>stock** | **Shares of<br>Class B<br>common<br>stock** | **% of Combined Voting Power Assuming the Underwriters' Option is not Exercised**<sup>(1)</sup> |  | **% of Combined Voting Power Assuming the Underwriters' Option Is Exercised in Full**<sup>(1)</sup> |  |
| **5% Stockholders** |  |  |  |  |  |  |  |  |  |  |  |  |
| Holdings<sup>(2)</sup> |  | —% | 320582993 | 100% | 98 | % |  | 324429147 | 96 | % | 96 | % |
| Co-Investors LLC<sup>(3)</sup> | 12297006 | 15% |  | —% |  | \*% | 12297006 |  |  | \*% |  | \*% |
| Kedge<sup>(4)</sup> | 44854187 | 55% |  | —% | 1 | % | 44854187 |  | 1 | % | 1 | % |
| **Named Executive Officers and Directors** |  |  |  |  |  |  |  |  |  |  |  |  |
| Jill Wyant<sup>(5)</sup> | 1123487 | 1% |  | —% |  | \*% | 1123487 |  |  | \*% |  | \*% |
| JJ Foley<sup>(6)</sup> | 1109956 | 1% |  | —% |  | \*% | 1109956 |  |  | \*% |  | \*% |
| Larry W. Gies<sup>(7)</sup> | 12297006 | 15% | 320582993 | 100% | 98 | % | 12297006 | 324429147 | 97 | % | 96 | % |
| Hudson La Force |  | —% |  | —% |  | % |  |  |  | % |  | % |
| George Nolen |  | —% |  | —% |  | % |  |  |  | % |  | % |
| Russell Toney |  | —% |  | —% |  | % |  |  |  | % |  | % |
| Karin Overstreet |  | —% |  | —% |  | % |  |  |  | % |  | % |
| Dale Philippi |  | —% |  | —% |  | % |  |  |  | % |  | % |
| **Directors and executive officers as a group (15 individuals)** | 14538915 | 18% | 320582993 | 100% | 98 | % | 14538915 | 324429147 | 97 | % | 96 | % |

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(1)Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to 10 votes per share. Each share of Class B common stock will automatically convert into shares of Class A common stock on a one-for-one basis, and will be entitled to one vote per share, (i) upon sale or transfer, subject to limited exceptions, such as transfers to Larry Gies or entities under his control, as described in our certificate of incorporation, (ii) at the option of the Class B stockholder, (iii) 12 months following the death or disability of Mr. Gies (which may be extended to 18 months by action of the independent members of the Board) or (iv) a date fixed by the Board, which date will be no less than 61 days and no more than 180 days following the first date on which the outstanding shares of Class B common stock represent less than 10% of the then-outstanding shares of Class A common stock and Class B common stock. The Class A common stock and Class B common stock will vote as a single class on all matters except as required by law or the certificate of incorporation.

(2)Includes shares of Class B common stock held directly by Holdings. Larry Gies is the sole manager of Holdings. Consequently, Mr. Gies may be deemed to beneficially own the shares of Class B common stock held directly by Holdings.

The principal business address for Holdings and Mr. Gies is 444 W Lake Street, Suite 4400, Chicago, Illinois 60606.

(3)Includes 12,297,006 shares of Class A common stock held directly by Co-Investors LLC. Holdings is the sole manager of Co-Investors LLC, and Larry Gies is the sole manager of Holdings. Consequently, Mr. Gies may be deemed to beneficially own the shares of Class A common stock held directly by Co-Investors LLC.

The principal business address for Co-Investors LLC and Mr. Gies is 444 W Lake Street, Suite 4400, Chicago, Illinois 60606.

(4)Includes an aggregate of 44,854,187 shares of Class A common stock held directly by K.C. Armada, LP and Kedge Capital Principal Opportunities V, LP. The principal business address for Kedge is Ensign House, 29 Seaton Place, St Helier, Jersey JE1 1ZZ, Channel Islands. Ernesto Bertarelli may be deemed to beneficially own the shares of Class A common stock held directly by Kedge.

(5)Includes 1,123,487 shares of Class A common stock issued in exchange for 947,248 Madison IAS units as part of the Organizational Transactions. Excludes 2,605,891 shares of Class A common stock issuable upon vesting of unvested EAR Plan awards.

(6)Includes 1,109,956 shares of Class A common stock issued in exchange for 935,839 Madison IAS units as part of the Organizational Transactions. Excludes 551,918 shares of Class A common stock issuable upon vesting of unvested EAR Plan awards.

(7)Includes the shares of Class B common stock and Class A common stock beneficially owned and attributed to Mr. Gies as discussed in footnotes (2) and (3) above.

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**Organizational Transactions** 

Madison Air Solutions Corporation, the registrant whose name appears on the cover of this registration statement, is a Delaware corporation formed to serve as a holding company that will conduct substantially all of its activities through its subsidiaries. Madison Air Solutions Corporation has not engaged in any business or other activities other than in connection with its formation and this offering.

Prior to the Organizational Transactions, Holdings has indirectly (through its wholly owned subsidiaries Madison Industries International and Madison Industries US) owned all of the equity interests of MIAQ Solutions, the entity whose consolidated financial statements are included in this prospectus and which will be treated as the accounting predecessor to Madison Air Solutions Corporation. Prior to the Organizational Transactions, certain institutional investors and rollover investors own non-controlling interests in intermediary holding entities between MIAQ Solutions and Madison IAS.

Prior to the consummation of this offering, we will engage in a series of Organizational Transactions, including (i) a spin-off of MIAQ Solutions from Madison Industries International whereby ownership interests in MIAQ Solutions will be distributed up through Madison Industries US and Madison Industries International to Holdings, which will then contribute such ownership interests in MIAQ Solutions to Madison Air Solutions Corporation in exchange for shares of our Class B common stock and, as a result, MIAQ Solutions will become a wholly owned subsidiary of Madison Air Solutions Corporation and (ii) certain holders of non-controlling interests in intermediary holding entities between MIAQ Solutions and Madison IAS will engage in a series of transactions that will result in such holders of non-controlling interests receiving shares of our Class A common stock in exchange for their respective non-controlling interests in the intermediary holding entities and, as a result, each entity in the chain below Madison Air Solutions Corporation will be a wholly owned subsidiary thereof. The completion of the Organizational Transactions is conditioned on the pricing of this offering. The Organizational Transactions and related transactions are intended to qualify as transactions that are tax-free under Section 355 and Section 351 of the Code.

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The diagram below depicts our historical organizational structure immediately prior to the completion of the Organizational Transactions. This diagram is provided for illustrative purposes only and does not purport to represent all legal entities owned or controlled by us, or owning a beneficial interest in us.

![img249127520_37.jpg](img249127520_37.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Madison Industries International is a wholly owned subsidiary of Holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Madison Industries US is a wholly owned subsidiary of Madison Industries International.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Kedge, an unaffiliated institutional investor, collectively owns approximately 15.3% of the outstanding LLC units of IAQ Holdings, a holding company with no assets other than the equity interests of IAQ Holdings II, its direct subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The IAQ Holdings II Investors collectively own approximately 4.6% of the outstanding LLC units of IAQ Holdings II, a holding company with no assets other than the equity interests of IAQ Holdings III, its direct subsidiary, with no individual institutional investor holding more than 2% of IAQ Holdings II prior to the completion of the Organizational Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)The IAQ Holdings III Investors collectively own approximately 3.1% of the outstanding LLC units of IAQ Holdings III, a holding company with no assets other than the equity interests of Madison IAS, its direct subsidiary, with no single unaffiliated investor holding more than 1% of IAQ Holdings III prior to the completion of the Organizational Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)The Management Investors, including Jill Wyant, JJ Foley and Jeffrey Krautkramer, together with the Madison IAS Investors, collectively own approximately 2.6% of the outstanding LLC units of Madison IAS, a holding company with no assets other than the equity interests of Madison IAQ, its direct subsidiary, prior to the completion of the Organizational Transactions.

In connection with the consummation of this offering, the following transactions will take place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we will enter into the Separation Agreement with Holdings, Madison Industries International and Madison Industries US, which sets forth our agreements with Holdings, Madison Industries International and Madison Industries US regarding the principal actions to be taken in connection with the Organizational Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we will enter into the Tax Matters Agreement with Madison Industries International which sets forth our agreements with Madison Industries International with respect to tax liabilities and benefits, tax attributes, tax contests and other tax sharing regarding U.S. federal, state, local and foreign income taxes, other tax matters and related tax returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we will enter into the Transition Services Agreement with Madison Industries International, pursuant to which Madison Industries International will agree to continue to provide us with certain services that were historically provided by Holdings, including tax compliance and reporting services and other miscellaneous services as may be requested, for a transitional period in exchange for the fees specified in the Transition Services Agreement. For additional information regarding the Separation Agreement, the Tax Matters Agreement and the Transition Services Agreement, see the section entitled "Certain Relationships and Related Party Transactions—Related Party Transactions";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Madison Industries US will distribute 100% of the outstanding equity interests in MIAQ Solutions to Madison Industries International;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Madison Industries International will distribute the equity interests in MIAQ Solutions received from Madison Industries US to Holdings, resulting in Holdings owning 100% of the outstanding equity interests in MIAQ Solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Holdings will contribute the equity interests in MIAQ Solutions received from Madison Industries International to Madison Air Solutions Corporation in exchange for shares of our Class B common stock, resulting in (i) Madison Air Solutions Corporation owning 100% of the outstanding equity interests in MIAQ Solutions and (ii) Holdings owning 100% of our issued and outstanding shares of Class B common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Immediately following Holdings' contribution of the equity interests in MIAQ Solutions received from Madison Industries International to Madison Air Solutions Corporation in exchange for shares of our Class B common stock, we will cancel the 1,000 shares of Class A common stock previously issued to Holdings for no consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Kedge will contribute its LLC units of IAQ Holdings to Madison Air Solutions Corporation in exchange for shares of our Class A common stock. We will enter into the Two-Year Lock-up Agreements with each of Kedge and Holdings, pursuant to which such shares of Class A common stock (and Holdings' shares of Class B common stock) will be subject to certain transfer restrictions until the two-year anniversary of the closing date of this offering, as more fully described in the section entitled "Certain Relationships and Related Party Transactions—Related Party Transactions";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the IAQ Holdings II Investors will contribute their LLC units of IAQ Holdings II to Madison Air Solutions Corporation in exchange for shares of our Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Holdings will form Co-Investors LLC, a Delaware limited liability company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the IAQ Holdings III Investors will contribute their LLC units of IAQ Holdings III to Madison Air Solutions Corporation in exchange for shares of our Class A common stock, and will then immediately contribute such shares of Class A common stock to Co-Investors LLC in exchange for LLC units of Co-Investors LLC. Holdings, an entity managed by our Founder, Larry Gies, will serve as the sole manager of Co-Investors LLC, but will not otherwise have an economic interest in

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Co-Investors LLC. By virtue of Mr. Gies' control of Holdings, as the sole manager of Co-Investors LLC, Mr. Gies may be deemed to beneficially own all shares of Class A common stock held by Co-Investors LLC. The IAQ Holdings III Investors will not retain beneficial ownership of any shares of our Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Madison Air Solutions Corporation will form MIAS Merger Sub, LLC, a Delaware limited liability company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•MIAS Merger Sub, LLC will merge with and into Madison IAS, with Madison IAS as the surviving entity in the merger. As a result of the merger of MIAS Merger Sub, LLC with and into Madison IAS, the interests held by the Madison IAS Investors will be converted into shares of our Class A common stock. The shares of Class A common stock and Class B common stock to be issued in connection with the Organizational Transactions will be issued pursuant to one or more exemptions from the registration requirements of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•holders of unvested EAR awards at Madison IAS will receive EAR units, with such EAR units subject to the same vesting terms as the underlying unvested EAR award. Upon vesting, each EAR unit will convert into one share of Class A common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Madison Air Solutions Corporation will contribute the equity interests in IAQ Holdings, IAQ Holdings II and IAQ Holdings III to MIAQ Solutions, IAQ Holdings and IAQ Holdings II, respectively, resulting in each subsidiary being wholly owned by its direct parent entity.

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The diagram below depicts our expected organizational structure immediately following completion of the Organizational Transactions, the concurrent private placement and this offering. This diagram is provided for illustrative purposes only and does not purport to represent all legal entities owned or controlled by us, or owning a beneficial interest in us.

![img249127520_38.jpg](img249127520_38.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Immediately following the consummation of this offering and the concurrent private placement, Holdings will hold all 324,429,147 outstanding shares of Class B common stock. Accordingly, our Founder, Larry Gies will control 100% of the voting power over our outstanding Class B common stock, representing approximately 95.2% of the voting power of our outstanding capital stock (or approximately 94.8% of the voting power of our outstanding capital stock if the underwriters' option to purchase additional shares is exercised in full). See the section entitled "Our Founder" for additional information about our Founder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Immediately following the consummation of this offering, Kedge will own 44,854,187 shares of our outstanding Class A common stock, representing approximately 1.3% of the voting power of our outstanding capital stock (or approximately 1.3% of the voting power of our outstanding capital stock if the underwriters' option to purchase additional shares is exercised in full).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Immediately following the consummation of this offering, the IAQ Holdings II Investors collectively will own 14,316,295 shares of our outstanding Class A common stock, representing approximately 0.4% of the voting power of our outstanding capital stock (or approximately 0.4% of the voting power of the outstanding capital stock if the underwriters' option to purchase additional shares is exercised in full).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Immediately following the consummation of this offering, the Madison IAS Investors collectively will own 10,337,382 shares of our outstanding Class A common stock, representing approximately 0.3% of the voting power of our outstanding capital stock (or approximately 0.3% of the voting power of the outstanding capital stock if the underwriters' option to purchase additional shares is exercised in full). See the section entitled "Principal Stockholders" for additional information regarding the ownership of our Class A common stock by our executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Immediately following the consummation of this offering, Co-Investors LLC will own 12,297,006 shares of our outstanding Class A common stock, representing approximately 0.4% of the voting power of our outstanding capital stock (or approximately 0.4% of the voting power of the outstanding capital stock if the underwriters' option to purchase additional shares is exercised in full). Holdings, an entity managed by our Founder, Larry Gies, will serve as the sole manager of Co-Investors LLC, but will not otherwise have an economic interest in Co-Investors LLC. By virtue of Mr. Gies' control of Holdings, as the sole manager of Co-Investors LLC, Mr. Gies may be deemed to beneficially own all shares of Class A common stock held by Co-Investors LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Shares of Class A common stock and Class B common stock will vote as a single class except as otherwise required by law or our certificate of incorporation. Each share of Class A common stock is entitled to one vote per share on all matters to be voted on by shareholders generally. Each outstanding share of Class B common stock is initially entitled to 10 votes per share on all matters to be voted on by shareholders generally. Each share of Class B common stock will be convertible into shares of Class A common stock on a one-for-one basis at the option of the Class B stockholder. Each share of Class B common stock held by Holdings shall automatically convert into a share of Class A common stock on a one-for-one basis (i) upon any sale or transfer, subject to limited exceptions, such as transfers to Larry Gies or entities under his control, as described in our certificate of incorporation, (ii) 12 months following the death or disability of Larry Gies, which may be extended to 18 months upon affirmative approval of a majority of the independent directors of the Board, or (iii) a date fixed by the Board, which date will be no less than 61 days and no more than 180 days following the first date on which the outstanding shares of Class B common stock represent less than 10% of the then-outstanding shares of Common Stock.

The number of shares of Class A common stock that will be delivered to Kedge, the IAQ Holdings II Investors, the Madison IAS Investors and the IAQ Holdings III Investors, and the shares of Class B common stock that will be delivered to Holdings, will depend on the initial public offering price per share of Class A common stock. The numbers of shares of Class A common stock and Class B common stock and the percentage ownership in this prospectus assume an offering price of $26.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus. A $1.00 increase in the initial public offering price would result in Kedge, the IAQ Holdings II Investors, the Madison IAS Investors and the IAQ Holdings III Investors being allocated 27,437 fewer shares of Class A common stock, in the aggregate and Holdings being allocated 115,014 fewer shares of Class B common stock. A $1.00 decrease in the initial public offering price would result in Kedge, the IAQ Holdings II Investors, the Madison IAS Investors and the IAQ Holdings III Investors being allocated 29,631 more shares of Class A common stock, in the aggregate and Holdings being allocated 124,215 more shares of Class B common stock.

The number of EAR units that will be granted to holders of unvested EAR awards at Madison IAS will depend on the initial public offering price per share of Class A common stock. The number of EAR units granted to holders of unvested EAR awards assumes an offering price of $26.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus. A $1.00 increase in the initial public offering price would result in holders of unvested EAR awards being allocated 8,628 more EAR units. A $1.00 decrease in the initial public offering price would result in holders of unvested EAR awards being allocated 9,373 fewer EAR units.

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The Organizational Transactions impact the equity and do not impact the total assets or total liabilities of MIAQ Solutions. Except as disclosed in this prospectus, the consolidated financial statements and other financial information included elsewhere in this registration statement are those of MIAQ Solutions and its consolidated subsidiaries and do not give effect to the Organizational Transactions. We do not expect that the Organizational Transactions will have a material effect on our results of operations.

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**Certain Relationships and Related Party Transactions** 

**Policies for Approval of Related Party Transactions** 

Prior to completion of this offering, we intend to adopt a policy with respect to the review, approval and ratification of related party transactions. Under the policy, our Audit Committee is responsible for reviewing and approving related party transactions as set forth in Item 404 of Regulation S-K under the Securities Act. In the course of its review and approval of related party transactions, our Audit Committee will consider the relevant facts and circumstances to decide whether to approve such transactions. In particular, our policy requires our Audit Committee to consider, among other factors it deems appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the related party's relationship to us and interest in the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the material facts of the proposed transaction, including the proposed aggregate value of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact on a director's independence in the event the related party is a director or an immediate family member of the director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the benefits to us of the proposed transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if applicable, the availability of other sources of comparable products or services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an assessment of whether the proposed transaction is on terms that are comparable to the terms available to an unrelated third party or to employees generally.

The Audit Committee may only approve those transactions that are in, or are not inconsistent with, our best interests and those of our stockholders, as the Audit Committee determines in good faith.

In addition, under our code of business conduct and ethics, which will be adopted prior to the consummation of this offering, our employees and directors will have an affirmative responsibility to disclose any transaction or relationship that reasonably could be expected to be considered a related party transaction or to give rise to a conflict of interest.

All of the transactions described below were entered into prior to the adoption of the Company's written related party transactions policy (which policy will be adopted prior to the consummation of this offering), but all were approved by our Board considering similar factors to those described above.

**Concurrent Private Placement** 

Holdings intends to purchase, and we intend to sell, in a concurrent private placement transaction, $100.0 million of our Class B common stock at a price per share equal to the initial public offering price in this offering. Based on an assumed initial public offering price of $26.00 per share (which is the midpoint of the estimated price range set forth on the cover page of this prospectus), Holdings would purchase approximately 3,846,154 shares of our Class B common stock in the concurrent private placement. The closing of the concurrent private placement is expected to be completed concurrently with the closing of this offering.

We intend to rely upon the "private placement" exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof and, accordingly, the shares of Class B common stock issued to Holdings will not be registered under the Securities Act. The underwriters will not receive any underwriting discount or commission on the shares sold to Holdings in the concurrent private placement, resulting in additional proceeds to the Company per share relative to the shares sold in this offering.

The concurrent private placement is expected to be made pursuant to a subscription agreement between the Company and Holdings. Additionally, concurrently with the consummation of this initial public offering, the Company will enter into the Two-Year Lock-up Agreements with Holdings and Kedge, pursuant to which the shares held by Holdings and Kedge will be subject to certain transfer restrictions until the two-year anniversary of the closing date of this offering, subject to certain exceptions.

**Related Party Transactions** 

Other than compensation arrangements for our directors and named executive officers, which are described in the section entitled "Executive Compensation" below, we describe transactions since January 1, 2022 to which we were a participant or will be a participant, in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the amounts involved exceeded or will exceed $120,000; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any of our directors, executive officers or holders of more than 5% of our capital stock, or any member of the immediate family of, or person sharing the household with, the foregoing persons, had or will have a direct or indirect material interest.

***Registration Rights Agreement*** 

In connection with this offering, we intend to enter into a Registration Rights Agreement with Holdings, Kedge and certain affiliates of Kedge. Pursuant to the Registration Rights Agreement, Holdings and Kedge will be entitled to request that we register their shares of capital stock on a long-form or short-form registration statement, and in the case of Holdings, on any number of occasions in the future, which registrations may be "shelf registrations." Additionally, Holdings and Kedge will be entitled to participate in certain of our registered offerings, subject to the restrictions in the Registration Rights Agreement. We will pay certain expenses in connection with the exercise of these rights. The registration rights described in this paragraph would initially apply to (1) shares of our Class A common stock (including shares issuable upon conversion of shares of Class B common stock into shares of Class A common stock on a one-to-one basis) held by Holdings and Kedge and certain of their respective affiliates and (2) any of our capital stock (or that of our subsidiaries) issued or issuable with respect to the Class A common stock described in clause (1) with respect to any dividend, distribution, recapitalization, reorganization or certain other corporate transactions ("Registrable Securities"). These registration rights are also for the benefit of any subsequent holder of Registrable Securities; provided that any particular securities will cease to be Registrable Securities when they have been sold in a registered public offering, sold in compliance with Rule 144 of the Securities Act or repurchased by us or our subsidiaries. In addition, certain Registrable Securities may cease to be Registrable Securities if they can be sold without limitation under Rule 144 of the Securities Act.

Following the closing of this offering and the concurrent private placement, the holders of approximately 44,854,187 shares of Class A common stock and 324,429,147 shares of Class B common stock, or their transferees, have the right to require us to register the offer and sale of their shares, which we refer to as registration rights.

***Director Nomination Agreement*** 

In connection with this offering, we intend to enter into the Director Nomination Agreement with Holdings. The Director Nomination Agreement provides Holdings with the right to designate nominees for election to our Board for so long as Holdings beneficially owns 5% or more of the Original Amount. Holdings may also assign its nomination rights under the Director Nomination Agreement to an affiliate. The Director Nomination Agreement will provide Holdings with the right to nominate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all of the nominees for election to our Board for so long as Holdings beneficially owns 50% or more of the Original Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a number of director nominees (rounded up to the nearest whole number) equal to 50% of the total directors for so long as Holdings controls, in the aggregate, more than 40%, but less than 50% of the Original Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a number of director nominees (rounded up to the nearest whole number) equal to 40% of the total directors for so long as Holdings controls, in the aggregate, more than 30%, but less than 40% of the Original Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a number of director nominees (rounded up to the nearest whole number) equal to 30% of the total directors for so long as Holdings controls, in the aggregate, more than 20%, but less than 30% of the Original Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a number of director nominees (rounded up to the nearest whole number) equal to 20% of the total directors for so long as Holdings controls, in the aggregate, more than 10%, but less than 20% of the Original Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a number of director nominees (rounded up to the nearest whole number) equal to 10% of the total directors for so long as Holdings beneficially owns more than 5% and up to 10% of the Original Amount.

In each case, Holdings' nominees must comply with applicable law and stock exchange rules. By virtue of Mr. Gies' control of Holdings, Mr. Gies will have the ability to nominate himself to serve as a director, so long as Holdings beneficially owns 5% or more of the Original Amount.

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In addition, Holdings shall be entitled to designate the replacement for any of its Board designees whose board service terminates prior to the end of the director's term regardless of Holdings' beneficial ownership at such time. Holdings shall also have the right to have its designees participate on committees of our Board proportionate to its voting power, subject to compliance with applicable law and stock exchange rules. The certificate of incorporation will also prohibit us from increasing or decreasing the size of our Board without the prior written consent of Holdings.

The Director Nomination Agreement also contains indemnification, expense advancement, contribution and director and officer insurance provisions in favor of Holdings and specified affiliated persons.

***Separation Agreement and Tax Matters Agreement*** 

*Separation Agreement* 

In connection with the Organizational Transactions, we expect to enter into a Separation Agreement with Holdings, Madison Industries International and Madison Industries US, that sets forth our agreements with Holdings, Madison Industries International and Madison Industries US regarding the principal actions to be taken in connection with the Organizational Transactions. The Separation Agreement also sets forth other agreements that govern aspects of our relationship with Madison Industries International following the Organizational Transactions. Prior to the Organizational Transactions, we were an indirect, wholly owned subsidiary of Madison Industries International.

*Tax Matters Agreement* 

The Tax Matters Agreement governs the respective rights, responsibilities and obligations of Madison Industries International and the Company in connection with certain transactions undertaken in connection with the Organizational Transactions with respect to tax liabilities and benefits, tax attributes, tax contests and other tax sharing regarding U.S. federal, state, local and foreign income taxes, other tax matters and related tax returns. The Company and certain of our subsidiaries have (and will continue to have following the Organizational Transactions) joint and several liability with Madison Industries International to the IRS for the combined U.S. federal income taxes of the Madison Industries International combined group relating to the taxable periods in which the Company and its applicable subsidiaries were part of such group. The Tax Matters Agreement also provides special rules for allocating tax liabilities in the event that certain transactions undertaken in connection with the Organizational Transactions are not tax-free. In general, if a party's actions cause the Organizational Transactions not to be tax-free, that party will be responsible for the payment of any resulting tax liabilities (and will indemnify the other party with respect thereto). The Tax Matters Agreement will provide for certain covenants that may restrict our ability to pursue strategic or other transactions that otherwise could maximize the value of our business. Finally, the Tax Matters Agreement also provides for procedures for any audits and examinations and the rights of each party with respect to such audits and examinations. Although enforceable as between the parties, the Tax Matters Agreement is not binding on the IRS. Absent identification of the relevant taxes to a specific group member, the Company generally bears 80%<br>and Madison Industries International 20% of certain pre-distribution, straddle-period and distribution taxes under the Tax Matters<br>Agreement

***Management Advisory and Consulting Services and Transition Services Agreement*** 

The Company has historically been an indirect subsidiary of Holdings and paid to Holdings certain reimbursements for personnel, overhead and out-of-pocket expenses. Holdings is controlled by Mr. Gies, our Founder and Chairman of our Board, and the sole manager of Holdings. During the years ended December 31, 2025, 2024 and 2023, the Company incurred accounting, legal, and other corporate and infrastructure related expenses to Holdings of $15.5 million, $13.1 million and $12.5 million, respectively.

The Company has historically also received tax-related services from Holdings and paid to Holdings certain reimbursements for out-of-pocket expenses. During the years ended December 31, 2025, 2024 and 2023, the Company incurred tax-related services expenses to Holdings of $4.4 million, $3.8 million and $2.3 million, respectively. In connection with the Organizational Transactions, we expect to enter into the Transition Services Agreement with Madison Industries International, a wholly owned subsidiary of Holdings, pursuant to which Madison Industries International will agree to continue to provide us with certain services that were historically provided by Holdings, including tax compliance and reporting services and other miscellaneous services as may be requested, for a transitional period in exchange for the fees specified in the Transition Services Agreement. The charges for such services generally are expected to allow Madison Industries International to recover certain out-of-pocket costs and expenses it actually incurs in connection with providing these services, plus, in some cases, the allocated indirect costs of providing such services, generally without profit. We do not expect the net costs associated with the Transition Services Agreement to be materially different than the historical costs that have been allocated to us related to these same services.

***Two-Year Lock-up Agreements***

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Concurrently with the consummation of this offering, the Company will enter into the Two-Year Lock-up Agreements with each of Holdings and Kedge, pursuant to which the shares held by Holdings and Kedge will be subject to certain transfer restrictions until the two-year anniversary of the closing date of this offering, subject to certain exceptions. The foregoing description is only a summary of the Two-Year Lock-up Agreements and is qualified in its entirety by reference to the full text of the Two-Year Lock-up Agreements, which are filed as exhibits hereto and are incorporated by reference herein.

***Purchases of Inventory*** 

For the years ended December 31, 2024 and 2023, the Company made purchases of inventory from certain entities controlled by Larry Gies of $6.2 million and $5.2 million, respectively.

***Promissory Notes*** 

In September 2021, the Company entered into a promissory note payable from Madison Industries US to the Company, in the aggregate principal amount of $14.2 million. The note matures on demand and accrues interest at a prime rate. For the years ended December 31, 2024 and 2023, the weighted average prime rate was 8.3% and 8.2%, respectively. As of December 31, 2024 and 2023, the outstanding principal and accrued interest was $17.6 million and $16.3 million, respectively. During the year ended December 31, 2025, the promissory note was settled through a $15.0 million distribution to Madison Industries US and a $3.9 million cash settlement.

To maximize Mr. Foley's investment in Madison Air when joining the Company in 2021, on February 1, 2021 and July 29, 2021, Madison IAS entered into promissory notes and unit pledge agreements with JJ Foley, our Chief Financial Officer, in the amount of $1.5 million and $1.25 million, respectively, in connection with his receipt of 400,000 units and 203,252.03 units, respectively, of Madison IAS. The promissory notes accrued interest at a rate of 6.0% and matured at the earliest of (i) February 1, 2029 (in the case of the $1.5 million promissory note) and July 30, 2029 (in the case of the $1.25 million promissory note), (ii) termination of Mr. Foley's employment, (iii) the bankruptcy of Madison IAS or (iv) a sale of Madison IAS. The promissory notes were paid in full on December 22, 2025.

***Indemnification of Officers and Directors*** 

Upon completion of this offering, we intend to enter into indemnification agreements with each of our executive officers and directors. The indemnification agreements will provide the executive officers and directors with contractual rights to indemnification, expense advancement and reimbursement to the fullest extent permitted under the DGCL. Additionally, we may enter into indemnification agreements with any new directors or officers that may be broader in scope than the specific indemnification provisions contained in Delaware law.

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**Description of Certain Indebtedness** 

Set forth below is a summary of the terms of the Credit Agreement and Indentures governing certain of our outstanding indebtedness. This summary is not a complete description of all of the terms of the Credit Agreement. The Credit Agreement setting forth the terms and conditions of certain of our outstanding indebtedness is filed as an exhibit to the registration statement of which this prospectus forms a part.

**Credit and Guaranty Agreement** 

On June 21, 2021, Madison IAQ, as borrower, Madison IAQ II and certain subsidiaries of Madison IAQ, as guarantors, entered into the Credit Agreement, as amended to date, with a syndicate of lenders. As of December 31, 2025, the Credit Agreement is currently comprised of (i) the $2,432.1 million initial Term Loan Facility, (ii) the $1,545.6 million Incremental Term Loan Facility and (iii) the $340.0 million Revolving Credit Facility. The lenders under the Credit Agreement hold a security interest in all or substantially all of Madison IAQ's and its subsidiaries' assets as described in the Credit Agreement. The Term Loan Facility matures on June 21, 2028, the Incremental Term Loan Facility matures on the earlier of (x) May 6, 2032 and (y) March 31, 2029 (unless, on or prior to such date, all indebtedness with respect to the Unsecured Notes (as defined below) is extended or refinanced to mature no earlier than the date that is 91 days later than May 6, 2032) and the Revolving Credit Facility matures on the earlier of (i) May 6, 2030, (ii) March 31, 2029 (unless, on or prior to such date, all indebtedness with respect to the Unsecured Notes is extended or refinanced to mature on a date that is at least 91 days later than May 6, 2030), (iii) March 31, 2028 (unless, on or prior to such date, all indebtedness with respect to the Secured Notes (as defined below) is extended or refinanced to mature no earlier than the date that is 91 days later than May 6, 2030) and (iv) the date that is 91 days prior to the maturity date of the Term Loan Facility (unless, on or prior to such date, all indebtedness with respect to the Term Loan Facility is extended or refinanced to mature on a date that is at least 91 days later than May 6, 2030).

On May 6, 2025, Madison IAQ entered into the Fourth Amendment to the Credit Agreement that provided the Incremental Term Loan Facility of $1,750.0 million and replaced the existing revolving commitments under the Credit Agreement with the $334.3 million Revolving Credit Facility in connection with the AprilAire Acquisition. Proceeds from the Fourth Amendment were used to fund a portion of the purchase price for the AprilAire Acquisition, to fund transaction costs related to the AprilAire Acquisition, and for working capital and general corporate purposes.

On November 6, 2025, Madison IAQ entered into the Fifth Amendment to the Credit Agreement that (i) reduced the interest margin applicable to the Incremental Term Loan Facility to 2.75% for loans borrowed in Term SOFR and (ii) reset the most favored creditor clause and call protection for the Incremental Term Loan Facility for six months from the closing of the repricing. Additionally, on November 6, 2025, the Incremental Term Loan Facility was voluntarily prepaid in the amount of $150.0 million, which prepayment was applied to prepay all future amortization payments on the Incremental Term Loan Facility through its scheduled maturity date.

On March 20, 2026, we entered into the Sixth Amendment to the Credit Agreement, which provides for the 2026 Incremental Revolving Facility. The effectiveness of the Sixth Amendment is subject to consummation of this offering and other conditions. See the section entitled "Recent Developments."

As of December 31, 2025, we had $2,432.1 million and $1,545.6 million outstanding under our Term Loan Facility and Incremental Term Loan Facility, respectively, and no borrowings outstanding under the Revolving Credit Facility. As of December 31, 2025, the interest rates on our Term Loan Facility and Incremental Term Loan Facility were 6.7% and 6.6%, respectively. Under certain swap agreements, during the years ended December 31, 2025 and 2024, Madison IAQ paid a fixed rate ranging from 3.32% to 3.849% and received a rate of 1-month Term SOFR. After giving effect to such swap agreements on a weighted-average basis across the Term Loan Facility and Incremental Term Loan Facility, as of December 31, 2025, the effective interest rates on our Term Loan Facility and Incremental Term Loan Facility were 6.5% and 6.4%, respectively.

***Interest Rates and Fees*** 

The Term Loan Facility and Revolving Credit Facility rates are set at Term SOFR, subject to a 0.50% floor for the Term Loan Facility and a 0% floor for the Revolving Credit Facility, plus an applicable margin of 2.50%. The Fourth Amendment also provides for a 0.25% reduction in the applicable margin for the interest rate applicable to the Revolving Credit Facility in the event of the consummation of an initial public offering, including this offering. The Incremental Term Loan Facility rate is set at Term SOFR, subject to a 0.50% floor, plus an applicable margin of 2.75%.

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***Mandatory Prepayments*** 

The Credit Agreement requires Madison IAQ to prepay, subject to certain exceptions, the Term Loan Facility and the Incremental Term Loan Facility under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•receipt by Madison IAQ of any net asset sale proceeds in excess of the greater of $85.0 million and 15% of consolidated adjusted EBITDA in the aggregate during any fiscal year (and only in respect of amounts in excess of the annual aggregate threshold thereof), subject to certain reinvestment rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•receipt by Madison IAQ or any of its subsidiaries, or administrative agent as loss payee, of any net insurance/condemnation proceeds in excess the greater of $85.0 million and 15% of consolidated adjusted EBITDA in the aggregate during any Fiscal Year (and only in respect of amounts in excess of the annual aggregate threshold thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•after receipt by Madison IAQ or any of its subsidiaries of any cash proceeds from the incurrence of any Indebtedness of Madison IAQ or any of its Subsidiaries (other than with respect to any indebtedness permitted to be incurred pursuant to Section 6.1 of the Credit Agreement); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•in the event that there shall be consolidated excess cash flow (as calculated under the Credit Agreement) for any applicable fiscal year.

***Final Maturity and Amortization*** 

The Term Loan Facility matures on June 21, 2028, the Incremental Term Loan Facility matures on the earlier of (x) May 6, 2032 and (y) March 31, 2029 (unless, on or prior to such date, all indebtedness with respect to the Unsecured Notes is extended or refinanced to mature no earlier than the date that is 91 days later than May 6, 2032) and the Revolving Credit Facility matures on the earlier of (i) May 6, 2030, (ii) March 31, 2029 (unless, on or prior to such date, all indebtedness with respect to the Unsecured Notes is extended or refinanced to mature on a date that is at least 91 days later than May 6, 2030), (iii) March 31, 2028 (unless, on or prior to such date, all indebtedness with respect to the Secured Notes is extended or refinanced to mature no earlier than the date that is 91 days later than May 6, 2030) and (iv) the date that is 91 days prior to the maturity date of the Term Loan Facility (unless, on or prior to such date, all indebtedness with respect to the Term Loan Facility is extended or refinanced to mature on a date that is at least 91 days later than May 6, 2030). The Revolving Credit Facility does not amortize. The Term Loan Facility and the Incremental Term Loan Facility amortize at 1.00% annually of the aggregate principal amount of such loan which payments are due quarterly. All scheduled quarterly amortization payments for the Incremental Term Loan Facility were prepaid by Madison IAQ on November 6, 2025.

***Guarantors*** 

All obligations under the Credit Agreement are unconditionally guaranteed by Madison IAQ II, an indirect subsidiary of Madison IAQ, and substantially all of its existing and future direct and indirect wholly owned domestic subsidiaries, other than certain excluded subsidiaries*.* The guarantees may be released upon the occurrence of certain events, including payment in full of all obligations, a sale or other disposition of the relevant guarantor, or in other circumstances as described in the Credit Agreement.

***Security*** 

All obligations under the Credit Agreement are secured, subject to permitted liens and other exceptions, by first-priority perfected security interests in substantially all of Madison IAQ's and the guarantors' domestic restricted subsidiaries' assets.

***Certain Covenants, Representations and Warranties*** 

The Credit Agreement contains customary representations and warranties, affirmative covenants, reporting obligations and negative covenants. The negative covenants restrict Madison IAQ and its subsidiaries' (and, with respect to certain of the affirmative covenants and negative covenants, Madison IAQ II's) ability, among other things, to (subject to certain exceptions set forth in the Credit Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•incur additional indebtedness or other contingent obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•create liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•enter into any agreements prohibiting the creation or assumption of any lien upon any of its properties or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•restrict junior payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pay dividends on its equity interests or make other payments in respect of capital stock;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•make payments in respect of subordinated debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•enter into burdensome agreements with negative pledge clauses or restrictions on subsidiary distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•make investments in any person, including any joint venture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•permit the first lien net leverage ratio to exceed 7.50:1.00 to the extent such covenant is then in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•consolidate, merge, liquidate or dissolve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sell, lease, assign, transfer or otherwise dispose of its assets, including capital stock of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•engage in sale and lease-back transactions with respect to any property owned by the Company or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•engage in transactions with its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•materially alter the business it conducts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•modify organizational documents in a manner that is materially adverse to the lenders under the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•amend the terms of any seller notes without the consent of the administrative agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•change its fiscal year.

These restrictive covenants, together with those contained in the Secured Notes Indenture and Unsecured Notes Indenture (see the sections entitled "—4.125% Senior Secured Notes due 2028" and "—5.875% Senior Notes due 2029" below), impose certain limitations on our ability to raise additional debt or equity financing and to expand through strategic M&A, including our ability to pursue certain mergers and acquisitions, divestitures and transactions with affiliates. These covenants generally require that we comply with specified financial ratios and other conditions, and in certain cases, require the consent of our lenders or noteholders before we may proceed with such transactions. For example, these agreements may restrict our ability to incur additional indebtedness, create liens, make investments, sell or dispose of assets, enter into affiliate transactions, or merge or consolidate with another entity, subject to various exceptions and materiality thresholds. Certain transactions, such as acquisitions or asset sales above specified dollar thresholds (for example, asset sales in excess of the greater of $85 million and 15% of consolidated adjusted EBITDA in any fiscal year), may require lender or noteholder consent, trigger mandatory prepayment or repurchase obligations, or require compliance with reinvestment or leverage requirements. In addition, the Credit Agreement contains a financial covenant that limits our ability to incur additional first lien debt if our first lien net leverage ratio exceeds 7.50 to 1.00, to the extent such covenant is then in effect. As a result, our ability to pursue various strategic transactions or to raise additional financing may be limited by these covenants, and we may be required to seek lender or noteholder consent or satisfy certain financial or other conditions, which could delay or prevent us from executing on organic initiatives and strategic M&A. We actively evaluate changes to our capital structure to ensure longer-term alignment with our strategic priorities.

The Credit Agreement and Indentures define consolidated pro forma adjusted EBITDA differently than Adjusted EBITDA described herein. The Credit Agreement and Indentures allow us to make certain adjustments in calculating consolidated pro forma adjusted EBITDA, some of which are not included in the calculation of Adjusted EBITDA described herein. As a result, the calculation of applicable leverage ratios for purposes of covenant compliance under our Credit Agreement and Indentures may be different than the calculation of applicable leverage ratios discussed herein.

***Financial Covenants*** 

The Credit Agreement requires the credit parties to maintain a first lien net leverage ratio (as calculated pursuant to the Credit Agreement) no greater than 7.50 to 1.00, to the extent such covenant is then in effect. The covenant is in effect when, as of the last day of any fiscal quarter, the aggregate amount of drawn revolving loans, issued letters of credit and issued bank guarantees (excluding up to $25 million of undrawn letters of credit and undrawn bank guarantees) exceeds 35% of the aggregate amount of the revolving commitments.

***Events of Default*** 

The lenders under the Credit Agreement are permitted to accelerate the loans and terminate commitments thereunder or exercise other remedies upon the occurrence of certain customary events of default, including default with respect to financial and other covenants, subject to certain grace periods and exceptions. These events of default include, among others, payment defaults, cross-defaults under which the Company could be deemed in default upon the default of certain other material indebtedness, including the Notes (as defined herein), covenant defaults, material inaccuracy of representations and warranties, certain events of bankruptcy, material judgments, material defects with respect to lenders' perfection on the collateral and changes of control, none of which is expected to be triggered by this offering.

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**4.125% Senior Secured Notes due 2028** 

On June 21, 2021, Madison IAQ issued $700 million aggregate principal amount of 4.125% senior secured notes due 2028 (the "Secured Notes").

Interest on the Secured Notes accrues at a rate of 4.125% per annum, payable semi-annually in cash in arrears on June 30 and December 30 of each year. The Secured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured first priority basis by Madison IAQ II and each of Madison IAQ's existing and future material wholly owned domestic restricted subsidiaries, to the extent such subsidiary guarantees the Credit Facilities.

The Secured Notes were offered and sold in transactions not required to be registered under the Securities Act.

***Ranking*** 

The secured notes are secured on a first-priority lien basis by substantially all of the assets of Madison IAQ, Madison IAQ II and any existing and future subsidiary guarantors, subject to certain exceptions (the "Collateral"). The Secured Notes and the related guarantees are Madison IAQ's and the guarantors' senior secured obligations and are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•equal in right of payment with all of Madison IAQ's and the guarantors' existing and future senior indebtedness, including obligations under the Credit Facilities and the Unsecured Notes (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•effectively senior to all the existing and future senior unsecured indebtedness of Madison IAQ and the guarantors that is unsecured, including the Unsecured Notes or secured by junior-priority liens on the Collateral, to the extent of the value of the Collateral securing the Secured Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•senior in right of payment to all of Madison IAQ's and the guarantors' existing and future subordinated indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•structurally subordinated in right of payment to all existing and future indebtedness and other liabilities of Madison IAQ's non-guarantor subsidiaries.

***Optional Redemption*** 

At any time on or after June 30, 2024, we may redeem some or all of the Secured Notes at a redemption price of (i) 101.031% if redeemed during the twelve month period beginning on June 30, 2025 or (ii) 100.000% if redeemed during or after the twelve month period beginning on June 30, 2026, plus accrued and unpaid interest, if any, to, but not including, the redemption date.

***Secured Notes Indenture*** 

In connection with the issuance of the Secured Notes, Madison IAQ entered into the Secured Notes Indenture. The Secured Notes Indenture governing the Secured Notes imposes certain operating and financial restrictions on us. These restrictions limit our ability, among other things, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•incur additional debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•declare or pay dividends, redeem stock or make other distributions to stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•make investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•create liens or use assets as security in other transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•merge or consolidate, or sell, transfer, lease or dispose of substantially all of our assets;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sell or transfer certain assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•agree to certain restrictions on the ability of restricted subsidiaries to make payments to Madison IAQ.

**5.875% Senior Notes due 2029** 

On June 21, 2021, Madison IAQ issued $1,035 million aggregate principal amount of the Unsecured Notes.

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Interest on the Unsecured Notes accrues at a rate of 5.875% per annum, payable semi-annually in cash in arrears on June 30 and December 30 of each year. The Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by Madison IAQ II and each of Madison IAQ's existing and future material wholly owned domestic restricted subsidiaries, to the extent such subsidiary guarantees the Credit Facilities, subject to certain exceptions.

The Unsecured Notes were offered and sold in transactions not required to be registered under the Securities Act.

***Ranking*** 

The Unsecured Notes and the related guarantees are Madison IAQ's and the guarantors' senior unsecured obligations and are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•equal in right of payment with all of Madison IAQ's and the guarantors' existing and future senior indebtedness, including obligations under the Credit Facilities and the Secured Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•effectively subordinated to Madison IAQ's and the guarantors' existing and future secured indebtedness, including the Credit Facilities and the Secured Notes, to the extent of the value of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•senior in right of payment to all of Madison IAQ's and the guarantors' existing and future subordinated indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•structurally subordinated in right of payment to all existing and future indebtedness and other liabilities of Madison IAQ's non-guarantor subsidiaries.

***Optional Redemption*** 

At any time on or after June 30, 2024, we may redeem some or all of the Unsecured Notes at a redemption price of (i) 101.031% if redeemed during the twelve month period beginning on June 30, 2025 or (ii) 100.000% if redeemed during or after the twelve month period beginning on June 30, 2026, plus accrued and unpaid interest, if any, to, but not including, the redemption date.

***Unsecured Notes Indenture*** 

In connection with the issuance of the Unsecured Notes, Madison IAQ entered into the Unsecured Notes Indenture. The Unsecured Notes Indenture governing the Unsecured Notes imposes certain operating and financial restrictions on us. These restrictions limit our ability, among other things, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•incur additional debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•declare or pay dividends, redeem stock or make other distributions to stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•make investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•create liens or use assets as security in other transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•merge or consolidate, or sell, transfer, lease or dispose of substantially all of our assets;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sell or transfer certain assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•agree to certain restrictions on the ability of restricted subsidiaries to make payments to Madison IAQ.

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**Description of Capital Stock** 

The following is a description of the material terms of our amended and restated certificate of incorporation (our "certificate of incorporation") and our amended and restated bylaws (our "bylaws"), as each will be in effect at or prior to the consummation of this offering. The following description may not contain all of the information that is important to you. To understand the material terms of our common stock, you should read our certificate of incorporation and our bylaws, copies of which are or will be filed with the SEC as exhibits to the registration statement, of which this prospectus is a part, and to the applicable provisions of the DGCL.

**General** 

At or prior to the completion of this offering, our authorized capital stock will consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•2,000,000,000 shares of Class A common stock, par value $0.0000001 per share,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•500,000,000 shares of Class B common stock, par value $0.0000001 per share, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100,000,000 shares of undesignated preferred stock, par value $0.0000001 per share.

We are selling 82,692,308 shares of Class A common stock in this offering (or 95,096,154 shares if the underwriters' option to purchase additional shares is exercised in full). All shares of our Class A common stock outstanding upon consummation of this offering will be validly issued, fully paid and non-assessable. We are issuing an aggregate of 324,429,147 shares of Class B common stock to Holdings prior to or in connection with this offering and the concurrent private placement. Upon completion of this offering and the concurrent private placement, we expect to have 164,497,178 shares of Class A common stock outstanding (or 176,901,024 shares if the underwriters' option to purchase additional shares is exercised in full) and 324,429,147 shares of Class B common stock outstanding. Holdings will own 100% of the Class B common stock, of which 100% will be controlled by Mr. Gies. No shares of preferred stock will be issued or outstanding immediately after this offering. Unless our Board determines otherwise, we will issue all shares of our capital stock in uncertificated form.

**Class A Common Stock** 

***Dividend Rights*** 

Subject to preferences that may apply to shares of preferred stock outstanding at the time, holders of outstanding shares of our Class A common stock will be entitled to receive dividends out of assets legally available at the times and in the amounts as our Board may determine from time to time.

The holders of Class A common stock and the holders of Class B common stock shall be entitled to share equally, on a per share basis, in such dividends and other distributions of cash, property or shares of stock of the Company as may be declared by the Board from time to time with respect to the Class A common stock and Class B common stock out of assets or funds of the Company legally available therefor; provided that, in connection with any dividend payable in shares of Class A common stock and Class B common stock, holders of Class A common stock may receive shares of Class A common stock and holders of Class B common stock may receive shares of Class B common stock.

***Voting Rights*** 

Each outstanding share of our Class A common stock will be entitled to one vote on all matters submitted to a vote of stockholders. Holders of shares of our Class A common stock shall have no cumulative voting rights.

Holders of shares of our Class A common stock will vote together with holders of our Class B common stock as a single class on all matters submitted to a vote of stockholders, except for certain amendments to our certificate of incorporation described below, or as otherwise required by law or our certificate of incorporation. Specifically, under the DGCL, a separate vote of the holders of Class A common stock or Class B common stock, as the case may be, is required for any amendment to our certificate of incorporation that would increase or decrease the par value of the shares of such class or alter or change the powers, preferences or special rights of the shares of such class so as to affect them adversely. However, the number of authorized shares of Class A Common Stock may be increased or decreased (but not below the number of shares thereof then-outstanding) without the separate vote of the holders of the Class A common stock as a class, irrespective of the provisions of Section 242(b)(2) of the DGCL.

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***Preemptive Rights*** 

Our Class A common stock will not be entitled to preemptive or other similar subscription rights to purchase any of our securities.

***Conversion or Redemption Rights*** 

Our Class A common stock will be neither convertible nor redeemable.

***Liquidation Rights*** 

Upon our liquidation, the holders of our Class A common stock will be entitled to receive pro rata our assets that are legally available for distribution, after payment of all debts and other liabilities and subject to the prior rights of any holders of preferred stock then outstanding.

**Class B Common Stock** 

***Dividend Rights*** 

Subject to preferences that may apply to shares of preferred stock outstanding at the time, holders of outstanding shares of our Class B common stock will be entitled to receive dividends out of assets legally available at the times and in the amounts as our Board may determine from time to time.

The holders of Class A common stock and the holders of Class B common stock shall be entitled to share equally, on a per share basis, in such dividends and other distributions of cash, property or shares of stock of the Company as may be declared by the Board from time to time with respect to the Class A common stock and Class B common stock out of assets or funds of the Company legally available therefor; provided that, in connection with any dividend payable in shares of Class A common stock and Class B common stock, holders of Class A common stock may receive shares of Class A common stock and holders of Class B common stock may receive shares of Class B common stock. <br>

***Voting Rights*** 

Each outstanding share of our Class B common stock will be entitled to 10 votes on all matters submitted to a vote of stockholders. Holders of shares of our Class B common stock shall have no cumulative voting rights.

Holders of shares of our Class B common stock will vote together with holders of our Class A common stock as a single class on all matters submitted to a vote of stockholders, except for certain amendments to our certificate of incorporation described below, or as otherwise required by law or our certificate of incorporation. As noted above, certain amendments to our certificate of incorporation may require a separate class vote under the DGCL.

The high/low vote structure of the Class B common stock will terminate upon conversion of Class B common stock to Class A common stock. See "—Conversion or Redemption Rights" below.

***Preemptive Rights*** 

Our Class B common stock will not be entitled to preemptive or other similar subscription rights to purchase any of our securities.

***Conversion or Redemption Rights*** 

Each share of Class B common stock will be convertible into shares of Class A common stock on a one-for-one basis at the option of the Class B stockholder. Additionally, each share of Class B common stock held by Holdings will automatically convert into shares of Class A common stock on a one-for-one basis (1) upon any sale or transfer, subject to limited exceptions, such as transfers to Larry Gies or entities under his control, as described in our certificate of incorporation, (2) 12 months following the death or disability of Mr. Gies (which may be extended to 18 months by action of the independent members of the Board) or (3) a date fixed by the Board, which date will be no less than 61 days and no more than 180 days following the first date on which the outstanding shares of Class B common stock represent less than 10% of the then-outstanding shares of Class A common stock and Class B common stock.

Our Class B common stock will not be redeemable.

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***Liquidation Rights*** 

Upon our liquidation, the holders of our Class B common stock will be entitled to receive pro rata our assets that are legally available for distribution, after payment of all debts and other liabilities and subject to the prior rights of any holders of preferred stock then outstanding.

**Preferred Stock** 

Our Board may, without further action by our stockholders, from time to time, direct the issuance of shares of preferred stock in series and may, at the time of issuance, determine the designations, powers, preferences, privileges and relative participating, optional or special rights as well as the qualifications, limitations, or restrictions thereof, including dividend rights, conversion rights, voting rights, terms of redemption and liquidation preferences, any or all of which may be greater than the rights of the common stock. Satisfaction of any dividend preferences of outstanding shares of preferred stock would reduce the amount of funds available for the payment of dividends on shares of our common stock. Holders of shares of preferred stock may be entitled to receive a preference payment in the event of our liquidation before any payment is made to the holders of shares of our common stock. Under certain circumstances, the issuance of shares of preferred stock may render more difficult or tend to discourage a merger, tender offer or proxy contest, the assumption of control by a holder of a large block of our securities or the removal of incumbent management. Upon the affirmative vote of a majority of the total number of directors then in office, our Board, without stockholder approval, may issue shares of preferred stock with voting and conversion rights which could adversely affect the holders of shares of our common stock and the market value of our common stock.

**Anti-Takeover Effects of Our Certificate of Incorporation and Our Bylaws** 

Our certificate of incorporation, bylaws and the DGCL will contain provisions, which are summarized in the following paragraphs that are intended to enhance the likelihood of continuity and stability in the composition of our Board. These provisions are intended to avoid costly takeover battles, reduce our vulnerability to a hostile change of control and enhance the ability of our Board to maximize stockholder value in connection with any unsolicited offer to acquire us. In certain instances outlined below, these provisions do not take effect until Holdings' beneficial ownership of our Class A or Class B common stock drops below a certain percentage. As a result, the anti-takeover effect of these provisions is expected to increase over time as Holdings' beneficial ownership of our Class A or Class B common stock decreases. In each instance, these changes will occur automatically pursuant to the terms of our certificate of incorporation and bylaws and without further action by our board or stockholders upon Holdings' ownership crossing the applicable thresholds. However, these provisions may have an anti-takeover effect and may delay, deter or prevent a merger or acquisition of the Company by means of a tender offer, a proxy contest or other takeover attempt that a stockholder might consider in its best interest, including those attempts that might result in a premium over the prevailing market price for the shares of Class A common stock held by stockholders.

These provisions include:

***Dual-Class of Common Stock*** 

As described above in "—Class A Common Stock" and "—Class B Common Stock," our certificate of incorporation provides for a dual-class common stock structure pursuant to which the persons holding our Class B common stock are entitled to 10 votes for each share held of record on all matters submitted to a vote of stockholders. All such persons are controlled by our Founder, thereby giving our Founder the ability to exercise significant influence over those matters.

***Classified Board*** 

Our certificate of incorporation will provide that our Board will be divided into three classes of directors, with the classes as nearly equal in number as possible, and with the directors serving three-year terms. As a result, approximately one-third of our Board will be elected each year. The classification of directors will have the effect of making it more difficult for stockholders to change the composition of our Board. Our certificate of incorporation will provide that the authorized number of directors may be changed only by (i) a resolution of our Board, (ii) a consent of stockholders in lieu of a meeting in accordance with Section 228 of the DGCL; provided that Holdings beneficially owns 40% or more of the voting power of the stock entitled to vote generally in the election of directors, or (iii) the holders of a majority of the voting power present or represented by proxy at a duly convened meeting of stockholders; provided that, in each case, so long as Holdings is entitled to nominate directors under the Director Nomination Agreement, the number of directors may not be changed without Holdings' consent. Upon completion of this offering, we expect that our Board will have four members.

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***Stockholder Action by Written Consent*** 

Our certificate of incorporation will preclude stockholder action by written consent at any time when Holdings beneficially owns, in the aggregate, less than 40% in voting power of the stock of the Company entitled to vote generally in the election of directors.

***Matters Requiring Holdings' Consent***

Our certificate of incorporation will provide that, for so long as Holdings beneficially owns at least 30% of the voting power of our then-outstanding common stock, we and our subsidiaries may not, without the approval of Holdings, take any of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•amend, restate, modify or waive any provisions of our certificate of incorporation or bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•change the size or composition of our Board (other than in connection with this offering);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any acquisition of assets involving consideration payable in excess of $50 million in the aggregate in any single transaction or series of related transactions during any 12-month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sell, transfer or otherwise dispose of our assets not in the ordinary course of business, including any reorganization or restructuring transactions, in each case in a transaction or series of transactions with a fair market value in excess of $50 million in the aggregate in any single transaction or series of related transactions during any 12-month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•consummate a transaction that would result in a change of control of the Company or a sale of all or substantially all of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•enter into voluntary liquidation or dissolution, commence bankruptcy or insolvency proceedings, adopt a plan with respect to any of the foregoing or decide not to oppose any similar proceeding commenced by a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•authorize, create (by way of reclassification, merger, consolidation or otherwise), issue, repurchase or redeem any equity securities of any kind (other than pursuant to any equity compensation plan approved by the Company's stockholders or a majority of Holdings-designated directors or intra-company issuances among the Company and our subsidiaries), including any designation of the rights (including special voting rights) of one or more classes of preferred stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•appoint or remove our chief executive officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any payment or declaration of any dividend or other distribution of any shares of Class A common stock or Class B common stock or entering into any similar recapitalization transaction the primary purpose of which is to pay a dividend of shares of Class A common stock or Class B common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•authorize capital expenditures greater than $50 million in the aggregate within a 12-month period for a project or a related group of projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•enter into any agreement providing limitations on the Company, or its employees, intellectual property or other assets, to do business anywhere in the world, including non-competition and non-solicitation provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•enter into any agreement providing for option grants by the Company, including right of first offer, right of first refusal and right of first consideration provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•enter into any customer, supplier or other third-party agreement that does not specify a maximum dollar amount for potential exposure to liability in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•enter into a new line of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any change or modification to the compensation and other terms of employment of the Company's senior executive leadership team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adopt a new equity compensation or bonus plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•authorize any transaction with an executive officer, director or significant stockholder in excess of $120,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•incur debt for borrowed money (or liens securing such debt), or prepay any loans, in excess of $100 million within a 12-month period for a project or a group of related projects, including incremental incurrences under existing debt facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•grant or lease any third-party rights in respect of any of the Company's real property or sell, transfer or otherwise dispose of any of the Company's real property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•approve the Company's annual budget and bonus plan; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•make any gift, including any charitable donation or political contribution, from the Company or any of its subsidiaries. <br>

Additionally, our certificate of incorporation will provide that, for so long as Holdings beneficially owns at least 10% of the voting power of our then-outstanding common stock, the Board shall not form or designate any committee of the Board without Holdings' consent.

***Special Meetings of Stockholders*** 

Our certificate of incorporation and bylaws will provide that, except as required by law, special meetings of our stockholders may be called at any time only by or at the direction of our Board or the Chairman of our Board pursuant to a written resolution adopted by the affirmative vote of a majority of the total number of directors that we would have if there were no vacancies; provided, however, at any time when Holdings beneficially owns, in the aggregate, at least 40% in voting power of the stock of the Company entitled to vote generally in the election of directors, special meetings of our stockholders may also be called by our Board or the Chairman of our Board at the request of Holdings or an affiliate of Holdings. In addition, any special meeting requested by Holdings (or an affiliate of Holdings, as applicable) may not be postponed, rescheduled or cancelled without the consent of Holdings (or such affiliate of Holdings). Our bylaws will prohibit the conduct of any business at a special meeting other than as specified in the notice for such meeting. These provisions may have the effect of deferring, delaying or discouraging hostile takeovers, or changes in control or management of the Company.

***Advance Notice Procedures*** 

Our bylaws will establish an advance notice procedure for stockholder proposals to be brought before an annual meeting of our stockholders, including proposed nominations of persons for election to our Board; provided, however, at any time when Holdings and its affiliates beneficially own, in the aggregate, at least 5% of the voting power of the then outstanding shares of our capital stock then entitled to vote generally in the election of directors, such advance notice procedure will not apply to Holdings or its affiliates. Stockholders at an annual meeting will only be able to consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of our Board or by a stockholder who was a stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has given our Corporate Secretary timely written notice, in proper form, of the stockholder's intention to bring that business before the meeting. Although the bylaws will not give our Board the power to approve or disapprove stockholder nominations of candidates or proposals regarding other business to be conducted at a special or annual meeting, the bylaws may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed or may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting to obtain control of the Company. These provisions do not apply to nominations by Holdings pursuant to the Director Nomination Agreement. See "Certain Relationships and Related Party Transactions—Related Party Transactions—Director Nomination Agreement" for more details with respect to the Director Nomination Agreement.

***Removal of Directors; Vacancies*** 

Our certificate of incorporation will provide that directors may be removed with or without cause upon the affirmative vote of a majority in voting power of all outstanding shares of stock entitled to vote thereon, voting together as a single class; provided, however, at any time when Holdings beneficially owns, in the aggregate, less than 40% in voting power of the stock of the Company entitled to vote generally in the election of directors, directors may only be removed for cause, and only by the affirmative vote of holders of at least 66 2/3% in voting power of all the then-outstanding shares of stock of the Company entitled to vote thereon, voting together as a single class. In addition, our certificate of incorporation will provide that, subject to the rights granted to one or more series of preferred stock then outstanding, any newly created directorship on our Board that results from an increase in the number of directors and any vacancies on our Board will be filled only by the affirmative vote of a majority of the remaining directors, even if less than a quorum, by a sole remaining director or by the stockholders; provided, however, at any time when Holdings beneficially owns, in the aggregate, less than 40% in voting power of the stock of the Company entitled to vote generally in the election of directors, any newly created directorship on our Board that results from an increase in the number of directors and any vacancy occurring on our Board may only be filled by a majority of the directors then in office, even if less than a quorum, or by a sole remaining director (and not by the stockholders). In addition, any vacancy or newly created directorship relating to a director entitled to be nominated by Holdings under the Director Nomination Agreement may be filled only with the person nominated by Holdings.

***Supermajority Approval Requirements*** 

Our certificate of incorporation and bylaws will provide that our Board is expressly authorized to make, alter, amend, change, add to, rescind or repeal, in whole or in part, our bylaws without a stockholder vote in any matter not inconsistent with the laws of the State of Delaware and our certificate of incorporation. For as long as Holdings beneficially owns, in the aggregate, at least 40% in voting power of the stock of the Company entitled to vote generally in the election of directors, any amendment, alteration, rescission,

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or repeal of our bylaws by our stockholders will require the affirmative vote of a majority in voting power of the outstanding shares of our stock entitled to vote on such amendment, alteration, change, addition, rescission or repeal. At any time when Holdings beneficially owns, in the aggregate, less than 40% in voting power of all outstanding shares of the stock of the Company entitled to vote generally in the election of directors, any amendment, alteration, rescission or repeal of our bylaws by our stockholders will require the affirmative vote of the holders of at least 66 2/3% in voting power of all the then-outstanding shares of stock of the Company entitled to vote thereon, voting together as a single class.

The DGCL provides generally that the affirmative vote of a majority of the outstanding shares entitled to vote thereon, voting together as a single class, is required to amend a corporation's certificate of incorporation, unless the certificate of incorporation requires a greater percentage.

Our certificate of incorporation will provide that at any time when Holdings beneficially owns, in the aggregate, less than 40% in voting power of the stock of the Company entitled to vote generally in the election of directors, the following provisions in our certificate of incorporation may be amended, altered, repealed or rescinded only by the affirmative vote of the holders of at least 66 2/3% (as opposed to a majority threshold that would apply if Holdings beneficially owns, in the aggregate, 40% or more) in voting power of all the then-outstanding shares of stock of the Company entitled to vote thereon, voting together as a single class:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the provision requiring a 66 2/3% supermajority vote for stockholders to amend our bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the provisions providing for a classified board of directors (the election and term of our directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the provisions regarding resignation and removal of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the provisions regarding entering into business combinations with interested stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the provisions regarding stockholder action by written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the provisions regarding calling special meetings of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the provisions regarding filling vacancies on our Board and newly created directorships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the provisions eliminating monetary damages for breaches of fiduciary duty by a director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the amendment provision requiring that the above provisions be amended only with a 66 2/3% supermajority vote.

The combination of the classification of our Board, the lack of cumulative voting, the Founder's director nomination rights in the Director Nomination Agreement and the supermajority voting requirements will make it more difficult for our existing stockholders to replace our Board as well as for another party to obtain control of us by replacing our Board. Because our Board has the power to retain and discharge our officers, these provisions could also make it more difficult for existing stockholders or another party to effect a change in management.

***Authorized but Unissued Shares*** 

Our authorized but unissued shares of common stock and preferred stock will be available for future issuance without stockholder approval, subject to stock exchange rules. These additional shares may be utilized for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions and employee benefit plans. One of the effects of the existence of authorized but unissued common stock or preferred stock may be to enable our Board to issue shares to persons friendly to current management, which issuance could render more difficult or discourage an attempt to obtain control of the Company by means of a merger, tender offer, proxy contest, or otherwise, and thereby protect the continuity of our management and possibly deprive our stockholders of opportunities to sell their shares of Class A common stock at prices higher than prevailing market prices.

***Business Combinations*** 

Upon completion of this offering, we will not be subject to the provisions of Section 203 of the DGCL. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a "business combination" with an "interested stockholder" for a three-year period following the time that the person becomes an interested stockholder, unless the business combination is approved in a prescribed manner. A "business combination" includes, among other things, a merger, asset or stock sale or other transaction resulting in a financial benefit to the interested stockholder. An "interested stockholder" is a person who, together with affiliates and associates, owns, or did own within three years prior to the determination of interested stockholder status, 15% or more of the corporation's voting stock.

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Under Section 203, a business combination between a corporation and an interested stockholder is prohibited unless it satisfies one of the following conditions: (1) before the stockholder became an interested stockholder, the board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder; (2) upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, shares owned by persons who are directors and also officers, and employee stock plans, in some instances; or (3) at or after the time the stockholder became an interested stockholder, the business combination was approved by the board of directors and authorized at an annual or special meeting of the stockholders by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder.

A Delaware corporation may "opt out" of these provisions with an express provision in its original certificate of incorporation or an express provision in its certificate of incorporation or bylaws resulting from a stockholders' amendment approved by at least a majority of the outstanding voting shares.

We will opt out of Section 203; however, our certificate of incorporation will contain similar provisions providing that we may not engage in certain "business combinations" with any "interested stockholder" for a three-year period following the time that the stockholder became an interested stockholder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•prior to such time, our Board approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding certain shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•at or subsequent to that time, the business combination is approved by our Board and by the affirmative vote of holders of at least 66 2/3% of our outstanding voting stock that is not owned by the interested stockholder.

Under certain circumstances, this provision will make it more difficult for a person who would be an "interested stockholder" to effect various business combinations with the Company for a three-year period. This provision may encourage companies interested in acquiring the Company to negotiate in advance with our Board because the stockholder approval requirement would be avoided if our Board approves either the business combination or the transaction which results in the stockholder becoming an interested stockholder. These provisions also may have the effect of preventing changes in our Board and may make it more difficult to accomplish transactions which stockholders may otherwise deem to be in their best interests.

Our certificate of incorporation will provide that Holdings, and any of its direct or indirect transferees, any group as to which such persons are a party and any person whose ownership of shares exceeding the applicable threshold results from action taken solely by the Company, do not constitute "interested stockholders" for purposes of this provision.

**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 of the Company. 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.

**Exclusive Forum** 

Our certificate of incorporation will provide that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, the United States District Court for the District of Delaware) will be the sole and exclusive forum for any state court action for (1) any derivative action or proceeding brought on our behalf, (2) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers or other employees to us or our stockholders, (3) any action asserting a claim against the Company or any director or officer of the Company arising pursuant to any provision of the DGCL, our certificate of incorporation or our bylaws or (4) any other action asserting a claim

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

**Conflicts of Interest** 

Delaware law permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the corporation or its officers, directors, or stockholders. Our certificate of incorporation will, to the maximum extent permitted from time to time by Delaware law, renounce any interest or expectancy that we have in, or right to be offered an opportunity to participate in, specified business opportunities that are from time to time presented to certain of our officers, directors or stockholders or their respective affiliates, other than those officers, directors, stockholders or affiliates who are our or our subsidiaries' employees. Our certificate of incorporation will provide that, to the fullest extent permitted by law, none of Holdings, its affiliated companies or their respective directors, partners, principals, officers, members, managers, employees, operating partners or contractors (collectively, the "Exempt Persons") will have any duty to refrain from (1) engaging in a corporate opportunity in the same or similar lines of business in which we or our affiliates now engage or propose to engage or (2) otherwise competing with us or our affiliates. In addition, to the fullest extent permitted by law, in the event that any Exempt Person acquires knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for such Exempt Person or such Exempt Person's affiliates or for us or our affiliates, such Exempt Person will have no duty to communicate or offer such transaction or business opportunity to us or any of our affiliates and they may take any such opportunity for themselves or offer it to another person or entity. Our certificate of incorporation will not renounce our interest in any business opportunity that is expressly offered to an Exempt Person solely in his or her capacity as a director or officer of the Company or offered to, or acquired by, an Exempt Person while such Exempt Person is a full-time employee of the Company. To the fullest extent permitted by law, no business opportunity will be deemed to be a potential corporate opportunity for us unless we would be permitted to undertake the opportunity under our certificate of incorporation, we have sufficient financial resources to undertake the opportunity and the opportunity would be in line with our business.

**Limitations on Liability and Indemnification of Officers and Directors** 

The DGCL authorizes corporations to limit or eliminate the personal liability of directors to corporations and their stockholders for monetary damages for breaches of directors' fiduciary duties, subject to certain exceptions. Our certificate of incorporation will include a provision that eliminates the personal liability of directors and officers for monetary damages for any breach of fiduciary duty as a director or officer, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL. The effect of these provisions will be to eliminate the rights of us and our stockholders, through stockholders' derivative suits on our

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behalf, to recover monetary damages from a director or officer for breach of fiduciary duty as a director or officer, including breaches resulting from grossly negligent behavior. However, exculpation will not apply to any director or officer if the director or officer has acted in bad faith, knowingly, or intentionally violated the law, authorized illegal dividends or redemptions or derived an improper benefit from his or her actions as a director or officer.

Our bylaws will provide that we must indemnify and advance expenses to our directors and officers to the fullest extent authorized by the DGCL. We also will be expressly authorized to carry directors' and officers' liability insurance providing indemnification for our directors, officers and certain employees for some liabilities. We believe that these indemnification and advancement provisions and insurance will be useful to attract and retain qualified directors and officers.

The limitation of liability, indemnification and advancement provisions that will be included in our certificate of incorporation and bylaws may discourage stockholders from bringing a lawsuit against directors or officers for breaches of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

There is currently no pending material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.

**Transfer Agent and Registrar** 

The transfer agent and registrar for our common stock will be Fidelity Stock Transfer Solutions LLC. Its address is 245 Summer Street, Boston, MA 02210 and its phone number is (617) 563-5800.

**Listing** 

We have been approved to list our Class A common stock on the NYSE under the symbol "MAIR." We do not intend to list our Class B common stock.

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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 substantial amounts of our Class A common stock in the public market (including shares of our Class A common stock issuable upon conversion of shares of our Class B common stock), or the perception that such sales may occur, could adversely affect the prevailing market price of our Class A common stock. No prediction can be made as to the effect, if any, future sales of shares, or the availability of shares for future sales, will have on the prevailing market price of our Class A common stock from time to time. The number of shares available for future sale in the public market is subject to legal and contractual restrictions, some of which are described below. The expiration of these restrictions will permit sales of substantial amounts of our Class A common stock in the public market, or could create the perception that these sales may occur, which could adversely affect the prevailing market price of our Class A common stock. These factors could also make it more difficult for us to raise funds through future offerings of Class A common stock or other equity or equity-linked securities.

**Sales of Restricted Shares** 

Upon completion of this offering, we will have 164,497,178 shares of Class A common stock outstanding (or 176,901,024 shares if the underwriters' option to purchase additional shares is exercised in full). Of these shares of Class A common stock, the 82,692,308 shares of Class A common stock being sold in this offering, plus any shares sold upon exercise of the underwriters' option to purchase 12,403,846 additional shares, will be freely tradable without restriction under the Securities Act, except for any such shares which may be held or acquired by an "affiliate" of ours, as that term is defined in Rule 144 promulgated under the Securities Act ("Rule 144"), which shares will be subject to the volume limitations and other restrictions of Rule 144 described below, other than the holding period requirement. The remaining 81,804,870 shares of Class A common stock (or 406,234,017 shares of Class A common stock, including 324,429,147 shares of Class A common stock issuable upon conversion of all outstanding shares of Class B common stock) will be "restricted securities," as that phrase is defined in Rule 144, and may be resold only after registration under the Securities Act or pursuant to an exemption from such registration, including, among others, the exemptions provided by Rule 144 and 701 under the Securities Act, which rules are summarized below. These remaining shares of Class A common stock that will be outstanding upon completion of this offering will be available for sale in the public market after the expiration of the lock-up agreements described below under "—Lock-Up Agreements" and in "Underwriting," taking into account the provisions of Rules 144 and 701 under the Securities Act.

Holders of our Class B common stock may from time to time after the consummation of this offering, convert their shares of Class B common stock for shares of Class A common stock on a one-for-one basis. Any shares of Class B common stock so converted will be cancelled. Upon consummation of this offering, 324,429,147 shares of Class B common stock will be issued and outstanding, all of which will be convertible for shares of our Class A common stock on a one-to-one basis in the manner described in the section entitled "Description of Capital Stock." The shares of Class A common stock we issue upon such conversion would be "restricted securities" as defined in Rule 144 unless we register such issuances. However, we intend to enter into a Registration Rights Agreement with Holdings, Kedge and certain affiliates of Kedge that will require us to register these shares of Class A common stock, subject to certain conditions. See the section entitled "—Registration Rights" and "Certain Relationships and Related Party Transactions—Registration Rights Agreement."

**Rule 144** 

Persons who are the beneficial owner of shares of our Class A common stock prior to the completion of this offering may not sell their shares until the earlier of (1) the expiration of a six-month holding period, if we have been subject to the reporting requirements of the Exchange Act and have filed all required reports for at least 90 days prior to the date of the sale, or (2) a one-year holding period.

At the expiration of the relevant holding period, a person who was not one of our affiliates at any time during the three months preceding a sale would be entitled to sell an unlimited number of shares of our Class A common stock provided current public information about us is available, and a person who was one of our affiliates at any time during the three months preceding a sale would be entitled to sell within any three-month period only a number of shares of Class A common stock that does not exceed the greater of either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•1% of the number of shares of our Class A common stock then outstanding, which will equal approximately 1,644,972 shares immediately after this offering, based on the number of shares of our Class A common stock outstanding after completion of this offering (assuming no exercise of the underwriters' option to purchase additional shares); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the average weekly trading volume of our Class A common stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

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At the expiration of the one-year holding period, a person who was not one of our affiliates at any time during the three months preceding a sale would be entitled to sell an unlimited number of shares of our Class A common stock without restriction. A person who was one of our affiliates at any time during the three months preceding a sale would remain subject to the volume restrictions described above.

Sales under Rule 144 by our affiliates are also subject to manner of sale provisions and notice requirements and to the availability of current public information about us. The sale of these shares, or the perception that sales will be made, could adversely affect the price of our Class A common stock after this offering.

**Rule 701** 

In general, under Rule 701 promulgated under the Securities Act, any of our employees, directors, officers, consultants or advisors who acquired shares of capital stock from us in connection with a compensatory stock or option plan or other compensatory written agreement before the effective date of the registration statement of which this prospectus forms a part are, subject to applicable lock-up restrictions, eligible to resell such shares in reliance upon Rule 144 beginning 90 days after the date of this prospectus. If such person is not an affiliate and was not our affiliate at any time during the preceding three months, the sale may be made subject only to the manner of sale restrictions of Rule 144. If such a person is an affiliate, the sale may be made under Rule 144 without compliance with holding period requirements under Rule 144, but subject to the other Rule 144 restrictions described above.

**Stock Plans** 

We intend to file one or more registration statements on Form S-8 under the Securities Act to register shares of our Class A common stock issued or reserved for issuance under the 2026 Plan. The first such registration statement is expected to be filed soon after the date of this prospectus and will automatically become effective upon filing with the SEC. Accordingly, shares of Class A common stock registered under such registration statement 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 below.

**Lock-Up Agreements** 

We, all of our directors, executive officers, and holders of our common stock and securities exercisable for or convertible into shares of our common stock outstanding immediately prior to the completion of this offering have agreed, or will agree, with the underwriters that, until the 180th day after the date of this prospectus, subject to certain exceptions, we and they will not, without the prior written consent of Goldman Sachs & Co. LLC and Barclays Capital Inc., (1) offer, sell, contract to sell, pledge, grant any option, right or warrant to purchase, purchase any option or contract to sell, lend or otherwise transfer or dispose of any shares of our common stock, or any options or warrants to purchase any shares of our common stock, or any securities convertible into, exchangeable for or that represent the right to receive shares of our common stock, (2) engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge or other disposition (whether by such holder or someone other than such holder), or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any shares of our common stock, or any options or warrants to purchase any shares of our common stock, or any securities convertible into, exchangeable for or that represent the right to receive shares of our common stock, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of our common stock or other securities, in cash or otherwise, (3) make any demand for or exercise any right with respect to the registration of any shares of our common stock, or any options or warrants to purchase any shares of our common stock, or any securities convertible into, exchangeable for or that represent the right to receive shares of our common stock, or (4) otherwise publicly announce any intention to engage in or cause any action, activity, transaction or arrangement described in clauses (1), (2) or (3) above. The lock-up restrictions and specified exceptions are described in more detail under "Underwriting." The representatives named above may, in their sole discretion, release all or any portion of the securities subject to these lock-up agreements. See the section entitled "Underwriting."

Additionally, concurrently with the consummation of this offering, the Company will enter into the Two-Year Lock-up Agreements with each of Holdings and Kedge, pursuant to which the shares held by Holdings and Kedge will be subject to certain transfer restrictions until the two-year anniversary of the closing date of this offering, subject to certain exceptions. See the section entitled "Certain Relationships and Related Party Transactions—Related Party Transactions—Two-Year Lock-up Agreements."

Prior to the consummation of this offering, certain of our employees, including our executive officers, and/or directors may enter into written trading plans that are intended to comply with Rule 10b5-1 under the Exchange Act. Sales under these trading plans would not be permitted until the expiration of the lock-up agreements relating to this offering described above.

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Following the expiration of the applicable lock-up period, and assuming that the representatives of the underwriters do not release any parties from the lockup, all of the shares of our Class A common stock that are restricted securities or are held by our affiliates as of the date of this prospectus will be eligible for sale in the public market in compliance with Rule 144 under the Securities Act.

**Registration Rights Agreement** 

We intend to enter into a Registration Rights Agreement with Holdings, Kedge and certain affiliates of Kedge in connection with this offering. The Registration Rights Agreement will provide Holdings and Kedge certain registration rights following our initial public offering and the expiration of the lock-up period, including that our Founder can require us to register under the Securities Act shares of Class A common stock (including shares issuable to Holdings upon conversion of shares of Class B common stock). The Registration Rights Agreement will also provide for piggyback registration rights for Holdings and Kedge. See the section entitled "Certain Relationships and Related Party Transactions—Registration Rights Agreement."

Following the closing of this offering and the concurrent private placement, the holders of approximately 44,854,187 shares of Class A common stock and 324,429,147 shares of Class B common stock, or their transferees, will have the right to require us to register the offer and sale of their shares, which we refer to as registration rights.

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**Material U.S. Federal Income Tax Consequences to Non-U.S. Holders** 

The following discussion is a summary of the material U.S. federal income tax consequences to Non-U.S. Holders (as defined below) of the ownership and disposition of our common stock issued pursuant to this offering, but does not purport to be a complete analysis of all potential tax considerations relating thereto. The effects of other U.S. federal tax laws, such as estate tax laws, gift tax laws, and any applicable state, local or non-U.S. tax laws, are not discussed. This discussion is based on the Code, Treasury regulations promulgated or proposed thereunder ("Treasury Regulations"), judicial decisions, and published rulings and administrative pronouncements of the IRS, in each case as in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a Non-U.S. Holder of our common stock. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position to those discussed below regarding the tax consequences of the ownership and disposition of our common stock.

This discussion is limited to Non-U.S. Holders who purchase our common stock pursuant to this offering and who hold our common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a Non-U.S. Holder's particular circumstances, including the impact of the Medicare contribution tax on net investment income, or the alternative minimum tax or the consequences to persons subject to special tax accounting rules as a result of any item of gross income with respect to common stock being taken into account in an applicable financial statement. In addition, it does not address consequences relevant to Non-U.S. Holders subject to special rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. expatriates and former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons holding our common stock as part of a hedge, straddle, or other risk reduction strategy or as part of a conversion transaction or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•banks, insurance companies and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•real estate investment trusts or regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•brokers, dealers or traders in securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"controlled foreign corporations," "passive foreign investment companies" and corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes (and investors therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•tax-exempt organizations or governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons deemed to sell our common stock under the constructive sale provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons that own, or are deemed to own, more than five percent of our capital stock (except to the extent specifically set forth below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"qualified foreign pension funds" (within the meaning of Section 897(l)(2) of the Code) and entities, all of the interests of which are held by qualified foreign pension funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•tax-qualified retirement plans.

If any entity or arrangement classified as a partnership for U.S. federal income tax purposes holds our common stock, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. Accordingly, partnerships holding our common stock and partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences of the ownership and disposition of shares of our common stock.

THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY, AND IS ONLY A SUMMARY OF MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS ASSOCIATED WITH THE OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK, AND IS NOT A SUBSTITUTE FOR CAREFUL TAX PLANNING. INVESTORS ARE URGED TO CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS THE TAX CONSIDERATIONS RELATED TO THE OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK IN LIGHT OF THEIR PARTICULAR CIRCUMSTANCES, AS WELL AS ANY TAX CONSIDERATIONS RELATED TO THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL OR NON-U.S. TAXING AUTHORITY OR UNDER ANY APPLICABLE INCOME TAX TREATY.

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**Definition of a Non-U.S. Holder** 

For purposes of this discussion, a "Non-U.S. Holder" is any beneficial owner of our common stock that is neither a "United States person" nor a partnership or other entity or arrangement treated as a partnership for U.S. federal income tax purposes. A United States person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a corporation, or an entity treated as a corporation for U.S. federal income tax purposes, created or organized under the laws of the United States any state thereof, or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code), or (2) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes.

**Distributions** 

Please refer to the section entitled "Dividend Policy" for a description of our expected dividend policy. If we do make distributions of cash or property on our 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. Amounts not treated as dividends for U.S. federal income tax purposes will constitute a nontaxable return of capital up to (and will reduce) a Non-U.S. Holder's adjusted tax basis in its common stock, but not below zero. Any excess amounts generally will be treated as capital gain and will be treated as described below under "Sale or Other Taxable Disposition."

Subject to the discussion below on effectively connected income, backup withholding, and the Foreign Account Tax Compliance Act ("FATCA"), dividends paid to a Non-U.S. Holder of our common stock will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty, provided that the Non-U.S. Holder will be required to furnish to the applicable withholding agent prior to the payment of dividends a valid IRS Form W-8BEN or W-8BEN-E (or other applicable or successor form) certifying that such Non-U.S. Holder is not a "United States person" as defined in the Code and qualifies for a reduced treaty 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.

If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim the exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI (or a successor form), certifying that the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States.

Any such effectively connected dividends will generally be subject to U.S. federal income tax on a net income basis at the regular graduated rates generally applicable to U.S. persons. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits (as adjusted for certain items), which will include such effectively connected dividends. Non-U.S. Holders are urged to consult their tax advisors regarding any applicable tax treaties that may provide for different rules.

**Sale or Other Taxable Disposition** 

Subject to the discussion below on backup withholding and FATCA, a Non-U.S. Holder generally will not be subject to U.S. federal income tax on any gain realized upon the sale or other taxable disposition of our common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the gain is effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such gain is attributable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition and certain other requirements are met; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our common stock constitutes a United States real property interest (a "USRPI"), by reason of our status as a United States real property holding corporation (a "USRPHC"), for U.S. federal income tax purposes at any time within the shorter of (1) the five-year period preceding the Non-U.S. Holder's disposition of our common stock and (2) the Non-U.S. Holder's holding period for our common stock.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular rates generally applicable to U.S. persons. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits (as adjusted for certain items), which will include such effectively connected gain.

A Non-U.S. Holder described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on any gain derived from the sale or other taxable disposition, which may generally be offset by U.S. source capital losses of the Non-U.S. Holder for that taxable year (even though the individual is not considered a resident of the U.S.), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC. Because the determination of whether we are a USRPHC depends, however, on the fair market value of our USRPIs relative to the fair market value of our non-USRPIs and our other business assets, there can be no assurance we currently are not a USRPHC or will not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition by a Non-U.S. Holder of our common stock will not be subject to U.S. federal income tax if our common stock is "regularly traded," as defined by applicable Treasury Regulations, on an established securities market, and such Non-U.S. Holder has owned, actually and constructively, five percent or less of our common stock throughout the shorter of (1) the five-year period ending on the date of the sale or other taxable disposition and (2) the Non-U.S. Holder's holding period. If we were to become a USRPHC and our common stock were not considered to be "regularly traded" on an established securities market during the calendar year in which the relevant sale or other taxable disposition by a Non-U.S. Holder occurred, such Non-U.S. Holder (regardless of the percentage of stock owned) would be subject to U.S. federal income tax on a sale or other taxable disposition of our common stock and a 15% withholding tax would apply to the gross proceeds from such disposition.

Non-U.S. Holders are urged to consult their tax advisors regarding potentially applicable income tax treaties that may provide for different rules.

**Information Reporting and Backup Withholding** 

Payments of dividends on our common stock generally will not be subject to backup withholding, provided the applicable withholding agent does not have actual knowledge or reason to know the Non-U.S. Holder is a United States person and the Non-U.S. Holder either certifies its non-U.S. status, such as by furnishing a valid IRS Form W-8BEN, W-8BEN-E or W-8ECI (or other applicable or successor form), or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection with any dividends on our common stock paid to the Non-U.S. Holder, regardless of whether any tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of our common stock within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or information reporting if the applicable withholding agent receives the certification described above and does not have actual knowledge or reason to know that such Non-U.S. Holder is a United States person, or the Non-U.S. Holder otherwise establishes an exemption. If a Non-U.S. Holder does not provide the certification described above or the applicable withholding agent has actual knowledge or reason to know that such Non-U.S. Holder is a United States person, payments of dividends or of proceeds of the sale or other taxable disposition of our common stock may be subject to backup withholding at a rate currently equal to 24% of the gross proceeds of such dividend, sale, or other taxable disposition. Proceeds of a sale or other taxable disposition of our common stock conducted through a non-U.S. office of a non-U.S. broker that does not have a specified relationship with the U.S. generally will not be subject to backup withholding or information reporting.

Copies of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the Non-U.S. Holder resides or is established or is organized.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S. Holder's U.S. federal income tax liability, provided the Non-U.S. Holder timely files the appropriate claim with the IRS and furnishes any required information to the IRS.

Non-U.S. Holders are urged to consult their tax advisors regarding information reporting and backup withholding.

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**Foreign Account Tax Compliance Act** 

Subject to the discussion below regarding the Proposed Regulations (defined below), withholding taxes may be imposed under Sections 1471 to 1474 of the Code (such Sections commonly referred to as the FATCA) on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on our common stock paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code) (including, in some cases, when such foreign financial institution or non-financial foreign entity is acting as an intermediary), unless (1) the foreign financial institution undertakes certain diligence and reporting obligations, (2) the non-financial foreign entity either certifies it does not have any "substantial United States owners" (as defined in the Code) or furnishes identifying information regarding each direct and indirect substantial United States owner, or (3) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in (1) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain "specified United States persons" or "United States-owned foreign entities" (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to noncompliant foreign financial institutions and certain other account holders. Foreign financial institutions or branches thereof located in jurisdictions that have an intergovernmental agreement with the U.S. governing FATCA may be subject to different rules.

Although FATCA withholding could apply to gross proceeds on the disposition of our common stock, on December 13, 2018, the U.S. Department of the Treasury released proposed regulations (the "Proposed Regulations") upon which taxpayers may rely pending the issuance of final regulations. The Proposed Regulations eliminate FATCA withholding on the gross proceeds from a sale or other disposition of our common stock, but there can be no assurance that the Proposed Regulations will be finalized in their present form.

Prospective investors are urged to consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our common stock.

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**Underwriting** 

We and the underwriters named below will enter into an underwriting agreement with respect to the shares of Class A common stock being offered. Subject to certain conditions, each underwriter will severally agree to purchase the number of shares indicated in the following table. Goldman Sachs & Co. LLC, Barclays Capital Inc., Jefferies LLC and Wells Fargo Securities, LLC are acting as representatives of the underwriters. <br>

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| | |
|:---|:---|
| **Underwriter** | **Number of<br>Shares** |
| Goldman Sachs & Co. LLC |  |
| Barclays Capital Inc. |  |
| Jefferies LLC |  |
| Wells Fargo Securities, LLC |  |
| BofA Securities, Inc. |  |
| Citigroup Global Markets Inc. |  |
| Robert W. Baird & Co. Incorporated |  |
| RBC Capital Markets LLC |  |
| Guggenheim Securities, LLC |  |
| Santander US Capital Markets LLC |  |
| Nomura Securities International, Inc.<sup>(1)</sup> |  |
| WR Securities, LLC<sup>(1)</sup> |  |
| CIBC World Markets Corp. |  |
| Comerica Securities, Inc. |  |
| William Blair & Company, L.L.C. |  |
| Stifel, Nicolaus & Company, Incorporated |  |
| Capital One Securities, Inc. |  |
| PNC Capital Markets LLC |  |
| Total | 82692308 |

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(1)"Wolfe \| Nomura Alliance" is the marketing name used by Wolfe Research Securities and Nomura Securities International, Inc. in connection with certain equity capital markets activities conducted jointly by the firms. Both Nomura Securities International, Inc. and WR Securities, LLC are serving as underwriters in the offering described herein. In addition, WR Securities, LLC and certain of its affiliates may provide sales support services, investor feedback, investor education, and/or other independent equity research services in connection with this offering.

The underwriters will be committed to take and pay for all of the shares being offered, if any are taken, other than the shares covered by the option described below unless and until this option is exercised.

The underwriters will have an option to buy up to an additional 12,403,846 shares of Class A common stock from us to cover sales by the underwriters of a greater number of shares than the total number set forth in the table above. They may exercise that option for 30 days. If any shares are purchased pursuant to this option, the underwriters will severally purchase shares in approximately the same proportion as set forth in the table above.

The cornerstone investors have, severally and not jointly, indicated an interest in purchasing up to an aggregate of $525.0 million in shares of Class A common stock in this offering at the initial public offering price. The shares of Class A common stock to be purchased by the cornerstone investors will not be subject to a lock-up agreement with the underwriters. However, because indications of interest are not binding agreements or commitments to purchase, the cornerstone investors may determine to purchase more, less or no shares of Class A common stock in this offering or the underwriters may determine to sell more, less or no shares of Class A common stock to the cornerstone investors. The underwriters will receive the same underwriting discounts and commissions on any of our shares of Class A common stock purchased by the cornerstone investors as they will from any other shares of Class A common stock sold to the public in this offering.

The following table shows the per share and total underwriting discounts and commissions to be paid to the underwriters by us. Such amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase up to additional shares of our Class A common stock.

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| | | |
|:---|:---|:---|
|  | **No Exercise** | **Full Exercise** |
| Per Share |  |  |
| Total |  |  |

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Shares sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover of this prospectus. Any shares sold by the underwriters to securities dealers may be sold at a discount of up to $ per share from the initial public offering price. After the initial offering of the shares, the representatives may change the offering price and the other selling terms. The offering of the shares by the underwriters is subject to receipt and acceptance and subject to the underwriters' right to reject any order in whole or in part.

We, all of our directors, executive officers, and holders of our common stock and securities exercisable for or convertible into shares of our common stock outstanding immediately prior to the completion of this offering have agreed, or will agree, with the underwriters that, until the 180th day after the date of this prospectus (the "Lock-Up Period"), subject to certain exceptions, we and they will not, without the prior written consent of Goldman Sachs & Co. LLC and Barclays Capital Inc., (1) offer, sell, contract to sell, pledge, grant any option, right or warrant to purchase, purchase any option or contract to sell, lend or otherwise transfer or dispose of any shares of our common stock, or any options or warrants to purchase any shares of our common stock, or any securities convertible into, exchangeable for or that represent the right to receive shares of our common stock, (2) engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge or other disposition (whether by such holder or someone other than such holder), or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any shares of our common stock, or any options or warrants to purchase any shares of our common stock, or any securities convertible into, exchangeable for or that represent the right to receive shares of our common stock, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of our common stock or other securities, in cash or otherwise, (3) make any demand for or exercise any right with respect to the registration of any shares of our common stock, or any options or warrants to purchase any shares of our common stock, or any securities convertible into, exchangeable for or that represent the right to receive shares of our common stock, or (4) otherwise publicly announce any intention to engage in or cause any action, activity, transaction or arrangement described in clauses (1), (2) or (3) above. See the section entitled "Shares Eligible for Future Sale" for a discussion of certain transfer restrictions.

Subject to certain additional limitations, including those relating to public filings required to be or voluntarily made in<br>connection with a transfer, the restrictions contained in the lock-up agreements do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)transfers as one or more *bona fide* gifts or charitable contributions, or for *bona fide* estate planning purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)transfers upon death by will, testamentary document or intestate succession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)transfers to members of immediate family or to any trust, partnership, limited liability company or other entity for the direct or indirect benefit of the holder or the immediate family of the holder or, by a holder that is a trust, to a trustor or beneficiary of the trust or the estate of a beneficiary of such trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)transfers to a partnership, limited liability company or other entity of which the holder and the immediate family of the holder are the legal and beneficial owner of all of the outstanding equity securities or similar interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)transfers to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (iv) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)transfers by a corporation, partnership, limited liability company, trust or other business entity, (A) to its affiliated entities, or to any investment fund or other entity which fund or entity is controlled or managed by the holder or its affiliates, or (B) as part of a distribution to its stockholders, partners, members or other equityholders or to the estate of any such stockholders, partners, members or<br>other equityholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)transfers by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree or separation agreement or other order of a court or regulatory authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)to us from an employee upon the death, disability or termination of employment, in each case, of such employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)if the holder is not one of our officers or directors, transfers of shares acquired (A) from the underwriters in this offering or (B) in open market transactions after the closing of this offering;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)transfers in connection with the vesting, settlement or exercise of restricted stock units, equity appreciation rights, equity appreciation rights units, options, warrants or other rights to purchase shares of our common stock (including, in each case, by way of "net" or "cashless" exercise) that are scheduled to expire or automatically vest during the Lock-Up Period, including any transfer to us for the payment of tax withholdings or remittance payments due as a result of the vesting, settlement or exercise of such restricted stock units, equity appreciation rights, equity appreciation rights units, options, warrants or other rights, or in connection with the conversion of convertible securities, in all such cases pursuant to equity awards granted under a stock incentive plan or other equity award plan described in this prospectus, provided that any securities received upon such vesting, settlement, exercise or conversion shall be subject to the restrictions hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)the entering into or amendment of a written plan meeting the requirements of Rule 10b5-1 under the Exchange Act relating to the transfer of shares of common stock, provided that shares of common stock subject to such plan may not be sold during the Lock-Up Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)transfers pursuant to a bona fide third-party tender offer, merger, consolidation, or other similar transaction that is approved by our board of directors and made to all holders of our common stock, and which involves a change in control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)transfers in connection with, and as contemplated by, the Organizational Transactions.

The restrictions on us set forth above are subject to certain exceptions, including with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the sale of the shares of Class A common stock to the underwriters pursuant to the underwriting agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)shares issued pursuant to employee stock option plans existing on, or upon the conversion or exchange of convertible or exchangeable securities outstanding as of, the date of the underwriting agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the grant of stock options, restricted stock, restricted stock units, equity appreciation rights, equity appreciation rights units or other equity awards or the issuance of shares of common stock or securities convertible into, exercisable or exchangeable for or that represent the right to receive shares of common stock pursuant to our equity compensation plans described in this prospectus, provided that any such options or securities shall not vest during the Lock-Up Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the filing of any registration statement on Form S-8 relating to securities granted or to be granted pursuant to our equity<br>incentive plans described in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the shares of Class A common stock issued in connection with the Organizational Transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)the issuance, offer or entry into an agreement providing for the issuance of shares of common stock or any security<br>convertible into or exercisable for shares of common stock in connection with acquisitions or other strategic transactions, provided that the aggregate number of shares of common stock that we may sell or issue or agree to sell or issue may not exceed 10% of the total number of shares of common stock outstanding immediately following this offering.

Goldman Sachs & Co. LLC and Barclays Capital Inc. may, in their discretion, release any of the securities subject to these lockup agreements at any time, subject to applicable notice requirements.

Prior to the offering, there has been no public market for the shares of our Class A common stock. The initial public offering price was negotiated between us and the representatives. Among the factors considered in determining the initial public offering price of the shares, in addition to prevailing market conditions, our historical performance, estimates of our business potential and earnings prospects, an assessment of our management, and the consideration of the above factors in relation to market valuation of companies in related businesses.

We have been approved to list our Class A common stock on the NYSE under the symbol "MAIR."

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The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased shares sold by or for the account of such underwriter in stabilizing or short covering transactions.

Purchases to cover a short position and stabilizing transactions, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing or retarding a decline in the market price of our Class A common stock, and together with the imposition of the penalty bid, may stabilize, maintain or otherwise affect the market price of Class A common stock. As a result, the price of our Class A common stock may be higher than the price that otherwise might exist in the open market. The underwriters are not required to engage in these activities and may end any of these activities at any time. These transactions may be effected on the NYSE, in the over-the-counter market, or otherwise.

We estimate that our offering expenses, excluding underwriting discounts and commissions, will be approximately $7.0 million.

We will also agree to reimburse the underwriters for expenses in an amount not to exceed $75,000.00 relating to any applicable state securities filings and to clearance of this offering with the Financial Industry Regulatory Authority. We have agreed to indemnify the several underwriters against certain liabilities, including liabilities under the Securities Act.

Following the closing of this offering and the concurrent private placement, the holders of approximately 44,854,187 shares of Class A common stock and 324,429,147 shares of Class B common stock, or their transferees, have the right to require us to register the offer and sale of their shares, which we refer to as registration rights.

**Other Relationships** 

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 the Company and to persons and entities with relationships with the Company, for which they received or will receive customary fees and expenses. In addition, certain of the underwriters or their affiliates are lenders under our Credit Agreement. In addition, we expect to use the net proceeds from the offering to repay outstanding borrowings, including accrued and unpaid interest, under the initial Term Loan Facility. As a result, certain of the underwriters or their affiliates may receive a portion of the net proceeds in connection with this offering. We do not expect any such underwriter or affiliate thereof to receive an amount in excess of 5% of the net proceeds from this offering as a result of such repayment of our outstanding indebtedness. See "Use of Proceeds."

In the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors, and employees may purchase, sell, or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps, and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to our assets, securities, and/or instruments (directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with us. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color, or trading ideas and/or publish or express independent research views in respect of such assets, securities, or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities, and instruments.

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**Selling Restrictions**

***European Economic Area public offer selling restriction***

In relation to each Member State of the European Economic Area (each, a "Member State"), no shares of Class A common stock have been offered or will be offered pursuant to this offering to the public in that Member State prior to the publication of a prospectus in relation to the shares which has been approved by the competent authority in that Member State or, where appropriate, approved in another Member State and notified to the competent authority in that Member State, all in accordance with the Prospectus Regulation (as defined below), except that offers of shares may be made to the public in that Member State at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)to any qualified investor as defined under Article 2 of the Prospectus Regulation (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)in any other circumstances falling within Article 1(4) of the Prospectus Regulation, provided that no such offer of shares of Class A common stock shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation, supplement a prospectus pursuant to Article 23 of the Prospectus Regulation or publish an Annex IX document pursuant to Article 1(4) 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 representatives and us that it is a "qualified investor" as defined in the Prospectus Regulation.

In the case of any shares of Class A common stock being offered to a financial intermediary as that term is used in Article 5 of 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 nondiscretionary 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 of Class A common stock to the public other than their offer or resale in a Member State to qualified investors as so defined or in circumstances in which the prior consent of the representatives has 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 any shares of Class A common stock in any Member State means the communication in any form and by means of sufficient information on the terms of the offer and the shares of Class A common stock to be offered so as to enable an investor to decide to purchase or subscribe for any shares of Class A common stock, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

***United Kingdom public offer selling restriction*** <br>

This prospectus and any other material in relation to the shares described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this prospectus relates is available only to, and will be engaged in only with persons who are (i) persons having professional experience in matters relating to investments who fall within the definition of investment professionals in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, or the FPO; or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the FPO; (iii) outside the United Kingdom, or the UK; or (iv) persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000, or the FSMA) in connection with the issue or sale of any shares may otherwise lawfully be communicated or caused to be communicated, (all such persons together being referred to as "Relevant Persons"). The shares are only available in the UK to, and any invitation, offer or agreement to purchase or otherwise acquire the shares will be engaged in only with the Relevant Persons. This prospectus and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person in the UK. Any person in the UK that is not a Relevant Person should not act or rely on this Prospectus or any of its contents.

No shares of Class A common stock have been offered or will be offered pursuant to the offering to the public in the United Kingdom except that the shares of Class A common stock may be offered to the public in the United Kingdom at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)where the offer is conditional on the admission of the shares of class a common stock to trading on the London Stock Exchange plc's main market (in reliance on the exception in paragraph 6(a) of Schedule 1 of the POATR);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)to any qualified investor as defined under paragraph 15 of Schedule 1 of the POATR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)to fewer than 150 persons (other than qualified investors as defined under paragraph 15 of Schedule 1 of the POATR), subject to obtaining the prior consent of the representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)in any other circumstances falling within Part 1 of Schedule 1 of the POATR.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)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 representatives and us that it is a "qualified investor" as defined in the POATR.

In the case of any shares of Class A common stock being offered to a financial intermediary, 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 nondiscretionary 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 of Class A common stock to the public other than their offer or resale in the United Kingdom to qualified investors as so defined or in circumstances in which the prior consent of the representatives has 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 the shares of Class A common stock in the United Kingdom means the communication to any person which presents sufficient information on: (a) the shares of Class A common stock to be offered; and (b) the terms on which they are to be offered, to enable an investor to decide to buy or subscribe for the shares of Class A common stock and the expressions "POATR" means the Public Offers and Admissions to Trading Regulations 2024. <br>

***Canada*** 

*(A) Resale Restrictions*

The distribution of shares of Class A common stock in Canada is being made only in the provinces of Ontario, Quebec, Alberta and British Columbia on a private placement basis exempt from the requirement that we prepare and file a prospectus with the securities regulatory authorities in each province where trades of these securities are made. Any resale of the shares of Class A common stock in Canada must be made under applicable securities laws which may vary depending on the relevant jurisdiction, and which may require resales to be made under available statutory exemptions or under a discretionary exemption granted by the applicable Canadian securities regulatory authority. Purchasers are advised to seek legal advice prior to any resale of the shares of Class A common stock.

*(B) Representations of Canadian Purchasers*

By purchasing shares of Class A common stock in Canada and accepting delivery of a purchase confirmation, a purchaser is representing to us and the dealer from whom the purchase confirmation is received that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the purchaser is entitled under applicable provincial securities laws to purchase the shares of Class A common stock without the benefit of a prospectus qualified under those securities laws as it is an "accredited investor" as defined under National Instrument 45-106 – Prospectus Exemptions or Section 73.3(1) of the Securities Act (Ontario), as applicable,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the purchaser is a "permitted client" as defined in National Instrument 31-103 - Registration Requirements, Exemptions and Ongoing Registrant Obligations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•where required by law, the purchaser is purchasing as principal and not as agent, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the purchaser has reviewed the text above under Resale Restrictions.

*(C) Conflicts of Interest*

Canadian purchasers are hereby notified that certain of the underwriters are relying on the exemptions set out in sections 3A.3 or 3A.4, if applicable, of National Instrument 33-105 - Underwriting Conflicts from having to provide certain conflict of interest disclosure in this prospectus.

*(D) Statutory Rights of Action*

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if the prospectus (including any amendment thereto) such as this prospectus 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 of these securities in Canada 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.

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*(E) Enforcement of Legal Rights*

All of our directors and officers as well as the experts named herein may be located outside of Canada and, as a result, it may not be possible for Canadian purchasers to effect service of process within Canada upon us or those persons. All or a substantial portion of our assets and the assets of those persons may be located outside of Canada and, as a result, it may not be possible to satisfy a judgment against us or those persons in Canada or to enforce a judgment obtained in Canadian courts against us or those persons outside of Canada.

*(F) Taxation and Eligibility for Investment*

Canadian purchasers of shares of Class A common stock should consult their own legal and tax advisors with respect to the tax consequences of an investment in the shares of Class A common stock in their particular circumstances and about the eligibility of the shares of Class A common stock for investment by the purchaser under relevant Canadian legislation.

*(G) Language of Documents*

The purchaser confirms its express wish and that it has requested that this document, all documents evidencing or relating to the sale of the securities described herein and all other related documents be drawn up exclusively in the English language. L'acquéreur confirme sa volonté expresse et qu'il a demandé que le présent document, tous les documents attestant de la vente des titres décrits dans le présent document ou s'y rapportant ainsi que tous les autres documents s'y rattachant soient rédigés exclusivement en langue anglaise. <br>

***Hong Kong*** 

No shares of Class A common stock have been offered or sold, and no shares of Class A common stock may be offered or sold, in Hong Kong, by means of any document, other than to persons whose ordinary business is to buy or sell shares or debentures, whether as principal or agent; or to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the "SFO"), and any rules made under the SFO; or 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 or invitation to the public for the purpose of the CO or the SFO. No document, invitation or advertisement relating to the shares of Class A common stock has been issued or may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted under the securities laws of Hong Kong) other than with respect to shares of Class A common stock 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 under the SFO.

This prospectus has not been registered with the Registrar of Companies in Hong Kong. Accordingly, this prospectus may not be issued, circulated or distributed in Hong Kong, and the shares of Class A common stock may not be offered for subscription to members of the public in Hong Kong. Each person acquiring the shares of Class A common stock will be required, and is deemed by the acquisition of the shares of Class A common stock, to confirm that they are aware of the restriction on offers of the shares of Class A common stock described in this prospectus and the relevant offering documents and that they are not acquiring, and has not been offered any shares of Class A common stock in circumstances that contravene any such restrictions. <br>

***Singapore*** 

This prospectus has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Class A common stock may not be circulated or distributed, nor may the Class A common stock be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275, of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where the shares of Class A common stock are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 derivative contracts (as defined in Section 239(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 of Class A common stock pursuant to an offer made under Section 275 of the SFA except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)where no consideration is or will be given for the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)where the transfer is by operation of law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)as specified in Section 276(7) of the SFA.

*Singapore Securities and Futures Act Product Classification*-Solely for the purposes of its obligations pursuant to Sections 309B(1)(a) and 309B(1)(c) of the SFA, we have determined, and hereby notify all relevant persons (as defined in Section 309A of the SFA) that the shares of Class A common stock are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) 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). <br>

***Japan*** 

The shares of Class A common stock have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948 of Japan, as amended) (the "FIEA"), and no shares of Class A common stock will 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, any resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEA and any other applicable laws, regulations and ministerial guidelines of Japan in effect at the relevant time. <br>

***Australia*** 

This prospectus is not a disclosure document for the purposes of Australia's Corporations Act 2001 (Cth) (the "Corporations Act"), has not been lodged with the Australian Securities & Investments Commission and is only directed to the categories of exempt persons set out below. Accordingly, if you receive this prospectus in Australia:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)You confirm and warrant that you are either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a "sophisticated investor" under section 708(8)(a) or (b) of the Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a "sophisticated investor" under section 708(8)(c) or (d) of the Corporations Act and that you have provided an accountant's certificate to the Company which complies with the requirements of section 708(8)(c)(i) or (ii) of the Corporations Act and related regulations before the offer has been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a person associated with the Company under section 708(12) of the Corporations Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a "professional investor" within the meaning of section 708(11)(a) or (b) of the Corporations Act.

To the extent that you are unable to confirm or warrant that you are an exempt sophisticated investor, associated person or professional investor under the Corporations Act any offer made to you under this prospectus is void and incapable of acceptance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)You warrant and agree that you will not offer any of the securities issued to you pursuant to this prospectus for resale in Australia within 12 months of those securities being issued unless any such resale offer is exempt from the requirement to issue a disclosure document under section 708 of the Corporations Act. <br>

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***Dubai International Financial Centre*** 

This prospectus relates to an "Exempt Offer" in accordance with the Offered Securities Rules of the Dubai Financial Services Authority (the "DFSA"). This prospectus is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The 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 the prospectus. The shares of our Class A common stock to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the shares offered should conduct their own due diligence on the shares. If you do not understand the contents of this prospectus you should consult an authorized financial advisor.

***United Arab Emirates***

The shares of Class A common stock have not been, and will not be, publicly offered, sold, promoted or advertised in the United Arab Emirates (including the Dubai International Financial Center) other than in compliance with the laws of the United Arab Emirates (and the Dubai International Financial Center) 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 Dubai International Financial Center) 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 or the Dubai Financial Services Authority. <br>

***Switzerland*** 

The shares of Class A common stock may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (the "SIX") or on any other stock exchange or regulated trading facility in Switzerland. This document does not constitute a prospectus within the meaning of, and has been prepared without regard to, the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the shares or the offering may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this prospectus nor any other offering or marketing material relating to the offering, us, or the shares of Class A common stock have been or will be filed with or approved by any Swiss regulatory authority. In particular, this prospectus will not be filed with, and the offer of shares of Class A common stock will not be supervised by, the Swiss Financial Market Supervisory Authority and the offer of shares of Class A common stock has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes (the "CISA"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of shares of Class A common stock.

***Israel***

In the State of Israel this prospectus shall not be regarded as an offer to the public to purchase shares of Class A common stock under the Israeli Securities Law, 5728-1968, which requires a prospectus to be published and authorized by the Israel Securities Authority, if it complies with certain provisions of Section 15 of the Israeli Securities Law, 5728-1968, including, inter alia, if: (i) the offer is made, distributed or directed to not more than 35 investors, subject to certain conditions (the "Addressed Investors"), or (ii) the offer is made, distributed or directed to certain qualified investors defined in the First Addendum of the Israeli Securities Law, 5728-1968, subject to certain conditions (the "Qualified Investors"). The Qualified Investors shall not be taken into account in the count of the Addressed Investors and may be offered to purchase securities in addition to the 35 Addressed Investors. We have not and will not take any action that would require it to publish a prospectus in accordance with and subject to the Israeli Securities Law, 5728-1968. We have not and will not distribute this prospectus or make, distribute or direct an offer to subscribe for our Class A common stock to any person within the State of Israel, other than to Qualified Investors and up to 35 Addressed Investors.

Qualified Investors may have to submit written evidence that they meet the definitions set out in of the First Addendum to the Israeli Securities Law, 5728-1968. In particular, we may request, as a condition to be offered Class A common stock, that Qualified Investors will each represent, warrant and certify to us and/or to anyone acting on our behalf: (i) that it is an investor falling within one of the categories listed in the First Addendum to the Israeli Securities Law, 5728-1968; (ii) which of the categories listed in the First Addendum to the Israeli Securities Law, 5728-1968 regarding Qualified Investors is applicable to it; (iii) that it will abide by all provisions set forth in the Israeli Securities Law, 5728-1968 and the regulations promulgated thereunder in connection with the offer to be issued Class A common stock; (iv) that the shares of Class A common stock that it will be issued are, subject to exemptions available under the Israeli Securities Law, 5728-1968: (a) for its own account; (b) for investment purposes only; and (c) not issued

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with a view to resale within the State of Israel, other than in accordance with the provisions of the Israeli Securities Law, 5728-1968; and (v) that it is willing to provide further evidence of its Qualified Investor status. Addressed Investors may have to submit written evidence in respect of their identity and may have to sign and submit a declaration containing, inter alia, the Addressed Investor's name, address and passport number or Israeli identification number.

***Brazil***

THE OFFER AND SALE OF THE SHARES OF CLASS A COMMON STOCK HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE BRAZILIAN SECURITIES COMMISSION (COMISSÃO DE VALORES MOBILIÁRIOS, OR "CVM") AND, THEREFORE, WILL NOT BE CARRIED OUT BY ANY MEANS THAT WOULD CONSTITUTE A PUBLIC OFFERING IN BRAZIL UNDER CVM RESOLUTION NO. 160, DATED JULY 13, 2022, AS AMENDED, OR UNAUTHORIZED DISTRIBUTION UNDER BRAZILIAN LAWS AND REGULATIONS. THE SHARES OF CLASS A COMMON STOCK WILL BE AUTHORIZED FOR TRADING ON ORGANIZED NON-BRAZILIAN SECURITIES MARKETS AND MAY ONLY BE OFFERED TO BRAZILIAN PROFESSIONAL INVESTORS (AS DEFINED BY APPLICABLE CVM REGULATION), WHO MAY ONLY ACQUIRE THE SHARES OF CLASS A COMMON STOCK THROUGH A NON-BRAZILIAN ACCOUNT, WITH SETTLEMENT OUTSIDE BRAZIL IN NON-BRAZILIAN CURRENCY. THE TRADING OF THESE SECURITIES ON REGULATED SECURITIES MARKETS IN BRAZIL IS PROHIBITED.

***Saudi Arabia*** 

This document may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the Rules on the Offer of Securities and Continuing Obligations Regulations as issued by the board of the Saudi Arabian Capital Market Authority ("CMA") pursuant to resolution number 3-123-2017 dated 27 December 2017, as amended (the "CMA Regulations"). The CMA does not make any representation as to the accuracy or completeness of this document and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this document. Prospective purchasers of the securities offered hereby should conduct their own due diligence on the accuracy of the information relating to the securities. If you do not understand the contents of this document, you should consult an authorised financial adviser.

***Qatar*** 

The shares of Class A common stock described in this prospectus have not been, and will not be, offered, sold or delivered, at any time, directly or indirectly in the State of Qatar in a manner that would constitute a public offering. This prospectus has not been, and will not be, registered with or approved by the Qatar Financial Markets Authority or Qatar Central Bank and may not be publicly distributed. This prospectus is intended for the original recipient only and must not be provided to any other person. It is not for general circulation in the State of Qatar and may not be reproduced or used for any other purpose.

***Kuwait*** 

Unless all necessary approvals from the Kuwait Capital Markets Authority pursuant to Law No. 7/2010, its Executive Regulations and the various Resolutions and Announcements issued pursuant thereto or in connection therewith have been given in relation to the marketing of and sale of the shares of Class A common stock, the shares of Class A common stock may not be offered for sale, nor sold in the State of Kuwait ("Kuwait"). Neither this prospectus nor any of the information contained herein is intended to lead to the conclusion of any contract of whatsoever nature within Kuwait. With regard to the contents of this document, we recommend that you consult a licensee as per the law and specialized in giving advice about the purchase of the shares of Class A common stock and other securities before making the subscription decision.

***Bermuda*** 

The shares of Class A common stock may be offered or sold in Bermuda only in compliance with the provisions of the Investment Business Act of 2003 of Bermuda which regulates the sale of securities in Bermuda. Additionally, non-Bermudian persons (including companies) may not carry on or engage in any trade or business in Bermuda unless such persons are permitted to do so under applicable Bermuda legislation.

***British Virgin Islands*** 

The shares of Class A common stock are not being, and may not be offered to the public or to any person in the British Virgin Islands for purchase or subscription by or on our behalf. The shares of Class A common stock may be offered to companies incorporated under the BVI Business Companies Act, 2004 (British Virgin Islands) ("BVI Companies"), but only where the offer will be made to, and received by, the relevant BVI Company entirely outside of the British Virgin Islands.

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***The People's Republic of China***

This prospectus will not be circulated or distributed in the People's Republic of China ("PRC") and the shares of Class A common stock will not be offered or sold, and will not be offered or sold to any person for re-offering or resale directly or indirectly to any residents of the PRC (for such purposes, not including the Hong Kong and Macau Special Administrative Regions or Taiwan), except pursuant to any applicable laws and regulations of the PRC. Neither this prospectus nor any advertisement or other offering material may be distributed or published in the PRC, except under circumstances that will result in compliance with applicable laws and regulations.

***South Korea***

The shares of Class A common stock have not been and will not be registered under the Financial Investments Services and Capital Markets Act of Korea and the decrees and regulations thereunder (the "FSCMA"), and the shares of Class A common stock have been and will be offered in Korea as a private placement under the FSCMA. None of the shares of Class A common stock may be offered, sold or delivered directly or indirectly, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea except pursuant to the applicable laws and regulations of Korea, including the FSCMA and the Foreign Exchange Transaction Law of Korea and the decrees and regulations thereunder (the "FETL"). The shares of Class A common stock have not been listed on any of securities exchanges in the world including, without limitation, the Korea Exchange in Korea. Furthermore, the purchaser of the shares of Class A common stock shall comply with all applicable regulatory requirements (including but not limited to requirements under the FETL) in connection with the purchase of the shares of Class A common stock. By the purchase of the shares of Class A common stock, the relevant holder thereof will be deemed to represent and warrant that if it is in Korea or is a resident of Korea, it purchased the shares of Class A common stock pursuant to the applicable laws and regulations of Korea.

***Malaysia*** 

No prospectus or other offering material or document in connection with the offer and sale of the shares of Class A common stock has been or will be registered with the Securities Commission of Malaysia ("Commission") for the Commission's approval pursuant to the Capital Markets and Services Act 2007. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares of Class A common stock may not be circulated or distributed, nor may the shares of Class A common stock be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Malaysia other than (i) a closed end fund approved by the Commission; (ii) a holder of a Capital Markets Services Licence; (iii) a person who acquires the shares of Class A common stock, as principal, if the offer is on terms that the shares of Class A common stock may only be acquired at a consideration of not less than RM250,000 (or its equivalent in foreign currencies) for each transaction; (iv) an individual whose total net personal assets or total net joint assets with his or her spouse exceeds RM3 million (or its equivalent in foreign currencies), excluding the value of the primary residence of the individual; (v) an individual who has a gross annual income exceeding RM300,000 (or its equivalent in foreign currencies) per annum in the preceding twelve months; (vi) an individual who, jointly with his or her spouse, has a gross annual income of RM400,000 (or its equivalent in foreign currencies), per annum in the preceding twelve months; (vii) a corporation with total net assets exceeding RM10 million (or its equivalent in a foreign currencies) based on the last audited accounts; (viii) a partnership with total net assets exceeding RM10 million (or its equivalent in foreign currencies); (ix) a bank licensee or insurance licensee as defined in the Labuan Financial Services and Securities Act 2010; (x) an Islamic bank licensee or takaful licensee as defined in the Labuan Financial Services and Securities Act 2010; and (xi) any other person as may be specified by the Commission; provided that, in the each of the preceding categories (i) to (xi), the distribution of the shares of Class A common stock is made by a holder of a Capital Markets Services Licence who carries on the business of dealing in securities. The distribution in Malaysia of this prospectus is subject to Malaysian laws.

This prospectus does not constitute and may not be used for the purpose of public offering or an issue, offer for subscription or purchase, invitation to subscribe for or purchase any securities requiring the registration of a prospectus with the Commission under the Capital Markets and Services Act 2007.

***Taiwan*** 

The shares of Class A common stock have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be sold, issued or offered within Taiwan through a public offering or in circumstances which constitutes an offer within the meaning of the Securities and Exchange Act of Taiwan that requires a registration or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorised to offer, sell, give advice regarding or otherwise intermediate the offering and sale of the shares of Class A common stock in Taiwan.

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***South Africa*** 

Due to restrictions under the securities laws of South Africa, no "offer to the public" (as such term is defined in the South African Companies Act, No. 71 of 2008 (as amended or re-enacted) (the "South African Companies Act") is being made in connection with the issue of the shares of Class A common stock in South Africa. Accordingly, this document does not, nor is it intended to, constitute a "registered prospectus" (as that term is defined in the South African Companies Act) prepared and registered under the South African Companies Act and has not been approved by, and/or filed with, the South African Companies and Intellectual Property Commission or any other regulatory authority in South Africa. The shares of Class A common stock are not offered, and the offer shall not be transferred, sold, renounced or delivered, in South Africa or to a person with an address in South Africa, unless one or other of the following exemptions stipulated in section 96 (1) applies:

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|:---|:---|
| Section 96(1) (a) | the offer, transfer, sale, renunciation or delivery is to:<br>(i) persons whose ordinary business, or part of whose ordinary business, is to deal in securities, as principal or agent;<br>(ii) the South African Public Investment Corporation;<br>(iii) persons or entities regulated by the Reserve Bank of South Africa;<br>(iv) authorised financial service providers under South African law;<br>(v) financial institutions recognised as such under South African law;<br>(vi) a wholly-owned subsidiary of any person or entity contemplated in (c), (d) or (e), acting as agent in the capacity of an authorised portfolio manager for a pension fund, or as manager for a collective investment scheme (in each case duly registered as such under South African law); or<br>(vii) any combination of the person in (i) to (vi); or |
| Section 96(1) (b) | the total contemplated acquisition cost of the securities, for any single addressee acting as principal is equal to or greater than ZAR1,000,000 or such higher amount as may be promulgated by notice in the Government Gazette of South Africa pursuant to section 96(2)(a) of the South African Companies Act. |

---

Information made available in this prospectus should not be considered as "advice" as defined in the South African Financial Advisory and Intermediary Services Act, 2002. <br>

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**Legal Matters** 

The validity of the issuance of our Class A common stock offered in this prospectus will be passed upon for us by Kirkland & Ellis LLP, Chicago, Illinois. Certain partners of Kirkland & Ellis LLP are members of limited partnerships that are investors in one or more investment vehicles affiliated with Madison. Kirkland & Ellis LLP represents affiliates of Madison in connection with certain legal matters. The validity of the Class A common stock offered by this prospectus will be passed upon for the underwriters by Sullivan & Cromwell LLP, New York, New York.

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**Experts** 

The financial statement of Madison Air Solutions Corporation as of December 31, 2025 and November 5, 2025 included in this prospectus has been so included in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

The financial statements of Madison Industries IAQ Solutions Corporation as of December 31, 2025 and 2024 and for each of the three years in the period ended December 31, 2025, which contains an explanatory paragraph relating to the Company's restatement of its financial statements as described in Note 2 to the financial statements, included in this prospectus have been so included in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

The financial statements of Research Products Corporation as of, and for the two years ended, December 31, 2024 included in this prospectus have been audited by RSM US LLP, independent auditors, as stated in the report appearing herein, and are included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.

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**Where You Can Find More Information** 

We have filed with the SEC a registration statement on Form S-1 under the Securities Act to register our Class A common stock being offered by this prospectus. This prospectus, which forms part of the registration statement, does not contain all of the information included in the registration statement and the attached exhibits. You will find additional information about us and our Class A common stock in the registration statement. References in this prospectus to any of our contracts, agreements, or other documents are not necessarily complete, and you should refer to the exhibits filed with the registration statement for copies of the actual contracts, agreements or documents. The SEC maintains an Internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov.

Upon the effectiveness of the registration statement of which this prospectus forms a part, we will be subject to the information reporting requirements of the Exchange Act, and we will file reports, proxy statements and other information with the SEC. These reports, proxy statements and other information will be available for inspection and copying at the website of the SEC referred to above.

We also maintain a website at www.madisonair.com. Information contained in, or accessible through, our website is not a part of, or incorporated into, this prospectus, and the inclusion of our website address in this prospectus is only as an inactive textual reference.

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c **Index to Consolidated Financial Statements** 

---

| | |
|:---|:---|
| **MADISON AIR SOLUTIONS CORPORATION** | **MADISON AIR SOLUTIONS CORPORATION** |
| [<u>Report of Independent Registered Public Accounting Firm</u>](#report_1) | &nbsp;&nbsp;F-2 |
| [<u>Balance Sheet as of December 31, 2025 and November 5, 2025</u>](#balance_sheet_1) | &nbsp;&nbsp;F-3 |
| [<u>Notes to the Balance Sheet</u>](#notes_to_the_balance_sheet_1) | &nbsp;&nbsp;F-4 |

---

---

| | |
|:---|:---|
| **MADISON INDUSTRIES IAQ SOLUTIONS CORPORATION** | **MADISON INDUSTRIES IAQ SOLUTIONS CORPORATION** |
| **Consolidated Financial Statements** |  |
| [<u>Report of Independent Registered Public Accounting Firm</u>](#report_of_independent_registered_public) | &nbsp;&nbsp;F-5 |
| [<u>Consolidated Balance Sheets as of December 31, 2025 and 2024</u>](#consolidated_balance_sheets) (As Restated) | &nbsp;&nbsp;F-7 |
| [<u>Consolidated Statements of Income (Loss) for the Years Ended December 31, 2025, 2024 and 2023</u>](#consolidated_statements_of_income_loss) | &nbsp;&nbsp;F-8 |
| [<u>Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2025, 2024 and 2023</u>](#consolidated_statements_of_comprehensive) | &nbsp;&nbsp;F-9 |
| [<u>Consolidated Statements of Shareholder's Equity (Deficit) and Noncontrolling Interests for the Years Ended December 31, 2025 and 2024</u>](#statements_of_shareholder_equity) (As Restated) | &nbsp;&nbsp;F-10 |
| [<u>Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023</u>](#consolidated_statements_of_cash_flows) | &nbsp;&nbsp;F-11 |
| [<u>Notes to Consolidated Financial Statements</u>](#notes_consolidated_financial_statements) | &nbsp;&nbsp;F-12 |

---

---

| | |
|:---|:---|
| **RESEARCH PRODUCTS CORPORATION** | **RESEARCH PRODUCTS CORPORATION** |
| [<u>Independent Auditor's Report</u>](#report_2) | &nbsp;&nbsp;F-44 |
| [<u>Consolidated Balance Sheets as of December 31, 2024 and 2023</u>](#consolidated_balance_sheets_2) | &nbsp;&nbsp;F-46 |
| [<u>Consolidated Statements of Income and Comprehensive Income for the Years Ended December 31, 2024 and 2023</u>](#consolidated_statements_of_income_2) | &nbsp;&nbsp;F-47 |
| [<u>Consolidated Statements of Stockholders' Equity for the Years Ended December 31, 2024 and 2023</u>](#stockholders_equity_2) | &nbsp;&nbsp;F-48 |
| [<u>Consolidated Statements of Cash Flows for the Years Ended December 31, 2024 and 2023</u>](#cash_flows_2) | &nbsp;&nbsp;F-49 |
| [<u>Notes to Consolidated Financial Statements</u>](#note_1_2) | &nbsp;&nbsp;F-50 |
| [<u>Consolidated Balance Sheet as of March 31, 2025 and December 31, 2024 (Unaudited)</u>](#balance_sheets_unaudited) | &nbsp;&nbsp;F-62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statement of Income and Comprehensive Income for the Three Months Ended March 31, 2025 and 2024 (Unaudited)</u>](#income_unaudited) | &nbsp;&nbsp;F-63 |
| [<u>Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2025 and 2024 (Unaudited)</u>](#equity_unaudited) | &nbsp;&nbsp;F-64 |
| [<u>Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (Unaudited)</u>](#cash_flows_unaudited) | &nbsp;&nbsp;F-65 |
| [<u>Notes to Consolidated Financial Statements (Unaudited)</u>](#note_1_unaudited) | &nbsp;&nbsp;F-66 |

---

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors and Shareholder of Madison Air Solutions Corporation

**Opinion on the Financial Statement – Balance Sheet** 

We have audited the accompanying balance sheet of Madison Air Solutions Corporation (the "Company") as of December 31, 2025 and November 5, 2025, including the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2025 and November 5, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our 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 of this financial statement in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statement is 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 statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters** 

Critical audit matters are matters arising from the current period audit of the financial statement that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the financial statement and (ii) involved our especially challenging, subjective, or complex judgments. We determined there are no critical audit matters.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

March 9, 2026

We have served as the Company's auditor since 2025.

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**Madison Air Solutions Corporation** 

**Balance Sheet** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **November 5, 2025** |
| **Assets** |  |  |
| **Total assets** | $**—** | $**—** |
| **Liabilities and shareholder's equity** |  |  |
| **Total liabilities** | $**—** | $**—** |
| Shareholder's equity: |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.0000001 par value per share, 500,000,000 shares authorized; 1,000 <br> shares issued and outstanding | 0.0 | 0.0 |
| &nbsp;&nbsp;&nbsp;Subscription receivable | 0.0 | 0.0 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital |  |  |
| Total shareholder's equity | $— | $— |
| **Total liabilities and shareholder's equity** | $**—** | $**—** |

---

*The accompanying notes are an integral part of this financial statement* 

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**Notes to the Balance Sheet** 

**1. Organization** 

Madison Air Solutions Corporation (the "Corporation") was formed as a Delaware corporation on November 5, 2025. The Corporation was formed for the purpose of completing a public offering and related transactions in order to carry on the business of Madison Industries IAQ Solutions Corporation and subsidiaries (the "Company"). The Corporation will be the sole manager of the Company and will operate and control all of the businesses and affairs of the Company and, through the Company, continue to conduct the business now conducted by the Company. The Corporation's fiscal year end is December 31.

**2.** **Summary of Significant Accounting Policies** 

*Basis of Presentation* 

The balance sheet has been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") set by the Financial Accounting Standards Board ("FASB") and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Separate statements of operations, comprehensive income, changes in shareholder's equity and cash flows have not been presented in the financial statement because there have been no activities in this entity for the period presented.

**3. Shareholder's Equity** 

The Corporation is authorized to issue 500,000,000 shares of Class A Common Stock, par value $0.0000001 per share. On November 5, 2025, 1,000 shares of Class A Common Stock were issued for consideration of $0.0001. The purchase of shares was not cash funded; therefore, there is a subscription receivable on the balance sheet of $0.0001 classified as contra-equity.

**4. Subsequent Events** 

We have evaluated subsequent events through March 9, 2026 which is the date the financial statement was available to be issued.

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors and Shareholder of Madison Industries IAQ Solutions Corporation

**Opinion on the Financial Statements** 

We have audited the accompanying consolidated balance sheets of Madison Industries IAQ Solutions Corporation and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of income (loss), of comprehensive income (loss), of shareholder's equity (deficit) and noncontrolling interests and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Restatement of Previously Issued Financial Statements** 

As discussed in Note 2 to the consolidated financial statements, the Company has restated its 2024 and 2023 financial statements to correct errors.

**Basis for Opinion** 

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with 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 of these consolidated financial statements in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits 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.

**Critical Audit Matters** 

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Acquisition of Research Products Corporation – Valuation of Customer Relationships, Trademarks, and Technology* 

As described in Note 6 to the consolidated financial statements, on May 6, 2025, the Company completed the acquisition of Research Products Corporation for a total purchase price of $2,585.0 million. Of the acquired identifiable intangible assets, $1,076.0 million of customer relationships, $425.3 million of trademarks, and $120.5 million of technology were recorded. The fair value of customer relationships was determined by management using the multi-period excess earnings method. The significant assumptions used by management to estimate the fair value of customer relationships included projected cash flows, including revenue growth rates and margins, customer attrition rates, and discount rate. The fair value of trademarks and technology was determined by management using the relief from royalty method. The significant assumptions used by management to estimate the fair value of trademarks and technology included revenue growth rates, royalty rates, and discount rates.

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The principal considerations for our determination that performing procedures relating to the valuation of customer relationships, trademarks, and technology acquired in the acquisition of Research Products Corporation is a critical matter are (i) the significant judgment by management when developing the fair value estimate of the customer relationships, trademarks, and technology acquired; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management's significant assumptions related to (a) revenue growth rates, margins, customer attrition rates, and discount rate for customer relationships and (b) revenue growth rates, royalty rates, and discount rates for trademarks and technology; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others (i) reading the purchase agreement; (ii) testing management's process for developing the fair value estimate of the customer relationships, trademarks, and technology acquired; (iii) evaluating the appropriateness of the multi-period excess earnings and relief from royalty methods used by management; (iv) testing the completeness and accuracy of the underlying data used in the multi-period excess earnings and relief from royalty methods; and (v) evaluating the reasonableness of the significant assumptions used by management related to (a) revenue growth rates, margins, customer attrition rates, and discount rate for customer relationships and (b) revenue growth rates, royalty rates, and discount rates for trademarks and technology. Evaluating management's assumptions related to (a) revenue growth rates, margins, and customer attrition rates for customer relationships and (b) revenue growth rates for trademarks and technology involved considering (i) the current and past performance of the Research Products Corporation business; (ii) the consistency with external market and industry data; and (iii) whether the assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in evaluating (i) the appropriateness of the multi-period excess earnings and relief from royalty methods and (ii) the reasonableness of (a) the customer attrition rate and discount rate assumptions for customer relationships and (b) the royalty rate and discount rate assumptions for trademarks and technology.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

March 9, 2026

We have served as the Company's auditor since 2019.

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**Consolidated Balance Sheets** 

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| *(in millions, except share and per share data)* | **2025** | **2024 (as restated)** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $208.4 | $339.9 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 475.4 | 386.9 |
| &nbsp;&nbsp;&nbsp;Notes receivable from related parties (Note 18) |  | 17.6 |
| &nbsp;&nbsp;&nbsp;Inventories (Note 9) | 408.4 | 293.3 |
| &nbsp;&nbsp;&nbsp;Marketable securities |  | 79.3 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 43.8 | 35.1 |
| **Total current assets** | 1136.0 | 1152.1 |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net (Note 10) | 371.7 | 229.7 |
| &nbsp;&nbsp;&nbsp;Goodwill (Note 8) | 3318.5 | 2226.1 |
| &nbsp;&nbsp;&nbsp;Other intangible assets, net (Note 8) | 3231.8 | 1732.8 |
| &nbsp;&nbsp;&nbsp;Other long-term assets | 119.1 | 112.3 |
| **Total assets** | $8177.1 | $5453.0 |
| **Liabilities and Equity (Deficit)** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $260.1 | $212.8 |
| &nbsp;&nbsp;&nbsp;Customer deposits and deferred revenue | 128.3 | 77.1 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities (Note 12) | 265.2 | 203.3 |
| &nbsp;&nbsp;&nbsp;Current maturities of long-term debt (Note 13) | 27.8 | 28.7 |
| **Total current liabilities** | 681.4 | 521.9 |
| &nbsp;&nbsp;&nbsp;Long-term debt (Note 13) | 5622.6 | 4103.4 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes (Note 11) | 651.1 | 284.6 |
| &nbsp;&nbsp;&nbsp;Other long-term liabilities | 257.0 | 198.4 |
| **Total liabilities** | 7212.1 | 5108.3 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 23) |  |  |
| &nbsp;&nbsp;&nbsp;Redeemable noncontrolling interests | 882.9 | 437.2 |
| &nbsp;&nbsp;&nbsp;Shareholder's equity (deficit): |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.01 par value, 1,000 shares authorized, issued and outstanding at<br> December 31, 2025 and 2024 | 0.0 | 0.0 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital |  |  |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (6.3) | (17.4) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (30.7) | (40.7) |
| **Total shareholder's equity (deficit)** | (37.0) | (58.1) |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | 119.1 | (34.4) |
| **Total equity (deficit)** | 82.1 | (92.5) |
| **Total liabilities and equity (deficit)** | $8177.1 | $5453.0 |

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The accompanying notes are an integral part of these consolidated financial statements.

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**Consolidated Statements of Income (Loss)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in millions, except share and per share data)* | **2025** | **2024** | **2023** |
| Net sales | $3340.1 | $2624.7 | $2556.2 |
| Cost of goods sold<sup>(1)</sup> | 2052.6 | 1617.8 | 1618.4 |
| Selling, general and administrative expenses | 473.3 | 388.6 | 390.7 |
| Intangible amortization | 141.6 | 101.0 | 104.9 |
| Restructuring expenses | 4.1 | 10.7 | 17.1 |
| Other operating expenses | 136.6 | 30.8 | 23.4 |
| **Operating income** | 531.9 | 475.8 | $401.7 |
| Interest and financing expenses | 351.3 | 295.2 | 314.5 |
| Other (income) expense | (11.4) | (8.6) | (1.0) |
| **Income (loss) from continuing operations before income taxes** | 192.0 | 189.2 | 88.2 |
| Income tax expense (benefit) | 66.3 | 35.6 | 38.1 |
| **Income (loss) from continuing operations** | 125.7 | 153.6 | 50.1 |
| Income (loss) from discontinued operations, net of taxes (Note 7) | (1.4) | 82.6 | 26.4 |
| **Net income (loss)** | 124.3 | 236.2 | 76.5 |
| Less: Net income (loss) attributable to noncontrolling interests | 27.3 | 61.0 | 18.3 |
| **Net income (loss) attributable to the Company** | $97.0 | $175.2 | $58.2 |
| **Earnings (loss) per share attributable to the Company** |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $98395 | $92622 | $31864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | (1410) | 82603 | 26388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | 96985 | 175225 | 58152 |
| &nbsp;&nbsp;&nbsp;Weighted average shares outstanding: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 1000 | 1000 | 1000 |

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(1) Exclusive of intangible amortization shown separately

The accompanying notes are an integral part of these consolidated financial statements.

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**Consolidated Statements of Comprehensive Income (Loss)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in millions)* | **2025** | **2024** | **2023** |
| **Net income (loss)** | $124.3 | $236.2 | $76.5 |
| Other comprehensive income (loss) |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | 17.6 | (28.9) | 5.7 |
| &nbsp;&nbsp;&nbsp;Actuarial gain (loss) on pension plans (net of tax $0.6 in 2025, $0.5 in 2024 and $0.1 in 2023) | 1.8 | 1.6 | 0.3 |
| &nbsp;&nbsp;&nbsp;Gain (loss) on hedging instruments (net of tax $(1.8) in 2025, $1.9 in 2024 and $(0.3) in 2023) | (6.2) | 4.4 | (0.9) |
| &nbsp;&nbsp;&nbsp;Gain (loss) on available-for-sale marketable securities (net of tax $(0.2) in 2025, $0.2 in 2024 and $0.0 in 2023) | (0.6) | 0.5 |  |
| **Total other comprehensive income (loss)** | 12.6 | (22.4) | 5.1 |
| **Comprehensive income (loss)** | 136.9 | 213.8 | 81.6 |
| Less: Comprehensive income (loss) attributable to noncontrolling interest | 29.9 | 56.4 | 19.0 |
| **Comprehensive income (loss) attributable to the Company** | $107.0 | $157.4 | $62.6 |

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The accompanying notes are an integral part of these consolidated financial statements.

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**Consolidated Statements of Shareholder's Equity (Deficit) and Noncontrolling Interests**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions, except share data)* | **Common<br>Stock<br>Shares** | **Common<br>Stock<br>Amount** | **Additional<br>Paid-In<br>Capital<br>(as restated)** | **Retained<br>Earnings (Accumulated Deficit)<br>(as restated)** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)<br>(as restated)** | **Total<br>Shareholder's<br>Equity (Deficit)<br>(as restated)** | **Noncontrolling<br>Interest<br>(as restated)** | **Total Equity (Deficit)<br>(as restated)** | **Redeemable Noncontrolling Interest<br>(as restated)** |
| **Balances at December 31, 2022 (as restated)** | 1000 | $0.0 | $659.8 | $34.4 | $(27.3) | $666.9 | $50.2 | $717.1 | $355.8 |
| Distributions |  |  | (3.0) |  |  | (3.0) |  | (3.0) |  |
| Contributions from noncontrolling interest |  |  |  |  |  |  |  |  | 1.1 |
| Redemptions of noncontrolling interests |  |  |  |  |  |  |  |  | (6.2) |
| Increased value of redeemable noncontrolling interest |  |  |  | (40.9) |  | (40.9) |  | (40.9) | 40.9 |
| Net income (loss) |  |  |  | 58.2 |  | 58.2 | 9.3 | 67.5 | 9.0 |
| Other comprehensive income (loss) |  |  |  |  | 4.4 | 4.4 | 0.6 | 5.0 | 0.1 |
| **Balances at December 31, 2023 (as restated)** | 1000 | 0.0 | 656.8 | 51.7 | (22.9) | 685.6 | 60.1 | 745.7 | 400.7 |
| Distributions |  |  | (656.8) | (140.8) |  | (797.6) | (131.4) | (929.0) | (66.1) |
| Contributions from noncontrolling interest |  |  |  |  |  |  |  |  | 1.8 |
| Redemptions of noncontrolling interests |  |  |  |  |  |  |  |  | (22.2) |
| Increased value of redeemable noncontrolling interest |  |  |  | (103.5) |  | (103.5) |  | (103.5) | 103.5 |
| Net income (loss) |  |  |  | 175.2 |  | 175.2 | 40.4 | 215.6 | 20.6 |
| Other comprehensive income (loss) |  |  |  |  | (17.8) | (17.8) | (3.5) | (21.3) | (1.1) |
| **Balances at December 31, 2024 (as restated)** | 1000 | 0.0 |  | (17.4) | (40.7) | (58.1) | (34.4) | (92.5) | 437.2 |
| Contributions |  |  | 157.5 |  |  | 157.5 |  | 157.5 |  |
| Distributions |  |  | (16.8) |  |  | (16.8) |  | (16.8) |  |
| Equity value attributable to noncontrolling interest in business acquisition |  |  |  |  |  |  |  |  | 217.3 |
| Contributions from noncontrolling interest |  |  |  |  |  |  |  |  | 10.9 |
| Redemptions of noncontrolling interests |  |  |  |  |  |  |  |  | (5.5) |
| Increased value of redeemable noncontrolling interest |  |  | (125.7) | (85.9) |  | (211.6) |  | (211.6) | 211.6 |
| EAR modification |  |  |  |  |  |  | 135.0 | 135.0 |  |
| Promissory note settlement with Holdings |  |  | (15.0) |  |  | (15.0) |  | (15.0) |  |
| Net income (loss) |  |  |  | 97.0 |  | 97.0 | 16.5 | 113.5 | 10.8 |
| Other comprehensive income (loss) |  |  |  |  | 10.0 | 10.0 | 2.0 | 12.0 | 0.6 |
| **Balances at December 31, 2025** | 1000 | $0.0 | $— | $(6.3) | $(30.7) | $(37.0) | $119.1 | $82.1 | $882.9 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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**Consolidated Statements of Cash Flows** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in millions)* | **2025** | **2024** | **2023** |
| Net income (loss) | $124.3 | $236.2 | $76.5 |
| (Income) loss from discontinued operations, net of taxes | 1.4 | (82.6) | (26.4) |
| Adjustments to reconcile net income to net cash flows from operating activities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 190.0 | 140.8 | 148.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 1.3 | (57.6) | (48.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity appreciation rights | 110.7 | (11.5) | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expense | 17.5 | 17.8 | 18.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurement of contingent consideration |  |  | (1.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase accounting inventory adjustment | 12.8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on divestiture of a business | (1.0) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on disposal of property, plant and equipment | (0.3) | 1.0 | (0.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on foreign exchange | (2.1) | (2.9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on available-for-sale marketable securities | (1.9) | (3.1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | 1.0 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes to assets and liabilities, net of acquisitions and divestitures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (23.0) | (55.8) | (23.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (36.2) | (16.2) | 67.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 40.2 | 51.9 | 15.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits and deferred revenue | 52.9 | 20.1 | (1.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (6.6) | (18.7) | 7.4 |
| **Net cash flows provided by operating activities - continuing operations** | 480.0 | 220.4 | 237.5 |
| Net cash flows provided by (used in) operating activities - discontinued operations | 0.4 | (202.5) | 50.6 |
| **Net cash flows provided by operating activities** | 480.4 | 17.9 | 288.1 |
| Purchase of property, plant and equipment | (40.6) | (28.2) | (26.1) |
| Proceeds from disposal of property, plant and equipment | 2.8 | 6.5 | 8.9 |
| Purchases of available-for-sale marketable securities | (39.3) | (210.7) | (14.8) |
| Proceeds from the sale of available-for-sale marketable securities | 119.8 | 150.0 |  |
| Issuance of related party loan | (95.0) |  |  |
| Acquisitions of businesses, net of cash acquired | (2300.9) |  |  |
| **Net cash flows provided by (used in) investing activities - continuing operations** | (2353.2) | (82.4) | (32.0) |
| Net cash flows provided by (used in) investing activities - discontinued operations | 4.9 | 1144.8 | (3.5) |
| **Net cash flows provided by (used in) investing activities** | (2348.3) | 1062.4 | (35.5) |
| Contributions | 157.5 |  |  |
| Debt principal payments | (224.4) | (26.0) | (26.9) |
| Proceeds from issuance of debt | 1732.5 |  |  |
| Proceeds from of related party loan | 95.0 |  |  |
| Distributions to Holdings | (16.8) | (797.6) | (3.0) |
| Distributions to and redemptions of noncontrolling interests | (5.5) | (219.7) | (6.2) |
| Payments on contingent and deferred acquisition consideration |  |  | (3.3) |
| Contributions from noncontrolling interests | 10.3 | 1.8 | 1.1 |
| Payment of financing fees | (9.7) | (1.1) |  |
| Payments on finance leases | (2.3) | (1.8) | (1.7) |
| **Net cash flows provided by (used in) financing activities - continuing operations** | 1736.6 | (1044.4) | (40.0) |
| Net cash flows used in financing activities - discontinued operations |  | (0.6) | (0.8) |
| **Net cash flows provided by (used in) financing activities** | 1736.6 | (1045.0) | (40.8) |
| Effect of exchange rate changes on cash | (0.2) | (2.8) | 1.7 |
| **Net change in cash and cash equivalents** | (131.5) | 32.5 | 213.5 |
| Cash and cash equivalents at the beginning of the period | 339.9 | 307.4 | 93.9 |
| Cash and cash equivalents at end of period | 208.4 | 339.9 | 307.4 |
| Less cash and cash equivalents of discontinued operations at end of period |  |  | 20.3 |
| **Cash and cash equivalents of continuing operations at end of period** | $208.4 | $339.9 | $287.1 |
| **Supplemental cash flow disclosures:** |  |  |  |
| Cash paid for interest | $324.8 | $292.9 | $252.2 |
| Cash paid for income tax | 87.0 | 289.9 | 104.1 |
| **Supplemental disclosures of non-cash operating, investing and financing activities:** |  |  |  |
| Acquisition of Research Products Corporation - rollover equity (Note 6) | $217.3 | $— | $— |
| EAR plan modification | 135.0 |  |  |
| Settlement of related party loan receivable | 95.0 |  |  |
| Settlement of related party loan payable | 95.0 |  |  |
| Promissory note settlement with Holdings | 15.0 |  |  |
| Settlement of noncontrolling interest | 0.6 |  |  |

---

The accompanying notes are an integral part of these consolidated financial statements.

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**Notes to the Consolidated Financial Statements** 

*(in millions, except share and per share data or otherwise noted)* 

**Note 1. Introduction** 

**Nature of Operations** 

Madison Industries IAQ Solutions Corporation (the "Company") is a global manufacturer of indoor air quality products and solutions focused on making the world safer, healthier and more productive. The Company's portfolio includes brands such as Reznor, AprilAire, Big Ass Fans, Nortek Air Solutions and, Roberts-Gordon, that offer industry leading heating, air filtration and purification, air movement and air conditioning solutions. The Company also provides related services such as, custom design, installation, repair and maintenance. The Company's operations are classified into two reportable segments: Commercial and Residential. The Company is wholly owned by Madison Industries US Holdings Corporation ("Madison Industries US"), which is an indirect subsidiary of Madison Industries Holdings LLC ("Holdings"). Holdings' other businesses are not included in these consolidated financial statements.

**Note 2. Basis of Presentation and Summary of Significant Accounting Policies** 

**Financial Statement Presentation** 

The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP") which requires the use of management's estimates.

The results of operations and cash flows of all discontinued operations have been separately reported as discontinued operations for all periods presented. We present businesses whose disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results as discontinued operations when the components meet the criteria for held for sale or are sold.

The consolidated financial statements include the results of the Company and its majority-owned subsidiaries. The minority shareholders' interest in majority-owned subsidiaries is reflected as redeemable noncontrolling interest and noncontrolling interest. All intercompany balances and transactions have been eliminated in the consolidated financial statements.

**Change in Presentation**

During 2025, the Company changed the presentation of intangible asset amortization to present such expenses as a single line item in the consolidated statement of income (loss) to provide greater prominence given the increased significance of such expenses due to current year acquisitions. As a result, such expenses previously reported within cost of goods sold of $29.7 for the years ended December 31, 2024 and 2023, respectively, and other operating expenses of $71.3 and $75.2 for the years ended December 31, 2024 and 2023, respectively, have been reclassified to intangible amortization to conform with current year presentation. This reclassification has no effect on previously reported net income or total operating expenses and the amount of amortization related to cost of goods sold and other operating expenses continues to be disclosed in Note 8 in the notes to the consolidated financial statements.

**Restatement of previously issued consolidated financial statements**

The Company identified errors in the previously issued consolidated financial statements as of and for the years ended December 31, 2024 and 2023 related to the accounting and classification of redeemable noncontrolling interests ("NCI") for certain investor agreements. Through review and evaluation of these agreements, the Company identified that certain noncontrolling interest holders had rights resulting in redeemable noncontrolling interests. The Company had previously incorrectly classified these noncontrolling interests within permanent equity rather than mezzanine equity. Management analyzed the materiality of the errors in accordance with Staff Accounting Bulletin ("SAB") No. 99, *Materiality*, and SAB No. 108, *Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements*, and concluded the errors were material to the previously issued financial statements. Accordingly, the Company has restated the 2024 and 2023 consolidated financial statements to correct the errors. The restatement had no impact on the consolidated statements of income (loss) or the consolidated statements of cash flows. In addition, Note 24 has been restated for the impact of these errors.

The following table summarizes the impact of the errors on the Company's previously reported consolidated balance sheet as of December 31, 2024:

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| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| *(in millions, except share and per share data)* | **As Previously Reported** | **Restatement Adjustments** | **As Restated** |
| **Total assets** | $5453.0 | $— | $5453.0 |
| **Liabilities and Equity (Deficit)** |  |  |  |
| **Total liabilities** | 5108.3 |  | 5108.3 |
| &nbsp;&nbsp;&nbsp;Redeemable noncontrolling interests |  | 437.2 | 437.2 |
| &nbsp;&nbsp;&nbsp;Shareholder's equity (deficit): |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.01 par value, 1,000 shares authorized, issued and outstanding at December 31, 2024 | 0.0 |  | 0.0 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 125.1 | (125.1) |  |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | 267.8 | (285.2) | (17.4) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (40.8) | 0.1 | (40.7) |
| **Total shareholder's equity (deficit)** | 352.1 | (410.2) | (58.1) |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | (7.4) | (27.0) | (34.4) |
| **Total equity (deficit)** | 344.7 | (437.2) | (92.5) |
| **Total liabilities and equity (deficit)** | $5453.0 | $— | $5453.0 |

---

The impact of the restatement on the previously reported consolidated statements of shareholder's equity (deficit) and noncontrolling interests as of and for the year ended December 31, 2024 and 2023 is presented below:

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions, except share data)* | **Common<br>Stock<br>Shares** | **Common<br>Stock<br>Amount** | **Additional<br>Paid-In<br>Capital** | **Retained<br>Earnings (Accumulated Deficit)** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Total<br>Shareholder's<br>Equity (Deficit)** | **Noncontrolling<br>Interest** | **Total Equity (Deficit)** | **Redeemable Noncontrolling Interest** |
| **As previously reported** |  |  |  |  |  |  |  |  |  |
| Balances at December 31, 2022 | 1000 | $0.0 | $948.2 | $34.4 | $(27.3) | $955.3 | $117.6 | $1072.9 | $— |
| Distributions |  |  | (3.0) |  |  | (3.0) |  | (3.0) |  |
| Contributions from noncontrolling interest |  |  | 0.8 |  |  | 0.8 | 0.3 | 1.1 |  |
| Redemptions of noncontrolling interests |  |  | (5.1) |  |  | (5.1) | (1.1) | (6.2) |  |
| Increased value of redeemable noncontrolling interest |  |  |  |  |  |  |  |  |  |
| Net income (loss) |  |  |  | 58.2 |  | 58.2 | 18.3 | 76.5 |  |
| Other comprehensive income (loss) |  |  |  |  | 4.4 | 4.4 | 0.7 | 5.1 |  |
| Balances at December 31, 2023 | 1000 | $0.0 | $940.9 | $92.6 | $(22.9) | $1010.6 | $135.8 | $1146.4 | $— |
| Distributions |  |  | (797.6) |  |  | (797.6) | (197.5) | (995.1) |  |
| Contributions from noncontrolling interest |  |  | 0.7 |  |  | 0.7 | 1.1 | 1.8 |  |
| Redemptions of noncontrolling interests |  |  | (18.9) |  | (0.1) | (19.0) | (3.2) | (22.2) |  |
| Increased value of redeemable noncontrolling interest |  |  |  |  |  |  |  |  |  |
| Net income (loss) |  |  |  | 175.2 |  | 175.2 | 61.0 | 236.2 |  |
| Other comprehensive income (loss) |  |  |  |  | (17.8) | (17.8) | (4.6) | (22.4) |  |
| Balances at December 31, 2024 | 1000 | $0.0 | $125.1 | $267.8 | $(40.8) | $352.1 | $(7.4) | $344.7 | $— |
| **Restatement adjustments** |  |  |  |  |  |  |  |  |  |
| Balances at December 31, 2022 |  |  | (288.4) |  |  | (288.4) | (67.4) | (355.8) | 355.8 |
| Distributions |  |  |  |  |  |  |  |  |  |
| Contributions from noncontrolling interest |  |  | (0.8) |  |  | (0.8) | (0.3) | (1.1) | 1.1 |
| Redemptions of noncontrolling interests |  |  | 5.1 |  |  | 5.1 | 1.1 | 6.2 | (6.2) |
| Increased value of redeemable noncontrolling interest |  |  |  | (40.9) |  | (40.9) |  | (40.9) | 40.9 |
| Net income (loss) |  |  |  |  |  |  | (9.0) | (9.0) | 9.0 |
| Other comprehensive income (loss) |  |  |  |  |  |  | (0.1) | (0.1) | 0.1 |
| Balances at December 31, 2023 |  | $— | $(284.1) | $(40.9) | $— | $(325.0) | $(75.7) | $(400.7) | $400.7 |
| Distributions |  |  | 140.8 | (140.8) |  |  | 66.1 | 66.1 | (66.1) |
| Contributions from noncontrolling interest |  |  | (0.7) |  |  | (0.7) | (1.1) | (1.8) | 1.8 |
| Redemptions of noncontrolling interests |  |  | 18.9 |  | 0.1 | 19.0 | 3.2 | 22.2 | (22.2) |
| Increased value of redeemable noncontrolling interest |  |  |  | (103.5) |  | (103.5) |  | (103.5) | 103.5 |
| Net income (loss) |  |  |  |  |  |  | (20.6) | (20.6) | 20.6 |
| Other comprehensive income (loss) |  |  |  |  | 0.0 | 0.0 | 1.1 | 1.1 | (1.1) |
| Balances at December 31, 2024 |  | $— | $(125.1) | $(285.2) | $0.1 | $(410.2) | $(27.0) | $(437.2) | $437.2 |
| **As restated** |  |  |  |  |  |  |  |  |  |
| Balances at December 31, 2022 | 1000 | $0.0 | $659.8 | $34.4 | $(27.3) | $666.9 | $50.2 | $717.1 | $355.8 |
| Distributions |  |  | (3.0) |  |  | (3.0) |  | (3.0) |  |
| Contributions from noncontrolling interest |  |  |  |  |  |  |  |  | 1.1 |
| Redemptions of noncontrolling interests |  |  |  |  |  |  |  |  | (6.2) |
| Increased value of redeemable noncontrolling interest |  |  |  | (40.9) |  | (40.9) |  | (40.9) | 40.9 |
| Net income (loss) |  |  |  | 58.2 |  | 58.2 | 9.3 | 67.5 | 9.0 |
| Other comprehensive income (loss) |  |  |  |  | 4.4 | 4.4 | 0.6 | 5.0 | 0.1 |
| Balances at December 31, 2023 | 1000 | $0.0 | $656.8 | $51.7 | $(22.9) | $685.6 | $60.1 | $745.7 | $400.7 |
| Distributions |  |  | (656.8) | (140.8) |  | (797.6) | (131.4) | (929.0) | (66.1) |
| Contributions from noncontrolling interest |  |  |  |  |  |  |  |  | 1.8 |
| Redemptions of noncontrolling interests |  |  |  |  |  |  |  |  | (22.2) |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Increased value of redeemable noncontrolling interest |  |  | (103.5) |  | (103.5) |  | (103.5) | 103.5 |
| Net income (loss) |  |  | 175.2 |  | 175.2 | 40.4 | 215.6 | 20.6 |
| Other comprehensive income (loss) |  |  |  | (17.8) | (17.8) | (3.5) | (21.3) | (1.1) |
| Balances at December 31, 2024 | 1000 | 0 | (17.4) | (40.7) | (58.1) | (34.4) | (92.5) | 437.2 |

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**Estimates** 

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**Foreign Currency Translation** 

Some of our non-U.S. operations have a functional currency other than the U.S. dollar, and their results are translated into U.S. dollars for reporting purposes. Assets and liabilities of foreign operations are translated at the rate of exchange in effect on the balance sheet date. Income and expenses are translated at the weighted average rate of exchange during the year. The related translation adjustments are reflected in accumulated other comprehensive income (loss) in the shareholder's equity (deficit) section of the consolidated balance sheets. Certain intercompany loans exist between subsidiaries of the Company. To the extent these loans are not denominated in the functional currency of the respective subsidiaries, the intercompany loans are translated at the rate of exchange in effect on the balance sheet date and the noncash translation adjustments are reflected in other (income) expense in the consolidated statements of income (loss).

**Cash and Cash Equivalents** 

Cash and cash equivalents include cash on hand, demand deposits and short-term cash investments that are highly liquid in nature and have original maturities of three months or less. The balances held at financial institutions may at times exceed insured limits. Management periodically evaluates the credit-worthiness of those institutions where balances are in excess of insured limits and has not experienced any losses on such deposits.

**Marketable Securities** 

The Company has U.S. Treasury debt securities with original maturities greater than three months and less than one year which are classified as available-for-sale. These available-for-sale ("AFS") securities are recorded at fair value, with the portion of the unrealized gain (loss) that is not credit-related included as a component of accumulated other comprehensive income (loss) in shareholder's equity (deficit), until realized.

The Company monitors the available-for-sale securities for impairment regularly. In the event that the carrying value of a debt security exceeds its fair value, the Company evaluates whether any impairment is a result of credit loss or other factors. For impairments resulting from credit losses, an allowance for credit losses is recorded for the difference between the fair value and amortized cost basis with the offsetting entry to net income. For declines in fair value that are considered temporary and not related to credit losses the impact of changes in fair value is recorded through other comprehensive income. There were no impairments on AFS securities during 2025, 2024 and 2023.

**Accounts Receivable** 

Substantially all sales are made on credit to customers located throughout the world. Accounts receivable are stated at original invoice amounts less an estimate made for credit losses, returns, discounts, rebates and other customer allowances. Accounts receivable acquired as part of a business combination are recorded at fair value. The Company determines an allowance for credit losses for the current expected credit losses inherent over the expected life. The allowance for credit losses is a valuation account deducted from the amortized cost basis to present the net carrying value at the amount expected to be collected. Each period, the allowance for credit losses is adjusted through earnings to reflect expected credit losses over the remaining lives of the assets. The Company estimates expected credit losses based on historical experience, current and projected economic conditions, and reasonable and supportable forecasts that affect the collectability.

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The change in allowance for credit losses is as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Beginning balance | $4.5 | $3.2 |
| Provisions charged to expense<sup>(1)</sup> | 3.9 | 2.4 |
| Write offs and recoveries | (4.6) | (1.0) |
| Foreign exchange and other<sup>(2)</sup> |  | (0.1) |
| **Ending balance** | $3.8 | $4.5 |

---

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(1)Included in selling, general and administrative expenses in the consolidated income statement.

(2)Includes immaterial amounts attributable to foreign currency translations.

**Inventories** 

Inventories are stated at the lower of cost or net realizable value with cost generally determined on the first in, first out ("FIFO") method or at fair value when part of a business acquisition. Management determines the allowance for excess and obsolete inventory by evaluating inventory levels and customer demand. Inventory reserves were $33.0 and $26.3 as of December 31, 2025 and 2024, respectively.

**Leases** 

The Company evaluates whether our contractual arrangements contain leases at the inception of such arrangements, which includes determining if we can control the underlying asset or have the right to obtain substantially all the economic benefits or outputs from the asset. At lease commencement, the Company records a lease liability and corresponding right-of-use ("ROU") asset. Options to extend or terminate the lease are only included in the lease term when it is reasonably certain the Company will exercise the option. The Company accounts for lease and non-lease components as a single lease component. As the Company's leases generally do not have a readily determinable implicit rate, the Company uses its incremental borrowing rate in determining the present value of our lease liability, adjusted for lease term and geography, to determine the present value of fixed lease payments based on information available at the lease commencement date. For leases with an initial term of 12 months or less, a lease liability or ROU asset is not recognized and lease expense is recognized on a straight-line basis over the lease term.

**Property, Plant and Equipment** 

Property, plant and equipment are recorded at original cost or at fair value when part of a business acquisition. Major improvements that extend the useful life of the asset are capitalized. When assets are retired or sold, their costs and related accumulated depreciation are removed from the accounts and the resulting gains or losses are included in other (income) expense on the consolidated statements of income (loss). Depreciation is computed using the straight-line method over the following estimated useful lives:

---

| | |
|:---|:---|
|  | **Years** |
| Buildings and improvements | 10 - 40 |
| Machinery and equipment | 3 - 10 |

---

Leasehold improvements are depreciated over the lesser of the remaining useful life of the asset or the term of the lease. Maintenance and repairs that neither materially add to the value of the property nor appreciably prolong its life are charged to expense as incurred.

**Goodwill and Other Intangible Assets** 

Goodwill represents the excess of purchase price over the fair value of the identifiable tangible and intangible net assets acquired in a business combination. Goodwill and other indefinite-lived assets, inclusive of trade names, are not amortized but instead are tested and reviewed for impairment in the fourth quarter of each fiscal year or whenever there is a material change in events or circumstances that indicate that the fair value of the asset is more likely than not less than the carrying amount of the asset.

Impairment of goodwill is assessed at the reporting unit level while indefinite-lived intangible assets are assessed at the individual asset level. Each impairment assessment begins with a qualitative assessment to determine if it is more likely than not the fair value of a reporting unit to which goodwill has been assigned or indefinite-lived intangible asset is less than its carrying value. If

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the Company concludes, based on the qualitative assessment, that it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible is less than its carrying value, a quantitative assessment of the carrying value compared to its fair value is performed. The fair value of the reporting unit is determined using a discounted cash flow approach dependent on a number of significant management assumptions including estimates of operating results, capital expenditures, net working capital requirements, discount rates and terminal value assumptions. The fair value of indefinite-lived intangibles is determined using an income approach dependent on a number of significant management assumptions including forecasted revenues, market growth rates, expected market share, customer retention assumptions, and royalty and discount rates. Changes to those assumptions could materially impact our financial position or results of operations if actual results differ from such estimates and assumptions. To address this uncertainty, we perform sensitivity analyses on key estimates and assumptions. If the estimated fair value of the reporting unit or indefinite-lived intangible exceeds its carrying value, goodwill of the reporting unit and indefinite-lived intangible are not impaired. To the extent that the carrying amount of the reporting unit and indefinite-lived intangible exceeds its estimated fair value, an impairment loss will be recognized for the amount the carrying value exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit and indefinite-lived intangibles.

Intangible assets such as customer relationships, technology assets, patents, and backlog and other intangible assets with finite useful lives are amortized based on the pattern in which the economic benefits of the intangible asset are consumed. If a pattern of economic benefit cannot be reliably determined or if straight-line amortization approximates the pattern of economic benefit, a straight-line amortization may be used. The range of useful lives approximate the following:

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| | |
|:---|:---|
|  | **Years** |
| Customer relationships | 7 - 20 |
| Technology assets | 5 - 15 |
| Patents | 10 |
| Backlogs and other | 1 - 14 |

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The Company assesses the recoverability of the carrying amount of its intangible assets with finite useful lives whenever events or circumstances indicate that the carrying amount of the asset group may not be recoverable. Determining whether an impairment loss has occurred requires the use of an internal forecast to estimate future cash flows, and the useful life over which these cash flows will occur, discounted at an appropriate discount rate. If the undiscounted cash flows are less than the carrying amount of the asset group, an impairment loss is recognized for the amount by which the carrying value of the asset group exceeds the fair value of the asset group, not to exceed the carrying amount of the intangible asset.

**Revenue Recognition** 

The Company accounts for revenue in accordance with ASC 606: *Revenue from Contracts with Customers.* Revenue is recognized when control of a good or service promised in a contract (i.e., performance obligation) is transferred to a customer. Control is transferred when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. The majority of the Company's revenue is recognized at a point-in-time as control is transferred at a distinct point in time per the terms of a contract. However, a portion of the Company's revenue is recognized over-time. For these arrangements, the cost-to-cost input method is used as it best depicts the transfer of control to the customer that occurs as the Company incurs costs.

For the year ended December 31, 2025 the Company had one customer account for approximately 11% of our net sales, the majority of which were tied to our Commercial segment. The same customer accounted for approximately 16% of our accounts receivable balance as of December 31, 2025. No single customer accounted for 10% or more of total net sales for the years ended December 31, 2024 and 2023. No single customer accounted for 10% or more of total accounts receivable as of December 31, 2024. See Note 3 for additional disclosures related to revenue recognition.

**Shipping and Handling** 

Shipping and handling costs related to freight and distribution expenses for delivery directly to customers are recorded in cost of goods sold and totaled $103.4, $87.0 and $92.8 for the years ended December 31, 2025, 2024 and 2023, respectively.

**Research and Development** 

Research and development costs are expensed as incurred and recorded in selling, general, and administrative expenses. Total research and development costs were $63.9, $49.7 and $46.1 for the years ended December 31, 2025, 2024 and 2023, respectively.

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**Income Taxes** 

In the U.S., the Company files income taxes as part of a consolidated return with Holdings and income taxes paid are treated as distributions to Holdings. The accompanying consolidated financial statements are prepared on a separate return basis reflecting the Company on a stand-alone basis. Non-U.S. subsidiaries pay income taxes in their respective countries and accordingly foreign income taxes related to their income are also recorded in the consolidated financial statements.

The Company accounts for income taxes in accordance with ASC 740, *Income Taxes* ("ASC 740"). Deferred income tax assets and liabilities are determined based on temporary differences between financial reporting and tax bases of assets and liabilities using enacted rates expected to apply to taxable income in the years in which those differences are expected to reverse. The Company recognizes future tax benefits to the extent that realizing these benefits is considered, in its judgment, more likely than not. The Company reviews the realizability of its deferred income tax assets in each jurisdiction of operation. A valuation allowance is recorded in a particular jurisdiction if it is more likely than not that all or a portion of the deferred income tax assets will not be realized.

The Company recognizes the financial statement benefit of a tax position only after determining that it is more likely than not that the position would be sustained. For tax positions meeting the more likely than not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. When applicable, interest and penalties are calculated based on guidance from the relevant tax authority and recorded in the consolidated financial statements.

**Derivative Financial Instruments** 

The Company enters into commodity futures, foreign currency forward contracts, and interest rate swaps and collars. Commodity futures are intended and effective as hedges of market price risk associated with the anticipated purchase of certain raw materials (primarily steel). Foreign currency forward contracts are intended and are effective as hedges of the Company's exposure to the variability of cash flows, primarily related to foreign exchange rate changes of products manufactured in countries abroad and sold in the United States. Interest rate swaps and collars are intended and effective as hedges of market changes in interest rates associated with floating rate debt. The Company does not engage in trading or other speculative use of derivative instruments.

The Company recognizes all derivative instruments as assets and liabilities at fair value. The Company uses either hedge accounting or mark-to-market accounting for its derivative instruments. Derivatives that qualify for hedge accounting are designated as cash flow hedges by formally documenting the hedge relationships, including identification of the hedging instruments, the hedged items and other critical terms as well as the Company's risk management objectives and strategies for undertaking the hedge transaction. As of December 31, 2025 and 2024, all derivative instruments are accounted for using hedge accounting. See Note 14 for additional information about derivative financial instruments.

**Noncontrolling Interest** 

The Company consolidates entities in which it has a controlling financial interest in accordance with ASC 810: Consolidation ("ASC 810"). Noncontrolling interests ("NCI") represent the portion of equity in consolidated subsidiaries not attributable to the Company. The Company allocates a portion of the income of consolidated subsidiaries to the NCI holders based on their contractual rights to share in distributions and reduces the NCI balance by distributions made to such holders (the "ASC 810 value"). Certain noncontrolling interests are redeemable at the option of the holder during a specified time period. As the redemption is not within the Company's control, such amounts have been classified as mezzanine equity in the consolidated balance sheets, separate from liabilities and permanent equity. Units are redeemable after a defined holding period and are redeemable at either an appraised or formulaic value as determined by the Company's respective investor agreements. The appraised value is determined using a combination of an income and market approach. The income approach is based on a discounted cash flow model, which estimates the appraised value of the Company by discounting projected free cash flows using a risk adjusted rate of return. The market approach estimates enterprise value as the sum of the equity market value and indebtedness of comparable publicly traded companies. The average of the approaches represents the estimate of appraised value. Key assumptions used in the valuation include projected revenue growth, operating margins, required reinvestment, discount rates, and selected market multiples. The option to redeem shares is extinguished upon a sale or initial public offering.

The Company recognizes changes in the redemption value immediately as they occur and adjusts the carrying amount to equal the redemption value at each respective balance sheet date to the extent it exceeds the ASC 810 value. The Company reflects the amount by which the redemption value exceeds fair value as a deemed dividend and a reduction to earnings available to parent company common shareholders. During the years ended December 31, 2025, 2024, and 2023, there were no instances in which redemption value exceeded fair value.

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**Distributions** 

Distributions are recorded in additional paid-in capital within shareholder's equity (deficit) and relate to return of capital to an affiliate as well as the difference between current income tax expense recorded on a separate return basis and payments made to Holdings to reimburse Holdings for income taxes paid on the Company's behalf. For the years ended December 31, 2025, 2024 and 2023, the Company paid tax distributions to Holdings of $47.0, $259.5 and $74.7, respectively. For the year ended December 31, 2025, distributions included the impact of the tax provision of $16.8. Distributions paid to Holdings during 2024 included $188.7 for income taxes resulting from the divestiture of Nortek Global HVAC LLC and its subsidiary ("NGH"). See Note 7 for additional information on discontinued operations. For the year ended December 31, 2024, distributions included $1,000 from the proceeds of the NGH divestiture of which $197.5 was distributed to noncontrolling interest offset by the impact of the tax provision of $4.9. For the year ended December 31, 2023, distributions included the impact of the tax provision of $3.0.

All intercompany transactions with Holdings effected through equity in the accompanying consolidated financial statements have been considered cash receipts and payment for purposes of the Company and are reflected in the financing activities in the consolidated statements of cash flows.

**Recently Issued Accounting Pronouncements** 

In November 2024, the FASB issued ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* ("ASU 2023-07"), which requires public entities to disclose information about their reportable segments' significant expenses on an interim and annual basis. In addition, the amendments clarify circumstances in which an entity can disclose multiple segment measures of profit and loss, provide new segment disclosure requirements for entities with a single reportable segment and contains other disclosure requirements. The Company adopted ASU 2023-07 on January 1, 2024 and have reflected the standard within its notes to the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* ("ASU 2023-09"), which requires public entities to disclose disaggregated information about their effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company prospectively adopted ASU 2023-09 on January 1, 2025 and have reflected the standard within the notes to the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, *Disaggregation of Income Statement Expenses (DISE)* ("ASU 2024-03"), which requires public entities to disclose disaggregated information about expenses by nature on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently assessing the impact of this ASU on its consolidated financial statements.

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*. The amendments provide for a practical expedient and accounting policy election in measuring credit losses for accounts receivable and current contract losses arising from transactions accounted for under ASC Topic 606, *Revenue Recognition*. The ASU is effective for fiscal years beginning after December 1, 2025 and interim periods within those periods, with early adoption permitted. We are currently evaluating the impact that this guidance will have on the financial position and results of operations within our consolidated financial statements.

In November 2025, the FASB issued ASU No. 2025-09, *Derivatives and Hedging (Topic 815): Hedge Accounting Improvements*. The amendments included in the five issues expand the hedged risks permitted to be aggregated in a group of individual forecasted transactions in a cash flow hedge, provide a model to facilitate the application of cash flow hedge accounting to forecasted interest payments on select variable-rate debt instruments, expand hedge accounting for forecasted purchases and sales of nonfinancial assets, update the hedge accounting guidance to accommodate differences in the loan and swap markets that developed after the cessation of the London Interbank Offered Rate, and eliminate the recognition and presentation mismatch related to a dual hedge strategy. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the impact that this guidance will have on the financial position and results of operations within our consolidated financial statements.

**Note 3. Revenue Recognition** 

Revenue is recognized at a point-in-time or over time when performance obligations are satisfied. When revenue is recognized at a point-in-time, control generally transfers at time of shipment. Revenues are recognized over time if the customer simultaneously receives control as the Company performs work under a contract, if the customer controls the asset as it is being produced, or if the

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product produced for the customer has no alternative use and the Company has a contractual right to payment with a reasonable profit margin. Revenue recognized over time solely related to our Commercial segment. Revenue is measured based on the amount of consideration the Company expects to receive, reduced for estimates for return allowances, discounts and rebates. Product returns, customer allowances and rebates are estimated based on contractual obligations, historical experience and known trends. Revenues also exclude any impacts from value-added taxes, sales tax and other taxes where the Company is a pass-through conduit for collecting and remitting such taxes to governmental authorities. Taxes collected are included in accrued expenses and other current liabilities until the taxes are remitted to the appropriate taxing authorities. Payment terms vary by customer and the time between invoicing and due date is typically not significant.

Customer sales disaggregated by the timing of transfer are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Products transferred at a point in time | $3228.5 | $2517.7 | $2409.2 |
| Products transferred over time | 111.6 | 107.0 | 147.0 |
| **Net sales** | $3340.1 | $2624.7 | $2556.2 |

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The transaction prices for long-term contracts are primarily fixed; however, transaction prices may include variable consideration, which includes, for example increases or decreases to the transaction price for change orders. Change orders which modify the scope of terms of an original contract are included in the transaction price once approved, the recovery amount is probable and the amount can be reliably estimated. As of December 31, 2025, the aggregate amount of the transaction prices allocated to the remaining performance obligations was $10.3, and the Company will recognize this revenue when equipment is delivered or installation service is completed, which is expected to occur over the next 12 to 36 months. Future contract modifications could effect the timing and the amount of the remaining performance obligations. The aggregate transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations excludes the value of remaining performance obligations for service contracts with an original expected duration of one year or less and contracts that are cancellable without penalty consistent with the transaction price.

The timing of revenue recognition, billings and cash collections results in contract assets and contract liabilities. Contract assets relate to the conditional right to consideration for any completed performance under a contract when costs are incurred in excess of billings. Contract liabilities relate to payments received in advance of performance under a contract or when the Company has a right to consideration that is conditioned upon transfer of good or service to the customer. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract. The Company does not capitalize costs to obtain a contract as these amounts would generally be recognized over a period less than one year and are not material.

Total contract assets and liabilities consisted of the following:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Contract assets, current (included in accounts receivable, net) | $43.3 | $27.6 |
| Total contract assets | 43.3 | 27.6 |
| Contract liabilities, current (included in customer deposits and deferred revenue) | (128.3) | (77.1) |
| Contract liabilities, long-term (included in other long-term liabilities) | (13.3) | (7.1) |
| Total contract liabilities | (141.6) | (84.2) |
| **Net contract assets (liabilities)** | $(98.3) | $(56.6) |

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The Company recognized revenue of $76.2 and $47.1 for the year ended December 31, 2025, and 2024, respectively, that was related to contract liabilities as of December 31, 2024, and 2023, respectively. The Company expects a majority of its contract liabilities at the end of the period to be recognized as revenue over the next 12 months.

**Note 4. Fair Value of Financial Instruments** 

ASC 820, *Fair Value* ("ASC 820")*,* defines fair value as the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measure date. ASC 820 also establishes a three-level valuation hierarchy based on the transparency of inputs utilized in the measurement and valuation of financial assets or liabilities. Level 1 inputs include quoted prices for identical instruments and are most observable. Level 2 inputs include quoted prices for similar

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assets and observable inputs such as interest rates, foreign currency exchange rates, commodity rates and yield curves. Level 3 inputs are not observable in the market and include management's own judgments about the assumption market participants would use in pricing the asset or liability. The use of observable and unobservable inputs is reflected in the hierarchy assessment disclosed below.

The following table presents information about certain financial assets that are required to be measured at fair value on a recurring basis based on the guidance:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Asset Class** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Cash and cash equivalents | $208.4 | $208.4 | $— | $— |
| Marketable securities<sup>(1)</sup> |  |  |  |  |
| Interest rate swaps and collars | (4.4) |  | (4.4) |  |
| Foreign currency derivatives | 2.2 |  | 2.2 |  |
| **Total** | $206.2 | $208.4 | $(2.2) | $— |

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|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Asset Class** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Cash and cash equivalents | $339.9 | $339.9 | $— | $— |
| Marketable securities<sup>(1)</sup> | 79.3 | 79.3 |  |  |
| Interest rate swaps | 6.9 |  | 6.9 |  |
| Foreign currency derivatives | (2.0) |  | (2.0) |  |
| **Total** | $424.1 | $419.2 | $4.9 | $— |

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(1)As of December 31, 2025 the Company had no outstanding positions. As of December 31, 2024 the amortized cost basis was $78.5, unrealized gains were $0.8 and there were no unrealized losses.

**Note 5. Business Restructuring** 

The Company incurs costs associated with restructuring programs as part of our business strategy to improve long-term results through productivity improvements, workforce reductions and consolidation of facilities. The following table is inclusive of all restructuring charges.

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Restructuring Expenses** | **2025** | **2024** | **2023** |
| Workforce reductions | $4.1 | $1.8 | $9.7 |
| Facility related costs |  | 8.9 | 7.4 |
| **Total restructuring expenses** | $4.1 | $10.7 | $17.1 |

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The following table summarizes changes in the restructuring liability. As of December 31, 2025 a majority of the liability represents short term obligation expected to be paid within 12 months and are included in accrued expenses and other current liabilities on the balance sheet.

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|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
| **Restructuring Liabilities** | **2025** | **2024** |
| Beginning balance | $1.5 | $4.7 |
| Incurred cost | 4.1 | 10.7 |
| Payments and settlements | (4.6) | (13.8) |
| Other | 0.1 | (0.1) |
| **Ending balance** | $1.1 | $1.5 |

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**Note 6. Business Acquisitions and Divestitures**

During the year ended December 31, 2025, the Company acquired businesses to broaden and deepen its product portfolio and expand the Company's presence in existing and new markets. On January 13, 2025, the Company completed the acquisition of AcoustiFLO, LTD. ("AcoustiFLO" and such acquisition, the "AcoustiFLO Acquisition"). The results of AcoustiFLO have been included in the consolidated statements of income (loss) from the acquisition date. AcoustiFLO is a manufacturer of plenum fan

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assemblies that are used in commercial air handling applications. On May 6, 2025, the Company completed the acquisition of Research Products Corporation ("AprilAire" and such acquisition, the "AprilAire Acquisition"). The results of AprilAire have been included in the consolidated statements of income (loss) from the acquisition date. AprilAire is a manufacturer and distributor of indoor air solutions for both commercial and residential environments. The AcoustiFLO Acquisition was funded with cash on hand. The AprilAire Acquisition was funded by a combination of $160.1 of contributed capital, $410.9 cash on hand (including amounts paid for working capital settlement), the $1,750.0 Incremental Term Loan discussed in Note 13, and $217.3 of equity issued to previous owners which are redeemable following the third anniversary of the transaction at a per unit intrinsic value of Madison Indoor Air Solutions, and therefore have been classified as mezzanine equity. The option to redeem shares is extinguished upon a sale or initial public offering.

The acquired businesses contributed revenue of $392.8 and earnings from continuing operations before tax of $65.1 to the Company from their respective acquisition dates to December 31, 2025, of which $381.5 and $62.5 was attributable to AprilAire, respectively. The following unaudited pro forma summary presents consolidated information of the Company as if the business combinations had occurred on January 1, 2024.

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| | | |
|:---|:---|:---|
|  | **Pro forma year ended December 31, 2025<br>(unaudited)** | **Pro forma year ended December 31, 2024<br>(unaudited)** |
| Net sales | $3518.9 | $3126.3 |
| Income (loss) from continuing operations before income taxes | 168.7 | 54.0 |

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The unaudited pro forma amounts have been calculated after applying the Company's accounting policies and adjusting the results of the subsidiaries to reflect additional depreciation and amortization that would have been charged assuming the fair value adjustments to property, plant and equipment, and intangible assets had been applied from January 1, 2024.

In 2025, the Company incurred $12.0 of acquisition-related costs. These expenses are included in other operating expense in the Company's consolidated statements of income (loss) for the year ended December 31, 2025. The 2025 supplemental pro forma earnings were adjusted to exclude the $12.0 of acquisition-related costs, and instead, these costs are reflected in pro forma earnings for the year ended December 31, 2024 in the table above.

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The following summarizes the consideration transferred and the amounts of identified assets acquired and liabilities assumed at the acquisition dates. As of December 31, 2025 the allocation of the purchase price for AcoustiFLO and AprilAire is final.

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| | | | |
|:---|:---|:---|:---|
|  | **AcoustiFLO** | **AprilAire** | **Total** |
| Cash paid | $12.7 | $2293.5 | $2306.2 |
| Rollover equity |  | 217.3 | 217.3 |
| Deferred payments, net | 1.4 | 74.2 | 75.6 |
| **Purchase price** | 14.1 | 2585.0 | 2599.1 |
| **Identifiable assets acquired and liabilities assumed** |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | 1.0 | 4.3 | 5.3 |
| &nbsp;&nbsp;Accounts receivable |  | 72.2 | 72.2 |
| &nbsp;&nbsp;Inventories | 1.0 | 90.3 | 91.3 |
| &nbsp;&nbsp;Prepaid expenses and other current assets |  | 5.7 | 5.7 |
| &nbsp;&nbsp;Property, plant and equipment, net | 0.1 | 146.1 | 146.2 |
| &nbsp;&nbsp;Trademarks | 1.4 | 425.3 | 426.7 |
| &nbsp;&nbsp;Customer relationships | 4.8 | 1076.0 | 1080.8 |
| &nbsp;&nbsp;Technology | 2.3 | 120.5 | 122.8 |
| &nbsp;&nbsp;Other long-term assets | 0.5 | 7.7 | 8.2 |
| &nbsp;&nbsp;**Total assets acquired** | 11.1 | 1948.1 | 1959.2 |
| &nbsp;&nbsp;Accounts payable | 0.3 | 30.0 | 30.3 |
| &nbsp;&nbsp;Accrued expenses and other current liabilities | 0.4 | 22.9 | 23.3 |
| &nbsp;&nbsp;Other long-term liabilities | 0.4 | 389.9 | 390.3 |
| &nbsp;&nbsp;**Total liabilities assumed** | 1.1 | 442.8 | 443.9 |
| &nbsp;&nbsp;**Identifiable net assets acquired** | 10.0 | 1505.3 | 1515.3 |
| Purchase price | 14.1 | 2585.0 | 2599.1 |
| Less: Identifiable net assets acquired | 10.0 | 1505.3 | 1515.3 |
| **Goodwill** | $4.1 | $1079.7 | $1083.8 |

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Goodwill was attributed to the assembled workforces and synergies expected to be achieved from the combined operations of the Company and acquired businesses, primarily related to cost efficiencies and revenue cross-selling opportunities. Goodwill recorded in the AcoustiFLO and AprilAire acquisitions is not deductible for tax purposes.

The AprilAire Acquisition includes a deferred consideration arrangement that requires additional consideration of $90.0 to be paid by the Company to the sellers of AprilAire of which $5.7 represents a liability assumed at acquisition. The present value of deferred consideration at acquisition was $74.2. Amounts are payable 2 years after the acquisition date. As of December 31, 2025, the liability was $77.2 and is recorded in other long-term liabilities. The AcoustiFLO Acquisition includes $1.4 of deferred consideration to be paid by the Company to the sellers of AcoustiFLO. Amounts are payable 18 months after the acquisition date. As of December 31, 2025 the balance is recorded in accrued expenses and other current liabilities.

The weighted amortization period of intangible assets for the acquisitions made during the year ended December 31, 2025 is 20.0 years for customer relationships and 14.9 years for technology. Trademarks are considered to be indefinite-lived.

The valuation of intangible assets was determined using an income approach methodology. The Company used the multi-period excess earnings method to determine the estimated acquisition date fair values of the customer relationships and relief from royalty method for trademarks and technology intangible assets. The significant assumptions used to estimate the fair values of customer relationships included projected cash flows, including revenue growth rates and margins, customer attrition rates, and discount rate. The significant assumptions used to estimate the fair values of trademarks and technology included revenue growth rates, royalty rates and discount rates.

As of the acquisition date, a $16.3 liability was assumed and has been recognized at fair value for expected warranty claims on products sold by AprilAire prior to the acquisition. The Company expects to settle this assumed liability over the five-year warranty period through 2030. The fair value of the assumed liability was determined based on historical sales and warranty claims. No material contingencies were assumed as a result of the AcoustiFLO Acquisition.

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In August 2025, we divested our NGH France and Belgium businesses for a cumulative purchase price of $3.3, of which $1.0 was received at close. As of December 31, 2025, the Company has outstanding receivables for the remaining purchase price of $2.3, of which $0.9 is recorded in prepaid expenses and other current assets and the remainder is recorded in other long-term assets on the consolidated balance sheets. The Company recorded a gain of $1.8 on the sale which is recorded in other (income) expense within the consolidated statements of income (loss).

**Note 7. Discontinued Operations** 

In the third quarter of 2024, the Company met the criteria to classify NGH as discontinued operations. On October 7, 2024, the Company completed the sale of NGH generating pre-tax net proceeds from divestiture of $1,147.8. The gain on sale of $259.7, net of transaction costs of $18.6, was recognized in discontinued operations within the consolidated statements of income (loss). Proceeds of $1,000.0 were distributed to Holdings and noncontrolling interests subsequent to the transaction. The Company classified the results of operations and cash flows of NGH as discontinued operations in the consolidated statements of income (loss) and consolidated statements of cash flows for all periods presented.

The Company and NGH entered into a Transition Services Agreement and Reverse Transition Services Agreement, pursuant to which the two entities will provide certain services to each other during the post-closing period. The terms of the services range from three to fifteen months. The net cash exchanged as a result of these services was immaterial during the years ended December 31, 2025 and 2024.

During the year ended December 31, 2025, the Company recorded a $1.4 net loss from discontinued operations due to final working capital settlement.

The following table discloses the results of operations of the businesses reported as discontinued operations for the years ended December 31, 2025, 2024 and 2023:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Net sales | $— | $221.4 | $337.4 |
| Cost of goods sold<sup>(1)</sup> |  | 157.1 | 237.9 |
| Selling, general and administrative expenses |  | 28.4 | 39.2 |
| Intangible amortization |  | 10.9 | 16.1 |
| Restructuring expenses |  | 1.0 | 0.1 |
| Other operating expenses |  | 21.0 | 0.5 |
| (Gain) loss on divestiture before income taxes | 1.8 | (278.3) |  |
| **Operating income (loss)** | (1.8) | 281.3 | 43.6 |
| Interest and financing expenses |  |  | 0.2 |
| Other (income) expense |  |  | 0.1 |
| **Income (loss) from discontinued before income taxes** | (1.8) | 281.3 | 43.3 |
| Income tax expense (benefit) |  | 10.0 | 16.9 |
| Income tax expense (benefit) on divestiture | (0.4) | 188.7 |  |
| **Net income (loss) from discontinued operations, net of taxes** | $(1.4) | $82.6 | $26.4 |

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There were no assets and liabilities recorded as held for sale as of December 31, 2025 and 2024.

**Note 8. Goodwill and Other Intangible Assets** 

The change in the carrying amount of goodwill is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Commercial** | **Residential** | **Madison Air** | **Total** |
| **Balance at December 31, 2023** | $— | $— | $2236.0 | $2236.0 |
| Foreign currency translation |  |  | (9.9) | (9.9) |
| **Balance at December 31, 2024** |  |  | 2226.1 | 2226.1 |
| Acquisitions<sup>(1)</sup> |  |  | 1084.1 | 1084.1 |
| Measurement period adjustments |  |  | 1.7 | 1.7 |
| Foreign currency translation |  |  | 6.6 | 6.6 |
| Reallocation of goodwill in segment reorganization<sup>(2)</sup> | 2279.8 | 1038.7 | (3318.5) |  |
| Measurement period adjustments |  | (2.0) |  | (2.0) |
| Foreign currency translation | 2.0 |  |  | 2.0 |
| Reallocation of goodwill in segment reorganization<sup>(3)</sup> | (39.8) | 39.8 |  |  |
| **Balance at December 31, 2025** | $2242.0 | $1076.5 | $— | $3318.5 |

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(1)Relates to acquisition of AcoustiFLO and AprilAire.

(2)Relates to goodwill reallocation from segment restructuring which occurred during the third quarter of 2025. Prior to the segment restructuring, the Company had a single reportable segment.

(3)Relates to goodwill reallocation due to segment restructuring which occurred during the fourth quarter of 2025, which transitioned our residential dehumidification business from the Commercial to Residential segment.

The following table provides the gross carrying amounts and accumulated amortization for other intangible assets subject to amortization at December 31, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Trademarks** | **Customer<br>Relationships** | **Technology** | **Patents** | **Backlog and<br>Other** | **Total** |
| Gross carrying amount | $1300.7 | $2072.8 | $365.8 | $16.0 | $97.5 | $3852.8 |
| Accumulated amortization |  | (376.2) | (138.6) | (12.3) | (93.9) | (621.0) |
| **Balance at December 31, 2025** | $1300.7 | $1696.6 | $227.2 | $3.7 | $3.6 | $3231.8 |
| Gross carrying amount | $869.6 | $986.0 | $240.5 | $16.0 | $97.1 | $2209.2 |
| Accumulated amortization |  | (269.4) | (103.0) | (10.7) | (93.3) | (476.4) |
| **Balances at December 31, 2024** | $869.6 | $716.6 | $137.5 | $5.3 | $3.8 | $1732.8 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Intangible amortization for technology | $36.0 | $29.7 | $29.7 |
| Other intangible amortization | 105.6 | 71.3 | 75.2 |
| **Total amortization** | $141.6 | $101.0 | $104.9 |

---

As of December 31, 2025, future amortization expense for the next five years is expected to be the following:

---

| | |
|:---|:---|
| 2026 | $162.6 |
| 2027 | 157.4 |
| 2028 | 148.1 |
| 2029 | 142.5 |
| 2030 | 138.4 |

---

The Company performed a qualitative assessment of goodwill and indefinite-lived intangible assets for impairment in the fourth quarter as part of its annual assessment. The Company assessed all relevant events or circumstances that could impact the estimate for fair value and determined it was more likely than not that the fair value of each reporting unit and indefinite-lived intangible assets exceeded their carrying amount.

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As a result of the third and fourth quarter segment restructurings discussed above, the Company reassessed its reporting unit structure and determined that each segment restructuring resulted in a change in the composition of its reporting units. Accordingly, for each segment change goodwill was reassigned to the affected reporting units using a relative fair value approach. Further, the Company performed qualitative impairment assessments both before and after each segment change became effective. For each assessment, the Company evaluated all relevant events or circumstances that could impact estimates for fair value and determined it was more likely than not that the fair value of each reporting unit and indefinite-lived intangible assets exceeded their carrying amount.

**Note 9. Inventories** 

Inventories consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Raw materials | $215.5 | $141.5 |
| Work in process | 33.1 | 28.7 |
| Finished goods | 159.8 | 123.1 |
| **Inventories** | $408.4 | $293.3 |

---

**Note 10. Property, Plant and Equipment** 

Property, plant and equipment consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Land | $26.2 | $15.7 |
| Buildings and improvements | 176.0 | 104.3 |
| Machinery and equipment | 319.8 | 235.6 |
| Right-of-use assets - finance leases | 9.9 | 7.5 |
| Construction in progress | 29.4 | 12.1 |
| **Total property, plant and equipment** | 561.3 | 375.2 |
| Less: Accumulated depreciation | (189.6) | (145.5) |
| **Property, plant and equipment, net** | $371.7 | $229.7 |

---

For the years ended December 31, 2025, 2024 and 2023, depreciation expense totaled $48.4, $39.8 and $43.3, respectively. In April 2023, the Company sold land and buildings associated with a previously used manufacturing facility for $8.3, resulting in a gain on sale of $1.2 which is included in other (income) expense on the consolidated statements of income (loss).

**Note 11. Income Taxes** 

Income (loss) from continuing operations before income tax expense (benefit) consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| U.S. | $92.8 | $95.4 | $12.1 |
| Foreign | 99.2 | 93.8 | 76.1 |
| **Total** | $192.0 | $189.2 | $88.2 |

---

Income tax expense (benefit) for continuing operations consisted of the following:

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---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| U.S. federal | $18.4 | $47.5 | $45.7 |
| U.S. state and local | 12.6 | 8.4 | 12.4 |
| Foreign | 34.0 | 37.3 | 28.7 |
| **Total current income tax expense (benefit)** | 65.0 | 93.2 | 86.8 |
| U.S. federal | 1.8 | (34.6) | (50.8) |
| U.S. state and local | 2.1 | (8.6) | 5.9 |
| Foreign | (2.6) | (14.4) | (3.8) |
| **Total deferred income tax expense (benefit)** | 1.3 | (57.6) | (48.7) |
| U.S. federal | 20.2 | 12.9 | (5.1) |
| U.S. state and local | 14.7 | (0.2) | 18.3 |
| Foreign | 31.4 | 22.9 | 24.9 |
| **Total income tax expense (benefit)** | $66.3 | $35.6 | $38.1 |

---

Income taxes paid (net of refunds received) in 2025 were as follows:

---

| | |
|:---|:---|
|  | **Year Ended December 31,** |
|  | **2025** |
| U.S. federal | $35.0 |
| U.S. state and local | 12.1 |
| Foreign |  |
| &nbsp;&nbsp;Canada | 38.2 |
| &nbsp;&nbsp;Other | 1.7 |
| &nbsp;&nbsp;Total foreign | 39.9 |
| **Net cash taxes paid** | $87.0 |

---

Net income tax payments were $289.9 and $101.4 in 2024 and 2023. During 2024, the Company paid $188.7 for income taxes resulting from the divestiture of NGH.

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The following is a reconciliation of the US federal statutory tax to actual income tax expense (benefit):

---

| | |
|:---|:---|
|  | **Year Ended December 31,** |
|  | **2025** |
|  | **%** |
| U.S. federal statutory income taxes | 21% |
| State and local income taxes, net of federal income tax effect<sup>(1)</sup> | 6.0 |
| **Foreign tax effects** |  |
| &nbsp;&nbsp;**Canada** |  |
| &nbsp;&nbsp;&nbsp;Statutory rate difference between foreign and U.S. | 1.7 |
| &nbsp;&nbsp;&nbsp;Withholding taxes | 2.6 |
| &nbsp;&nbsp;&nbsp;Other | 1.5 |
| &nbsp;&nbsp;Other foreign jurisdictions) | (0.3) |
| **Effects of cross-border tax laws** |  |
| &nbsp;&nbsp;GILTI | 1.3 |
| &nbsp;&nbsp;Other) | (0.3) |
| Tax credits) | (1.7) |
| Nontaxable or nondeductible items | 1.6 |
| Other adjustments | 1.4 |
| Worldwide changes in uncertain tax positions) | (0.3) |
| **Total income tax expense from continuing operations** | 34.5% |

---

(1) During the year ended December 31, 2025, the tax effect in this category was primarily driven by state taxes in Oklahoma, California, Pennsylvania, and Indiana (greater than 50 percent).

Below is a tabular rate reconciliation previously disclosed for the year ended December 31, 2024 and 2023.

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
|  | **%** | **%** |
| U.S. federal statutory income tax | 21.0% | 21.0% |
| &nbsp;&nbsp;&nbsp;Business tax credits (1) | (2.4) | (2.0) |
| &nbsp;&nbsp;&nbsp;Foreign-derived intangible income deduction) | (0.6) | (4.2) |
| &nbsp;&nbsp;&nbsp;Domestic state and local income taxes, net of federal effect | 1.3 | 17.0 |
| &nbsp;&nbsp;&nbsp;Withholding taxes paid or accrued | 1.4 | 5.0 |
| &nbsp;&nbsp;&nbsp;Valuation allowance) | (0.1) | (1.2) |
| &nbsp;&nbsp;&nbsp;Tax on non-US activities | 1.5 | 6.7 |
| &nbsp;&nbsp;&nbsp;Other income tax items | 0.5 | 1.8 |
| &nbsp;&nbsp;&nbsp;Change in unrecognized income tax benefits) | (3.8) | (0.9) |
| **Total income tax expense from continuing operations** | 18.8% | 43.2% |

---

------

(1)Primarily related to tax credits for research performed in the U.S.

As a result of the 2017 Tax Act, all unremitted foreign earnings have been taxed through December 31, 2017, and future foreign earnings generally qualify for a 100% exemption from U.S. taxation upon repatriation to the U.S. The Company does not consider foreign unremitted earnings to be indefinitely reinvested. The Company evaluated whether unremitted foreign earnings are subject to local withholding and distribution taxes and recorded a deferred income tax liability of $3.6 of foreign withholding taxes as of December 31, 2025. The Company considers all other outside basis differences relating to foreign subsidiaries to be indefinitely reinvested and has not estimated the unrecorded deferred income taxes as it is not practicable due to complexities of the hypothetical calculation.

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Significant components of the deferred income tax assets and liabilities were as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Deferred income tax assets** |  |  |
| &nbsp;&nbsp;Disallowed business interest | $70.5 | $52.9 |
| &nbsp;&nbsp;Net operating loss and other carryforwards | 42.5 | 30.7 |
| &nbsp;&nbsp;Reserves and accruals | 33.1 | 28.3 |
| &nbsp;&nbsp;Right-of-use assets | 30.1 | 28.1 |
| &nbsp;&nbsp;Equity appreciation rights | 21.9 | 15.0 |
| &nbsp;&nbsp;Inventory | 12.7 | 10.8 |
| &nbsp;&nbsp;Other | 7.8 | 8.9 |
| &nbsp;&nbsp;Property, plant and equipment | 0.8 | 0.5 |
| &nbsp;&nbsp;Capitalized research and development | 0.6 | 32.6 |
| **Total gross deferred income tax assets** | 220.0 | 207.8 |
| &nbsp;&nbsp;Valuation allowance | (43.5) | (34.4) |
| **Net deferred income tax assets** | $176.5 | $173.4 |
| **Deferred income tax liabilities** |  |  |
| &nbsp;&nbsp;Intangibles | $(749.9) | $(395.8) |
| &nbsp;&nbsp;Property, plant and equipment | (43.4) | (27.3) |
| &nbsp;&nbsp;Right-of-use liabilities | (28.7) | (27.1) |
| &nbsp;&nbsp;Other | (3.6) | (4.9) |
| **Total gross deferred income tax liabilities** | (825.6) | (455.1) |
| **Net deferred income tax liabilities** | $(649.1) | $(281.7) |

---

As of December 31, 2025, the Company recorded deferred income tax assets for foreign and state net operating loss carryforwards and other tax credit carryforwards of $27.9, $4.6, and $10.0 respectively. Of those deferred income tax assets, $18.2 expire on or before December 31, 2045 and $24.3 may be carried over indefinitely. As of December 31, 2025, the Company recorded valuation allowances of $43.5 primarily related to these deferred income tax assets.

Valuation allowances increased by $9.1 during the year ended December 31, 2025, primarily related to the increase in deferred tax assets for net operating loss carryforwards. The Company's deferred tax asset valuation allowances are primarily the result of uncertainties regarding the future realization of recorded tax benefits on tax loss carryforwards and foreign tax credit carryforwards from operations in various jurisdictions. Current evidence does not suggest that we will realize sufficient taxable income of the appropriate character to allow us to realize these deferred tax benefits.

Unrecognized income tax benefits consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Beginning balance | $3.6 | $12.7 |
| Gross increases- tax positions in prior periods | 1.8 | 1.3 |
| Gross increases- current period tax position | 0.4 | 0.3 |
| Gross decreases- tax positions in prior periods |  | (2.2) |
| Settlements |  | (4.3) |
| Expiration of prior year positions | (0.3) | (4.2) |
| **Ending balance** | $5.5 | $3.6 |

---

As of December 31, 2025 and 2024, the total amount of unrecognized income tax benefits include $4.8 and $3.3, respectively, that would affect the effective tax rate, if recognized. The Company includes interest and penalties related to unrecognized income tax benefits within the provision for income taxes. As of December 31, 2025 and 2024, the Company had accrued $0.7 and $1.2, respectively, for interest and $0.7 and $0.2 for penalties, respectively.

As of December 31, 2025, the tax years 2018 through 2024 generally remain open to audit in the U.S. and foreign locations.

The Organization for Economic Co-operation and Development ("OECD") issued Pillar Two model rules for a global minimum tax of 15% effective January 1, 2024. While the United States has not adopted Pillar Two, other countries in which the

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Company operates have enacted such legislation or are considering implementation. Given our limited operations in low-tax jurisdictions, Pillar Two has not materially increased our global tax costs. On January 5, 2026, the OECD released a comprehensive package for a "side-by-side arrangement" with respect to Pillar Two. Notably, once adopted, this new guidance will prevent other countries from imposing tax on the U.S. profits of American companies. We will continue to monitor U.S. and international legislative developments, including further announcements on the Side-by-Side package, to assess any potential impacts on our operations. During 2025, we have not accrued any tax expenses in connection with the incorporation of the Pillar Two model rules.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law. The OBBBA maintains the 21% corporate tax rate and makes permanent many of the beneficial expired and expiring tax provisions originally enacted in the Tax Cuts and Jobs Act of 2017, including the immediate expensing of domestic research and development expenditures, more favorable interest deductibility and 100% bonus depreciation with effective dates in 2025. Revisions to the international tax framework are effective in 2026. In the third quarter of 2025, we elected to accelerate into 2025 the deduction of domestic research and development expenditures capitalized and unamortized as of December 31, 2024.

**Note 12. Accrued Expenses and Other Current Liabilities** 

Accrued expenses and other current liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Seller earnout and deferred acquisition consideration | $2.6 | $1.2 |
| Personnel and restructuring costs<sup>(1)</sup> | 114.1 | 75.6 |
| Commercial costs | 18.9 | 15.8 |
| Warranty costs | 24.5 | 16.7 |
| Accrued interest | 46.4 | 37.2 |
| Right-of-use liabilities | 19.9 | 18.4 |
| Insurance and professional fees | 19.5 | 10.4 |
| Income taxes payable | 5.4 | 15.1 |
| Other | 13.9 | 12.9 |
| **Total accrued expenses and other current liabilities** | $265.2 | $203.3 |

---

------

(1)Includes the short-term portion of liability associated with the Company's Equity Appreciation Rights Plan, prior to the plan amendment in December 2025. Refer to Note 17 for additional information.

**Note 13. Debt** 

Long-term debt consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Term notes | $3977.7 | $2451.1 |
| Senior notes | 1035.0 | 1035.0 |
| Senior secured notes | 700.0 | 700.0 |
| Equipment loans and finance leases | 5.7 | 4.1 |
| Mortgage payable | 0.6 | 1.5 |
| Discounts and financing fees, net | (68.6) | (59.6) |
| **Total debt** | 5650.4 | 4132.1 |
| Less: Current maturities | (27.8) | (28.7) |
| **Long-term debt, net of current portion** | $5622.6 | $4103.4 |

---

**Term Notes and Revolving Credit Facility** 

In June 2024, the Company amended and restated its credit agreement (the "Credit Agreement") with a syndicate of various lenders. The Credit Agreement consists of a revolving credit facility and term notes ("Initial Term Loan"), both of which mature in June 2028. The maturity dates under the Credit Agreement may be extended upon written notice, no later than 30 days prior to

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maturity, for a term agreed upon by the Company and each lender on a pro rata basis. The Company capitalized $1.1 of deferred financing fees incurred in executing the amendment which is amortized over the remaining life of the term notes.

In January 2025, the Company amended its Initial Term Loan to reduce the SOFR base rate by 25 basis points from 2.75% to 2.5%. The Company capitalized $0.1 of deferred financing fees incurred in executing the amendment. These deferred financing fees will be amortized over the remaining term of the loan. In connection with this amendment, the Company expensed $0.2 of previously capitalized discounts and financing fees.

In May 2025, the Company amended its Credit Agreement to provide for an Incremental Term Loan in the principal amount of $1,750.0 with a SOFR base rate plus margin of 3.25%, the proceeds of which were used to partially fund an acquisition. The amendment also increased borrowing capacity under the Company's revolving credit facility from $200.0 to $340.0 and set the interest rate applicable to the revolving credit facility at the SOFR Rate plus a margin of 2.50%, subject to a 0% floor, reflecting a 75 basis points reduction from the prior interest rate. Additionally, the maturity date applicable to the revolving credit facility was amended such that the facility will mature on the earlier of (i) May 6, 2030, (ii) March 31, 2029 (unless, on or prior to such date, all indebtedness with respect to the Senior Unsecured Notes is extended or refinanced to mature on a date that is at least 91 days later than May 6, 2030), (iii) March 31, 2028 (unless, on or prior to such date, all indebtedness with respect to the Senior Secured Notes is extended or refinanced to mature on a date that is at least 91 days later than May 6, 2030) and (iv) the date that is 91 days prior to the maturity date of the Initial Term Loans (unless, on or prior to such date, all indebtedness with respect to the Initial Term Loans is extended or refinanced to mature on a date that is at least 91 days later than May 6, 2030). The Company capitalized $8.7 of deferred financing fees incurred in executing the amendment which is amortized over the remaining life of the term notes. In connection with this amendment, the Company expensed $0.5 of previously capitalized discounts and financing fees.

In November 2025, the Company amended its Credit Agreement to set the interest rate applicable to the Incremental Term Loan at the SOFR Rate plus a margin of 2.75%, subject to a 0.50% floor, reflecting a 50 basis points reduction from the prior interest rate. Concurrent with the amendment, the Company also voluntarily prepaid $150.0 of the Incremental Term Loan. The voluntary prepayment was applied to all future interim installments of principal as per the agreement. As a result, the Company has no obligation to make periodic principal payments towards the Incremental Term Loan through the date of maturity. Following the execution of the amendment, the principal amount of the Incremental Term Loan was approximately $1,600. Additionally, the maturity date applicable to the Incremental Term Loan was amended such that the facility will mature on the earlier of (i) May 6, 2032 and (ii) March 31, 2029 (unless, on or prior to such date, all indebtedness with respect to the Senior Unsecured Notes is extended or refinanced to mature on a date that is at least 91 days later than May 6, 2032). The Company capitalized $0.1 of deferred financing fees incurred in executing the amendment which is amortized over the remaining life of the term notes.

In December 2025, the Company prepaid an additional $50.0 of its Incremental Term Loan.

Borrowings under the Credit Agreement bear variable interest rates. The weighted average interest rate for borrowing outstanding under the term notes was 6.7% and 7.9% for the years ended December 31, 2025 and 2024, respectively, before giving effect to the benefit of interest rate hedges. During the year ended December 31, 2025 and 2024, no amounts were borrowed or repaid on the revolving credit facility. The Credit Agreement includes a fee on unused commitments equal to 25 basis points of the unused commitments.

**Senior Notes** 

The Company has $1,035.0 in Senior Notes payable as of December 31, 2025 and 2024. The Senior Notes accrue interest at 5.9% per annum and are due in June 2029.

**Senior Secured Notes** 

The Company has $700.0 in Senior Secured Notes payable as of December 31, 2025 and 2024. The Senior Secured Notes accrue interest at 4.1% per annum and are due in June 2028.

**Mortgage Payable** 

A wholly owned subsidiary of the Company has an outstanding mortgage loan. The mortgage bears an interest rate at SOFR plus 3.83%. In 2025, the Company extended the maturity date of the mortgage from January 2025 to January 2028. The mortgage is collateralized by the related property.

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**Debt Covenants** 

Certain indebtedness contains a financial covenant and non-financial covenants. The financial covenant is only operative if the Company had outstanding amounts drawn on the Revolving Credit Facility above a certain threshold. Borrowings under the Revolving Credit Facility, Term Loan, and Senior Secured Notes are collateralized by a majority of the Company's assets.

Maturities on all debt, inclusive of finance leases, as of December 31, 2025, are as follows:

---

| | |
|:---|:---|
| 2026 | $27.8 |
| 2027 | 27.6 |
| 2028 | 3082.6 |
| 2029 | 2581.2 |
| 2030 | 0.1 |
| Thereafter |  |
|  | $5719.3 |

---

Interest expense on long-term debt was $345.0, $297.9 and $302.1 and amortization of discounts and finance fees was $16.5, $17.8 and $18.3 for the year ended December 31, 2025, 2024 and 2023, respectively.

The Company had letters of credit outstanding of $12.9 and $11.2 at December 31, 2025 and 2024, respectively, of which $5.7 reduced our borrowing capacity as of December 31, 2025.

**Note 14. Derivative Financial Instruments** 

As of December 31, 2025 and 2024, respectively, derivatives consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional<br>Amount** | **Assets** | **Liabilities** |
| Interest rate swaps and collars | $2550.0 | $0.3 | $(4.7) |
| Foreign currency swaps and options | 26.4 | 2.2 |  |
| **Balance at December 31, 2025** | $2576.4 | $2.5 | $(4.7) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional<br>Amount** | **Assets** | **Liabilities** |
| Interest rate swaps | $1050.0 | $6.9 | $— |
| Foreign currency swaps and options | 19.1 |  | (2.0) |
| **Balances as of December 31, 2024** | $1069.1 | $6.9 | $(2.0) |

---

All amounts reported in accumulated other comprehensive income (loss) for foreign currency swaps and options are expected to be reclassified to other (expense) income in the next 12 months. Approximately $0.4, $2.4 and $1.6 of this accumulated other comprehensive loss on interest rate swaps is expected to be reclassified into other (expense) income in 2026, 2027 and 2028, respectively. As of December 31, 2025, $0.3 was recorded in other current assets and $0.6 in accrued expenses and other current liabilities and $4.1 was recorded in other long-term liabilities for interest rates swaps and collars and $2.2 was recorded in other current assets for foreign currency swaps and options. As of December 31, 2024, $6.9 was recorded in other long-term assets for interest rate swaps and $2.0 was recorded in accrued expenses and other current liabilities for foreign currency swaps and options. As of December 31, 2025, our derivative instruments include interest rate collars with a notional of $700.0. Refer to Note 4 for information regarding the fair value of derivative financial instruments.

The effects of derivative financial instruments on the Company's consolidated statements of income (loss) and comprehensive income for the year ended December 31, 2025 and 2024 are presented in the table below. Amounts recorded to earnings for interest

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rate swaps and collars are included in interest and financings expenses, and amounts recorded to earnings for foreign currency swaps and options and commodity swaps are included in cost of goods sold on the consolidated income statement.

---

| | | |
|:---|:---|:---|
|  | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Gain (Loss)<br>Recognized in OCI** | **Gain (Loss)<br>Reclassified from<br>Accumulated OCI<br>into Earnings** |
| Interest rate swaps and collars | $(8.7) | $9.4 |
| Foreign currency swaps and options | 2.5 | 0.9 |
| **Total** | $(6.2) | $10.3 |

---

---

| | | |
|:---|:---|:---|
|  | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Gain (Loss)<br>Recognized in OCI** | **Gain (Loss)<br>Reclassified from<br>Accumulated OCI<br>into Earnings** |
| Interest rate swaps | $5.3 | $5.8 |
| Foreign currency swaps and options | (0.9) | (3.5) |
| Commodity swaps |  | (2.3) |
| **Total** | $4.4 | $— |

---

For the year ended December 31, 2024, the Company recorded a gain (loss), net of tax, of $(0.7) for an unrealized swap relating to foreign currency risk of the divested business which is included in cost of goods sold on the consolidated statements of income (loss).

**Note 15. Leases** 

The Company leases manufacturing, warehouse and office facilities as well as manufacturing and office equipment under leases that expire at various dates through 2038. The facility leases generally provide that the Company is responsible for taxes, utilities, maintenance, and insurance.

The weighted-average remaining lease term for operating leases was 6.1 and 6.5 years and the weighted-average discount rate was 6.3% and 6.3% as of December 31, 2025 and 2024, respectively. The weighted-average remaining lease term for finance leases was 3.1 and 2.6 years and the weighted-average discount rate was 5.4% and 5.7% as of December 31, 2025 and 2024, respectively.

Supplemental balance sheet information related to leases is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Operating Leases** | **Financial Statement Line Item on the<br>Consolidated Balance Sheets** | **December 31, 2025** | **December 31, 2024** |
| ROU assets, net | Other long-term assets | $106.8 | $99.2 |
| Current lease liabilities | Accrued expenses and other current<br> liabilities | 19.9 | 18.3 |
| Long-term lease liabilities | Other long-term liabilities | 92.2 | 84.7 |
| **Total operating lease liabilities** |  | $112.1 | $103.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Finance Leases** | **Financial Statement Line Item on the<br>Consolidated Balance Sheets** | **December 31, 2025** | **December 31, 2024** |
| ROU assets, net | Property, plant and equipment, net | $5.6 | $3.8 |
| Current lease liabilities | Current maturities of long-term debt | 2.1 | 1.7 |
| Long-term lease liabilities | Long-term debt | 3.6 | 2.3 |
| **Total finance lease liabilities** |  | $5.7 | $4.0 |

---

The Company recorded lease expense as either cost of sales or selling, general, and administrative expenses within its consolidated statements of income (loss), depending upon the nature and use of the ROU assets. The Company records finance lease expense as depreciation expense within cost of sales or selling, general, and administrative expenses, depending upon the nature and use of the ROU assets, and as interest expense in its consolidated statements of income (loss).

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The components of lease expense were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Operating lease expense | $26.9 | $25.2 | $24.3 |
| Finance lease expense |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation of ROU assets | 2.2 | 1.8 | 1.6 |
| &nbsp;&nbsp;&nbsp;Interest on lease liabilities | 0.3 | 0.3 | 0.1 |
| **Total lease expense** | $29.4 | $27.3 | $26.0 |

---

Future minimum noncancellable lease payments under these leases as of December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Operating<br>Leases** | **Finance<br>Leases** |
| 2026 | $26.2 | $2.3 |
| 2027 | 24.6 | 1.7 |
| 2028 | 22.0 | 1.3 |
| 2029 | 19.2 | 0.6 |
| 2030 | 15.8 | 0.1 |
| Thereafter | 27.8 |  |
| **Total** | 135.6 | 6.0 |
| Present value adjustment | (23.5) | (0.3) |
| **Present value of lease liabilities** | $112.1 | $5.7 |

---

The following table presents supplemental cash flow information related to cash paid for amounts included in the measurement of lease liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Operating cash flows for operating leases | $26.7 | $24.8 | $23.7 |
| ROU assets obtained in exchange for new operating lease liabilities | 27.9 | 16.5 | 4.6 |
| Operating cash flows for finance leases | 0.3 | 0.2 | 0.2 |
| Financing cash flows for finance leases | 2.3 | 1.8 | 1.7 |
| ROU assets obtained in exchange for new finance lease liabilities | 3.9 | 1.9 | 2.4 |

---

**Note 16. Employee Benefit Plans** 

**Defined Contribution Plans** 

During 2025, the Company completed consolidating various 401(k) plans sponsored at individual businesses into a Company-wide 401(k) plan. The Company continues to have other defined contribution 401(k) or profit sharing plans, in part from the AprilAire Acquisition in May 2025 and the AcoustiFLO Acquisition in January 2025 as well as plans for certain employees outside the U.S. For the years ended December 31, 2025, 2024 and 2023, the Company's matching contributions to these plans were $16.0, $8.4 and $7.0 respectively.

**Pension and Postretirement Plans** 

The Company has defined benefit pension plans ("Pension Plans") which cover certain U.S. full-time and part-time as well as certain international employees. The benefits in the Pension Plans are determined based on a fixed monthly payment per year of service or on a combination of years of service and earnings. The Company's funding policy is to make the minimum annual contributions required by applicable regulations. Certain Pension Plans are not fully funded by pension assets, so benefits paid under the obligation will be greater than benefit payments relieved from pension assets. Most of the long-term pension liability is due to certain hourly and salaried pension plans carried over from a business acquired in 2021. These plans are frozen and as a result, no new individuals, other than spouses of deceased participants, are eligible for participation in the Pension Plans.

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The following provides information for these Pension Plans:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Plans** | **U.S. Plans** | **International<br>Plans** | **International<br>Plans** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Change in benefit obligation** |  |  |  |  |
| Projected benefit obligation at beginning of year | $51.0 | $59.2 | $27.4 | $31.8 |
| Service cost | 0.3 | 0.4 |  |  |
| Interest cost | 2.6 | 2.8 | 1.5 | 1.4 |
| Actuarial (gain) loss | 0.1 | (2.3) | (0.1) | (3.5) |
| Foreign currency exchange rate changes |  |  | 2.1 | (0.6) |
| Benefits paid | (6.1) | (6.4) | (1.9) | (1.7) |
| Curtailments, settlements and special and contract<br> termination benefits | (1.9) | (2.7) |  |  |
| **Projected benefit obligation at end of year** | $46.0 | $51.0 | $29.0 | $27.4 |
| **Change in plan assets** |  |  |  |  |
| Fair value of plan assets at beginning of year | $46.5 | $53.1 | $27.2 | $30.2 |
| Actual return on plan assets | 4.8 | 1.9 | 1.9 | (1.3) |
| Foreign currency exchange rate changes |  |  | 2.0 | (0.5) |
| Employer contributions | 0.7 | 0.7 | 0.4 | 0.4 |
| Benefits paid | (6.1) | (9.2) | (1.9) | (1.7) |
| Curtailments, settlements and special and contract<br> termination benefits | (1.9) |  |  |  |
| **Fair value of plan assets at end of year** | $44.0 | $46.5 | $29.6 | $27.2 |
| **Funded (underfunded) status** | $(2.0) | $(4.5) | $0.6 | $(0.3) |
| **Amounts included on balance sheet:** |  |  |  |  |
| Other long-term assets | $3.0 | $1.5 | $0.6 | $— |
| Other long-term liabilities | (5.0) | (6.0) |  | (0.3) |
| **Net amount recognized** | $(2.0) | $(4.5) | $0.6 | $(0.3) |

---

During the year ended December 31, 2025, the Company purchased a group annuity contract utilizing $1.9 of plan assets which decreased the Company's projected benefit obligation by $1.9. The purchase of the annuity contract settled the outstanding benefit obligation for a plan sponsored by the Company's subsidiary.

The pretax amounts recognized in accumulated other comprehensive (income) loss are presented within the table below and relate solely to net actuarial gains and (losses):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Plans** | **U.S. Plans** | **International<br>Plans** | **International<br>Plans** |
|  | **2025** | **2024** | **2025** | **2024** |
| Beginning of year balance | $(1.0) | $0.4 | $6.6 | $7.6 |
| Changes recorded in AOCI |  |  |  |  |
| Net loss (gain) – current year | (2.3) | (1.4) | (0.2) | (1.0) |
| **End of year balance** | $(3.3) | $(1.0) | $6.4 | $6.6 |

---

For the years presented the accumulated benefit obligation for all plans was equal to the projected benefit obligation. The following table provides information for pension plans with accumulated benefit obligations and projected benefit obligation in excess of plan assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Plans** | **U.S. Plans** | **International<br>Plans** | **International<br>Plans** |
|  | **2025** | **2024** | **2025** | **2024** |
| Projected benefit obligation | $5.0 | $51.0 | $29.0 | $27.4 |
| Accumulated benefit obligation | 5.0 | 51.0 | 29.0 | 27.4 |
| Fair value of plan assets | 1.4 | 45.2 | 29.6 | 27.2 |

---

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The accumulated benefit obligation for all defined benefit plans was $75.0 and $78.5 as of December 31, 2025 and 2024, respectively.

Estimated benefits payments to participants of the Pension Plans in each of the next five years and in the aggregate for the five years thereafter are as follows:

---

| | | |
|:---|:---|:---|
|  | **U.S. Plans** | **International<br>Plans** |
| 2026 | $5.5 | $2.0 |
| 2027 | 5.2 | 2.1 |
| 2028 | 4.9 | 2.2 |
| 2029 | 4.7 | 2.1 |
| 2030 | 4.4 | 2.1 |
| Five years thereafter | 18.1 | 10.2 |

---

The Company expects to make total contributions of approximately $1.1 to its defined benefit pension plans in 2026.

The components of net periodic pension expense (benefits) for defined benefit pension plans are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Plans** | **U.S. Plans** | **International<br>Plans** | **International<br>Plans** |
|  | **2025** | **2024** | **2025** | **2024** |
| Service cost | $0.3 | $0.4 | $— | $— |
| Interest cost | 2.6 | 2.8 | 1.5 | 1.4 |
| Expected return on plan assets | (2.2) | (2.6) | (1.6) | (1.5) |
| Recognized actuarial net loss |  |  | 0.2 | 0.2 |
| **Net periodic pension expense (benefit)** | $0.7 | $0.6 | $0.1 | $0.1 |

---

**Assumptions** 

The Company determines actuarial assumptions on an annual basis. The following assumptions, which are the weighted average for all plans, are used to calculate the benefit obligation at December 31 of each year and the net periodic cost for the subsequent year:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Plans** | **U.S. Plans** | **International<br>Plans** | **International<br>Plans** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Assumptions used to determine benefit obligations** |  |  |  |  |
| Discount rate | 5.1% | 5.5% | 5.5% | 5.5% |
| **Assumptions used to determine net periodic benefit<br> cost** |  |  |  |  |
| Discount rate | 5.5% | 4.9% | 5.5% | 5.5% |
| Expected return on plan assets | 5.3% | 5.3% | 7.3% | 6.4% |

---

Several factors are considered in developing the estimate for the long-term expected rate of return on plan assets. For defined benefit pension plans, these factors include current and projected asset allocations, historical rates of return on broad equity and bond indices and projected long-term rates of return obtained from pension investment consultants.

**Plan Assets** 

The Company's investment objective is to meet the Pension Plans' benefit obligations, while minimizing the potential for future required Company plan contributions. The investment strategies focus on asset class diversification, liquidity to meet benefit payments and an appropriate balance of long-term investment return and risk. Target ranges for asset allocations are determined by matching the actuarial projections of the Pension Plans' future liabilities and benefit payments with expected long-term rates of return on the assets, considering investment return volatility and correlations across asset classes. Plan assets are diversified across several investment managers and are generally invested in liquid funds that are selected to track broad market equity and bond indices. Plan assets are

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rebalanced to target allocations on a periodic basis and with continual monitoring of investment managers' performance relative to the investment guidelines established with each investment manager.

The Company's target asset allocation for the year ended December 31, 2025, and actual asset allocation by asset class as of December 31, 2025 and 2024, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Asset Class** | **Target Asset<br>Allocation<br>2025** | **Actual Asset<br>Allocation<br>2025** | **Actual Asset<br>Allocation<br>2024** |
| Cash | 3% | 3% | 3% |
| Diversified equity mutual funds | 45% | 45% | 52% |
| Fixed income mutual funds | 52% | 52% | 45% |
| **Total** | 100% | 100% | 100% |

---

**Fair Value Measurements** 

The following information sets forth the fair value of the Company's plan assets as of December 31, 2025 and 2024 segregated by level within the fair value hierarchy (refer to Note 4 for further discussion on the fair value hierarchy and fair value principles). The fair value of equity and fixed income funds is based upon the quoted market prices for the funds or their net asset values ("NAV"). These investments include collective investment funds which are pooled accounts held by a financial institution as well as funds of funds.

Plan assets measured at fair value are categorized consistently by level and are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Asset Class** | **Level 1** | **Level 2** | **Level 3** | **NAV** | **Total** |
| Cash and cash equivalents | $1.8 | $— | $— | $— | $1.8 |
| Diversified equity funds |  | 18.4 |  | 15.4 | 33.8 |
| Fixed income funds |  | 10.8 |  | 27.2 | 38.0 |
| **Total** | $1.8 | $29.2 | $— | $42.6 | $73.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Asset Class** | **Level 1** | **Level 2** | **Level 3** | **NAV** | **Total** |
| Cash and cash equivalents | $2.4 | $— | $— | $— | $2.4 |
| Diversified equity funds |  | 23.0 |  | 15.4 | 38.4 |
| Fixed income funds |  | 3.7 |  | 29.2 | 32.9 |
| **Total** | $2.4 | $26.7 | $— | $44.6 | $73.7 |

---

In accordance with ASU 2015-07, *Fair Value Measurement (Topic 820)*, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table above are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension plan assets.

In addition, a U.S. subsidiary has a postretirement medical plan which provides fixed health and life insurance benefits for eligible employees upon retirement. Employees hired after 2010 are not eligible for this plan. The postretirement medical plan covers approximately 50 current and former employees, and as of December 31, 2025 and 2024, the projected benefit obligation was $1.3 and $1.7, respectively. For the years ended December 31, 2025 and 2024, the plan's postretirement medical expense was immaterial. The subsidiary made $0.1 of plan contributions in both 2025 and 2024. The postretirement medical plan liability is not supported by any plan assets and is annually funded by a combination of employer and employee contributions. Amounts recorded in accumulated OCI (pre-tax) related solely to net actuarial gains and (losses) were $0.6 and $0.9 as of December 31, 2025 and 2024, respectively.

**Note 17. Equity Appreciation Rights** 

Certain employees of the Company and its subsidiaries participate in an Equity Appreciation Rights Plan (the "EAR Plan") to provide an equity-value based long-term incentive to align the participants' interest with those of the owners of the Company and to retain key employees. The Company's EAR Plan was accounted for as a deferred compensation plan in accordance with *ASC 710 –* 

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*Compensation* until the EAR Plan was amended on December 31, 2025 ("Amended EAR Plan"). The Amended EAR Plan is accounted for in accordance with *ASC 718 – Compensation – Stock Compensation*.

**EAR Plan**

Prior to December 31, 2025, awards under the EAR Plan are earned and payable upon the attainment of performance conditions, the occurrence of a qualifying liquidity event (as defined in the EAR Plan), or at the discretion of the EAR Plan manager. Awards generally vest over a five year term and are settled in cash. Awards under the EAR Plan are subject to restrictive covenants including non-compete provisions. Valuation of the awards is based on the Company's best estimate of amounts to be paid based on the EAR Plan manager's assumptions around equity value, service period, and expected term and payout date. In addition, the Company has elected a policy of discounting the liability associated with the awards to its expected payout date.

As of December 31, 2025, $3.4 is recorded in accrued expenses and other current liabilities for awards that will be settled in cash but have not yet been paid. As of December 31, 2024, $17.4 and $44.8 is recorded in accrued expenses and other current liabilities and other long-term liabilities, respectively, related to the EAR Plan.

For the years ended December 31, 2025, 2024 and 2023, expense related to the EAR Plan was $120.5, $30.8, and $23.1, respectively, which are recorded in other operating expenses. For the years ended December 31, 2025, 2024 and 2023 payments made to participants of the EAR Plan were $9.8, $42.3 and $17.1,respectively.

**Amended EAR Plan**

Awards granted in the Amended EAR Plan generally cliff vest on the fifth anniversary of the grant date, subject to the equity appreciation based market condition, which is based on the Company's equity value exceeding a multiple of contributed capital (as calculated in accordance with the Amended EAR Plan), or vest upon the occurrence of a qualifying liquidity event (as defined in the Amended EAR Plan). Awards are settled in units of Madison Indoor Air Solutions ("Plan Sponsor"), a subsidiary of the Company (or, in the event of a public offering, shares of our Class A common stock). Awards under the Amended EAR Plan are subject to restrictive covenants including non-compete provisions. Awards are issued as a percentage of a pre-determined equity profit pool that is set aside for plan participants. As of December 31, 2025, 10.0% of the Plan Sponsor's equity profit pool is authorized for issuance. Compensation expense for the Amended EAR Plan is recognized on a straight-line basis over the term of the award and the Company recognizes forfeitures as they occur.

Awards existing in the EAR Plan were revalued to fair value at December 31, 2025, the Amended EAR Plan modification date, using the enterprise value. The enterprise value is determined using a combination of an income and market approach to estimate enterprise value which is allocated to participants. The income approach based on a discounted cash flow model, which estimates the enterprise value of the Company by discounting projected free cash flows using a risk adjusted rate of return. The market approach estimates enterprise value as the sum of the equity market value and indebtedness of comparable publicly traded companies. The average of the approaches represents the estimate of enterprise value. Key assumptions used in the valuation include projected revenue growth, operating margins, required reinvestment, discount rates, and selected market multiples.

As of the amendment date, the total fair value of the Amended EAR Plan awards was $170.0. The Company incurred an additional pre-tax compensation expense of $38.5 in the fourth quarter of 2025 as of result of the amendment. Any employees who had fully vested awards under the EAR Plan on December 31, 2025 were considered vested under the Amended EAR Plan on January 1, 2026. The Company recorded $34.5 in accrued expenses and other current liabilities for statutory required employee withholding taxes, settled by the employee in shares, associated with awards earned by December 31, 2025.

The following table reflects the activity of the Company's equity classified awards:

---

| | | |
|:---|:---|:---|
|  | **EARs granted** | **Aggregate Intrinsic Value** |
| Outstanding and unvested as of December 31, 2024 |  | $— |
| Converted to Amended EAR Plan | 3.01% | 297.0 |
| Granted |  |  |
| Vested |  |  |
| Forfeited |  |  |
| Outstanding and unvested as of December 31, 2025 | 3.01% | $297.0 |

---

There was no additional compensation expense related to the Amended EAR Plan for the year ended December 31, 2025. As of December 31, 2025, there was $127.0 of unrecognized compensation cost related to time-based nonvested awards under the Amended

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EAR Plan. The unrecognized compensation cost is expected to be recognized over a remaining weighted-average vesting period of 1.7 years.

**Note 18. Related Party Transactions** 

The Company receives direct and indirect support from Holdings for certain corporate activities including, but not limited to consolidation accounting, tax services, legal, and other Holdings corporate and infrastructure related services. For the years ended December 31, 2025, 2024 and 2023, the Company incurred $15.5, $13.1 and $12.5, respectively, related to these services which are recorded within selling general and administrative expenses on the consolidated statements of income (loss). As of December 31, 2025 and 2024, there were no amounts outstanding related to these services.

For the years ended December 31, 2025, 2024 and 2023, the Company made purchases of inventory from an affiliate of $6.6, $6.2 and $5.2, respectively.

In September 2021, the Company entered into a promissory note payable from Holdings to the Company, in the aggregate principal amount of $14.2. The note matures on demand and accrues interest at a prime rate. For the years ended December 31, 2024 and 2023, the weighted average prime rate was 8.0%, 8.3% and 8.2%, respectively. As of December 31, 2024, the outstanding principal and accrued interest was $17.6 and is recorded in Notes receivable from related parties in the consolidated balance sheets. The Company recognized interest income of $1.3, $1.4 and $1.2 for the years ended December 31, 2025, 2024 and 2023, respectively, and is recorded in interest and financing expenses in the consolidated statement of income (loss). During the year ended December 31, 2025, the promissory note was settled through a $15.0 non-cash distribution to Holdings and a $3.9 cash settlement.

In May 2025, the Company entered into a $95.0 loan payable to an affiliate and in conjunction, entered into a $95.0 loan receivable from another affiliate. Both loans were non-cash settled in November 2025.

On February 1, 2021 and July 29, 2021, Madison IAS entered into promissory notes and unit pledge agreements with JJ Foley, the Company's Chief Financial Officer, in the amount of $1.5 and $1.25, respectively, in connection with his receipt of 400,000 units and 203,252.03 units, respectively, of Madison IAS. The promissory notes accrue interest at a rate of 6.0% and mature at the earliest of (i) February 1, 2029 (in the case of the $1.5 promissory note) and July 30, 2029 (in the case of the $1.25 promissory note), (ii) termination of Mr. Foley's employment, (iii) the bankruptcy of Madison IAS or (iv) a sale of Madison IAS. On December 22, 2025, Mr. Foley entered into a promissory note with Madison Industries US. The proceeds of the note were used to satisfy the amounts outstanding under the promissory notes and unit pledge agreements with Madison IAS.<br>

**Note 19. Earnings Per Share** 

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Income (loss) from continuing operations | $98.4 | $92.6 | $31.8 |
| Weighted-average shares outstanding – basic | 1000 | 1000 | 1000 |
| Effect of dilutive securities |  |  |  |
| Weighted-average shares outstanding – diluted | 1000 | 1000 | 1000 |
| Earnings per share: |  |  |  |
| Net earnings per share – basic | $98395 | $92622 | $31864 |
| Net earnings per share – diluted | 98395 | 92622 | 31864 |

---

For fiscal 2025, 2024 and 2023, there were no securities that were anti-dilutive.

**Note 20. Product Warranties** 

The Company provides for estimated product warranty expenses when the Company sells the related products. Product warranty is estimated using historical claims experience, and claims costs may differ from amounts provided. Current warranty costs of $24.5 and $16.7 were recorded within accrued expenses and other current liabilities on the consolidated balance sheets as of December 31, 2025 and 2024, respectively. Long-term warranty costs of $24.0 and $17.6 were recorded within other long-term liabilities on the consolidated balance sheets as of December 31, 2025 and 2024, respectively. The Company's warranty period ranges from 1 year to 15 years.

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Changes in accrued warranty costs were as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Beginning balance | $34.3 | $38.1 |
| Warranties recorded at time of sale | 20.8 | 18.7 |
| Warranties assumed in a business combination | 16.4 |  |
| Adjustments to pre-existing warranties | (3.3) | (2.5) |
| Settlements | (20.0) | (19.6) |
| Effect of exchange rate changes | 0.3 | (0.4) |
| **Ending balance** | $48.5 | $34.3 |

---

**Note 21. Accumulated Other Comprehensive Income** 

Changes in accumulated other comprehensive income (loss) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Foreign<br>Currency<br>Translation** | **Defined<br>Benefit<br>Plans** | **Cash<br>Flow<br>Hedges** | **Available-<br>for-sale<br>Securities** | **Total** |
| **Balance December 31, 2023** | $(16.1) | $(6.9) | $— | $0.1 | $(22.9) |
| Other comprehensive income (loss) before reclassifications | (23.6) | 1.6 | 4.8 | 0.7 | (16.5) |
| Reclassifications: |  |  |  |  |  |
| Amortization of unrecognized net loss (1) |  | 0.2 |  |  | 0.2 |
| Realized gains - net (2) |  |  | 0.1 |  | 0.1 |
| Income taxes |  | (0.4) | (1.1) | (0.2) | (1.7) |
| **Total other comprehensive income (loss)** | (23.6) | 1.4 | 3.8 | 0.5 | (17.9) |
| **Balance December 31, 2024** | (39.7) | (5.5) | 3.8 | 0.6 | (40.8) |
| Other comprehensive income (loss) before reclassifications | 15.3 | 2.2 | (17.2) | (2.6) | (2.3) |
| Reclassifications: |  |  |  |  |  |
| Amortization of unrecognized net loss (1) |  | 0.2 |  |  | 0.2 |
| Realized gains - net (2) |  |  | 10.3 | 1.9 | 12.2 |
| Income taxes |  | (0.5) | 1.4 | 0.1 | 1.0 |
| **Total other comprehensive income (loss)** | 15.3 | 1.9 | (5.5) | (0.6) | 11.1 |
| **Balance December 31, 2025** | $(24.4) | $(3.6) | $(1.7) | $— | $(29.7) |

---

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(1)Amounts are included in the calculation of net periodic benefit cost for the Company's defined benefit plans, which include pension and other postretirement plans. See Note 16 for additional information about the Company's pension plans.

(2)Amounts represent net gains and losses associated with cash flow hedges and available-for-sale securities that were reclassified to net earnings. See Note 14 for additional information regarding derivative instruments.

**Note 22. Segment Information** 

In the third quarter of 2025 the Company completed a segment restructuring, resulting in two reportable segments: Commercial and Residential. This is consistent with how our chief operating decision maker ("CODM"), who is our Chief Executive Officer ("CEO"), evaluates performance and allocates resources. In the fourth quarter of 2025, the Company transitioned its residential dehumidification business from Commercial to Residential. Prior period comparative information has been recast for the transition.

Segment net sales include sales of equipment and services by our segments. Segment Adjusted EBITDA is determined based on performance measures used by our CODM. Our CODM uses Segment Adjusted EBITDA to assess performance and allocate resources to each segment, primarily through periodic budgeting and segment performance reviews. In connection with that assessment our CODM may exclude matters, such as significant, higher-cost restructuring programs, depreciation and amortization,

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and other costs determined by the CODM not to be reflective of the ongoing performance of the segment. Segment Adjusted EBITDA excludes results reported as discontinued operations.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **Total Net Sales** | **Total Net Sales** | **Total Net Sales** | **Intersegment Sales** | **Intersegment Sales** | **Intersegment Sales** | **External Net Sales** | **External Net Sales** | **External Net Sales** |
|  | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Commercial | 2199.7 | 1808.0 | 1739.2 | 0.1 | 3.7 | 6.7 | 2199.6 | 1804.3 | 1732.5 |
| Residential | 1142.6 | 821.2 | 823.7 | 2.1 | 0.8 |  | 1140.5 | 820.4 | 823.7 |
| Eliminations | (2.2) | (4.5) | (6.7) | (2.2) | (4.5) | (6.7) |  |  |  |
| **Total net sales** | $3340.1 | $2624.7 | $2556.2 | $— | $— | $— | $3340.1 | $2624.7 | $2556.2 |

---

The Company places more emphasis on segment profit and loss than it does on segment assets. As a result, the Company's CODM does not assess performance, make strategic decisions, or allocate resources based on assets at the segment level. Accordingly, asset information is not disclosed by reportable segment.

---

| | | | |
|:---|:---|:---|:---|
| **Adjusted EBITDA** | **December 31, 2025** | **December 31, 2024** | **December 31, 2023** |
| Commercial net sales | $2199.7 | $1808.0 | $1739.2 |
| Segment cost of goods sold<sup>(1)</sup> | (1327.5) | (1083.6) | (1078.0) |
| Segment selling, general and administrative expenses | (274.4) | (245.6) | (243.4) |
| Segment EBITDA add-backs<sup>(2)</sup> | 32.1 | 29.6 | 28.5 |
| **Commercial adjusted EBITDA** | 629.9 | 508.4 | 446.3 |
| Residential net sales | $1142.6 | $821.2 | $823.7 |
| Segment cost of goods sold<sup>(1)</sup> | (729.0) | (531.6) | (548.6) |
| Segment selling, general and administrative expenses | (167.8) | (118.7) | (116.7) |
| Segment EBITDA add-backs<sup>(2)</sup> | 33.1 | 16.4 | 18.5 |
| **Residential adjusted EBITDA** | 278.9 | 187.3 | 176.9 |
| **Total segment adjusted EBITDA** | 908.8 | 695.7 | 623.2 |
| Central and other costs<sup>(3)</sup> | (46.2) | (37.6) | (32.8) |
| Depreciation | (48.4) | (39.8) | (43.3) |
| Intangible asset amortization | (141.6) | (101.0) | (104.9) |
| Restructuring expenses | (4.1) | (10.7) | (17.1) |
| Equity appreciation rights expense | (120.5) | (30.8) | (23.1) |
| Transaction expenses | (16.1) |  | (0.3) |
| Interest and financing expenses | (351.3) | (295.2) | (314.5) |
| Other income (expense) | 11.4 | 8.6 | 1.0 |
| **Income (loss) from continuing operations before income <br> taxes** | $192.0 | $189.2 | $88.2 |

---

------

(1)Exclusive of intangible amortization shown separately

(2)Segment EBITDA add-backs primarily include adjustments to remove depreciation and inventory step-up purchase accounting adjustments associated with the current year business combinations in deriving adjusted EBITDA. For the years ended December 31, 2025, 2024 and 2023 EBITDA add-backs for depreciation were $25.5, $23.7 and $24.8, respectively, for the Commercial Segment, and $22.8, $16.1 and $18.3, respectively, for the Residential Segment. For the year ended December 31, 2025 EBITDA add-backs for inventory step-up purchase accounting adjustments were $9.7 for the Residential Segment and $3.1 for the Commercial Segment.

(3)Primarily includes corporate selling, general and administrative expenses and gains and losses on foreign currency and commodity cash flow hedges.

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The following is a summary of net sales by geographic area, based upon the location of the selling unit:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| U.S. | $2901.1 | $2143.6 | $2034.9 |
| Non-U.S. |  |  |  |
| Americas | 307.5 | 358.4 | 377.2 |
| Europe | 66.4 | 60.0 | 75.6 |
| Asia Pacific | 65.1 | 62.7 | 68.5 |
| **Net Sales** | $3340.1 | $2624.7 | $2556.2 |

---

The following is a summary of property, plant and equipment by geographic area:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| U.S. | $309.7 | $161.6 |
| Non-U.S. |  |  |
| Americas | 49.1 | 55.1 |
| Europe | 3.9 | 3.7 |
| Asia Pacific | 9.0 | 9.3 |
| **Total** | $371.7 | $229.7 |

---

In addition to property, plant, and equipment, definite-lived intangible assets are predominantly domiciled in the U.S.

**Note 23. Commitments and Contingencies** 

The Company may be subject to claims and lawsuits arising in the ordinary course of business. While any such matters contain an element of uncertainty, management believes that adequate provisions have been recorded and the ultimate disposition or resolution of such claims and lawsuits, if any, will not have a material adverse effect on its consolidated financial position. Liabilities recorded for such contingencies were not material at December 31, 2025 and 2024.

**Note 24. Condensed Financial Information of Registrant (Parent Company Only)** 

**Madison Industries IAQ Solutions Corporation (Parent Company Only)** 

**Condensed Balance Sheets** 

---

| | | |
|:---|:---|:---|
| ***(in millions, except share and per share data)*** | **December 31, 2025** | **December 31, 2024<br>(as restated)** |
| **Assets** |  |  |
| Investment in subsidiary | $(37.0) | $(58.1) |
| Total assets | $(37.0) | $(58.1) |
| **Shareholder's equity (deficit)** |  |  |
| Common stock, $0.01 par value, 1,000 shares authorized,<br> issued and outstanding at December 31, 2025 and 2024 | 0.0 | 0.0 |
| Additional paid-in capital |  |  |
| Retained earnings (accumulated deficit) | (6.3) | (17.4) |
| Accumulated other comprehensive income (loss) | (30.7) | (40.7) |
| **Total shareholder's equity (deficit)** | $(37.0) | $(58.1) |

---

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**Madison Industries IAQ Solutions Corporation (Parent Company Only)** 

**Condensed Statements of Operations and Comprehensive Income** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Equity in net income (loss) of subsidiary | $124.3 | $236.2 |
| **Net income** | $124.3 | $236.2 |
| Other comprehensive income |  |  |
| Subsidiary's other comprehensive income (loss) | 12.6 | (22.4) |
| **Total other comprehensive income (loss)** | 12.6 | (22.4) |
| **Comprehensive income** | $136.9 | $213.8 |

---

**Note to the Company's Condensed Financial Statements (Parent Company Only)** 

**Basis of Presentation** 

These condensed parent company financial statements of the Madison Industries IAQ Solutions Corporation have been presented on a "parent-only" basis in accordance with Rule 12-04 of Regulation S-X, as the restricted net assets of the subsidiaries of Madison Industries IAQ Solutions Corporation exceed 25% of the consolidated net assets of Madison Industries IAQ Solutions Corporation as stipulated by Rule 5-04, Section 1 from Regulation S-X. These condensed "parent-only" financial statements have been prepared using the same accounting principles and policies described in the notes to the consolidated financial statements, with the only exception being that Madison Industries IAQ Solutions Corporation account for investments in their subsidiaries using the equity method of accounting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. As such, these parent-only statements should be read in conjunction with the accompanying notes to consolidated financial statements, in particular Note 2 related to the restatement of previously issued financial statements. The negative investment in subsidiary is driven by the redemption value of redeemable noncontrolling interest.

Madison Industries IAQ Solutions Corporation is a holding company with no operations of its own that conducts substantially all of its activities through its subsidiaries, accordingly, Madison Industries IAQ Solutions Corporation is dependent upon distributions from Madison IAQ LLC to fund its limited, non-significant operating expenses. Madison Industries IAQ Solutions Corporation has no direct outstanding debt obligations. However, Madison IAQ LLC, as borrower under the Credit Agreement, Senior Notes, and Senior Secured Notes (collectively, the "Credit Facilities"), is limited in its ability to declare or pay any dividends or make any payment on account of its capital stock to, directly or indirectly, fund a dividend or other distribution to Madison Industries IAQ Solutions Corporation, subject to limited exceptions, including, among others, (1) so long as no payment event of default exists under the Credit Facilities, up to the greater of (a) $220 and (b) lesser of 40% of Consolidated Adjusted EBITDA (as defined in the Credit Agreement governing the Credit Facilities) or the trailing twelve month EBITDA (as defined in the Secured Notes Indenture), (2) so long as no event of default exists under the Credit Facilities, unlimited amounts subject to compliance with a 5.5 to 1.0 total leverage ratio giving pro forma effect to any distribution, (3) so long as no payment or bankruptcy event of default exists under the Credit Facilities, up to the sum of 6% of the aggregate net cash proceeds received in certain specified transactions and 7% of Madison IAQ LLC's market capitalization and (4) payment of Madison IAQ LLC's administrative, overhead expenses and related expenses. Due to the aforementioned qualitative restrictions, substantially all of the assets of Madison Industries IAQ Solutions Corporation's subsidiaries are restricted. Accordingly, Madison Industries IAQ Solutions Corporation is dependent upon distributions from Madison IAQ LLC to fund its limited, non-significant operating expenses. For a discussion of the Credit Facility, see Note 13, in the consolidated financial statements.

**Note 25. Subsequent Events** 

The Company has evaluated subsequent events occurring through March 9, 2026, the date that the consolidated financial statements were available to be issued, for events requiring recording or disclosure in the Company's consolidated financial statements.

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**Independent Auditor's Report** 

Board of Directors

Research Products Corporation and Subsidiaries

**Opinion** 

We have audited the consolidated financial statements of Research Products Corporation and Subsidiaries (the Company), which comprise the consolidated balance sheets as of December 31, 2024 and 2023, the related consolidated statements of income, stockholders' equity and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively, the financial statements).

In our opinion, the accompanying 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 their operations and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Emphasis of Matter** 

As discussed in Note 2 to the financial statements, the Company has elected to change its method of accounting to eliminate the Private Company Council elections. Our opinion is not modified with respect to this matter.

**Responsibilities of Management for the Financial Statements** 

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued.

**Auditor's Responsibilities for the Audit of the Financial Statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment of a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the audit.

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

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• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/ RSM US LLP

Madison, Wisconsin

February 7, 2025, except for Note 2 as to

which the date is December 12, 2025

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**Research Products Corporation and Subsidiaries** 

**Consolidated Balance Sheets** 

**December 31, 2024 and 2023** 

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $53417467 | $80748187 |
| &nbsp;&nbsp;&nbsp;Accounts receivable (less allowance for credit losses of $708,000 and $990,000 in<br> 2024 and 2023, respectively) | 69589859 | 62771339 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 76009296 | 63496588 |
| &nbsp;&nbsp;&nbsp;Income taxes receivable | 194801 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 7268194 | 8236671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 206479617 | 215252785 |
| Investment in equity securities | 719223 | 932762 |
| Property and equipment, net | 102648944 | 92742061 |
| Deferred income taxes | 3526882 | 435900 |
| Goodwill | 34657547 | 16802259 |
| Intangible assets, net | 49780417 |  |
| Right-of-use asset for operating lease | 6667494 | 6702337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $404480124 | $332868104 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $21680657 | $21573115 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 22899875 | 19479079 |
| &nbsp;&nbsp;&nbsp;Income taxes payable |  | 3545099 |
| &nbsp;&nbsp;&nbsp;Lease liability for operating lease | 1139595 | 911703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 45720127 | 45508996 |
| Long-term accrued expenses and other liabilities | 11735213 | 7575059 |
| Lease liability for operating lease | 5903729 | 6141171 |
| Deferred compensation | 7135259 | 6884915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 70494328 | 66110141 |
| Commitments and contingencies (See Note 13) |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Common stock $5 par value, 15,000,000 shares authorized | 22111700 | 22111700 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 25917079 | 23860473 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 476058111 | 396522301 |
|  | 524086890 | 442494474 |
| &nbsp;&nbsp;&nbsp;Less treasury stock, at cost | 190101094 | 175736511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 333985796 | 266757963 |
|  | $404480124 | $332868104 |

---

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**Research Products Corporation and Subsidiaries** 

**Consolidated Statements of Income** 

**Years Ended December 31, 2024 and 2023** 

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Net sales | $490466264 | $431178163 |
| Cost of goods sold | 271737230 | 248234560 |
| &nbsp;&nbsp;&nbsp;**Gross profit** | 218729034 | 182943603 |
| Selling, general and administrative expenses | 105987610 | 83541345 |
| &nbsp;&nbsp;&nbsp;**Income from operations** | 112741424 | 99402258 |
| Other income (expense), net | 5926054 | (243792) |
| &nbsp;&nbsp;&nbsp;**Income before provision for income taxes** | 118667478 | 99158466 |
| Provision for income taxes | 25057569 | 20602033 |
| &nbsp;&nbsp;&nbsp;**Net income** | $93609909 | $78556433 |

---

See notes to consolidated financial statements.

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**Research Products Corporation and Subsidiaries** 

**Consolidated Statements of Stockholders' Equity** 

**Years Ended December 31, 2024 and 2023** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common<br>Stock<br>Shares<br>Issued** | **Common<br>Stock<br>Amount** | **Treasury<br>Stock<br>Shares** | **Treasury<br>Stock Amount** | **Additional<br>Paid-In<br>Capital** | **Retained<br>Earnings** | **Total** |
| Balance, December 31, 2022 | 4422340 | $22111700 | 1616919 | $(138205770) | $21895791 | $358691516 | $264493237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  | 78556433 | 78556433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of common stock for the treasury |  |  | 128790 | (37850664) |  |  | (37850664) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock grants |  |  | (3648) | 149933 | 920755 |  | 1070688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Conversion of phantom stock to common shares |  |  | (4136) | 169990 | 1043927 |  | 1213917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends ($15.00 per share) |  |  |  |  |  | (40725648) | (40725648) |
| Balance, December 31, 2023 | 4422340 | 22111700 | 1737925 | (175736511) | 23860473 | 396522301 | 266757963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  | 93609909 | 93609909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of common stock for the treasury |  |  | 44985 | (14660544) |  |  | (14660544) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock grants |  |  | (2809) | 115450 | 802250 |  | 917700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock issuance |  |  | (10) | 411 | 2856 |  | 3267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Conversion of phantom stock to common shares |  |  | (4382) | 180100 | 1251500 |  | 1431600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends ($5.30 per share) |  |  |  |  |  | (14074099) | (14074099) |
| **Balance, December 31, 2024** | 4422340 | $22111700 | 1775709 | $(190101094) | $25917079 | $476058111 | $333985796 |

---

See notes to consolidated financial statements.

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**Research Products Corporation and Subsidiaries** 

**Consolidated Statements of Cash Flows** 

**Years Ended December 31, 2024 and 2023** 

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Cash flows from operating activities: |  |  |
| Net income | $93609909 | $78556433 |
| Adjustments to reconcile net income to net cash and cash equivalents provided by<br> operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Change in right-of-use asset | 972922 | 811801 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | 1619583 |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 11233734 | 10773381 |
| &nbsp;&nbsp;&nbsp;Provision for deferred income taxes | (3090982) | (3860900) |
| &nbsp;&nbsp;&nbsp;Deferred compensation | 1786347 | 1283558 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 2611415 | (1108701) |
| &nbsp;&nbsp;&nbsp;Gain on sale of equity securities | (43437) | (49405) |
| &nbsp;&nbsp;&nbsp;Gain on the disposal of finance lease |  | (202787) |
| &nbsp;&nbsp;&nbsp;Gain on the sale of property and equipment | (197898) | (10405) |
| &nbsp;&nbsp;&nbsp;Changes in working capital components, excluding the effect (Decrease) increase in<br> cash and cash equivalents due to changes in working capital components, excluding<br> the effect of purchasing accounting (EWC Controls – Note 3): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (4619415) | 4918849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (10738531) | 26620639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 998757 | (3706169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (814497) | 3674930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 2674929 | 4180151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (3739900) | 6545099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 92262936 | 128426474 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition of EWC Controls | (69755299) |  |
| &nbsp;&nbsp;&nbsp;Purchases of equity securities | (688158) | (1117332) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of equity securities | 945134 | 1151461 |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (24278147) | (24267893) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of property and equipment | 2917457 | 40544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | (90859013) | (24193220) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Dividends paid | (14074099) | (40725648) |
| &nbsp;&nbsp;&nbsp;Purchase of common stock for the treasury | (14660544) | (37850664) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | (28734643) | (78576312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net (decrease) increase in cash and cash equivalents** | (27330720) | 25656942 |
| Cash and cash equivalents: |  |  |
| &nbsp;&nbsp;&nbsp;Beginning | 80748187 | 55091245 |
| &nbsp;&nbsp;&nbsp;Ending | $53417467 | $80748187 |
| Supplemental disclosures of cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for income taxes | $31750438 | $17813355 |
| Supplemental schedules of noncash investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Equipment purchases included in accounts payable | $906501 | $1463184 |

---

See notes to consolidated financial statements.

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**Note 1. Nature of Business and Summary of Significant Accounting Policies** 

Nature of business: Research Products Corporation (RPC) d/b/a AprilAire, Anden, and RP Filters, including its wholly owned subsidiaries, DRI-STEEM Corporation (DRI-STEEM), EWC Controls, LLC (EWC), GS, LLC (GS), and HydroHeat, LLC (HH), are collectively referred to as the Company. RPC, DRI-STEEM, and EWC are primarily involved with the production and sale of indoor air treatment products. The Company's products are sold predominately throughout the United States and certain international markets. The Company's products are used in commercial and residential buildings in both new construction and as an improvement to existing heating, ventilation and air conditioning (HVAC) systems. EWC was acquired on July 1, 2024 and is included in the consolidated operations for the period July 1, 2024 through December 31, 2024. GS and HH were inactive entities for the periods ending December 31, 2024 and 2023.

A summary of the Company's significant accounting policies follows:

**Principles of consolidation:** The consolidated financial statements (collectively, the financial statements) include the accounts of the parent company, RPC and its subsidiaries, DRI-STEEM and EWC. All significant intercompany balances and transactions are eliminated in consolidation.

**Cash and cash equivalents:** Cash and cash equivalents include cash and temporary cash investments, which have an original maturity of three months or less.

**Accounts receivable and allowance for credit losses:** Accounts receivable are carried at original invoice less an allowance for credit losses.

The Company offsets gross trade accounts receivable with an allowance for credit losses. The allowance for credit losses is the Company's best estimate of the amount of probable credit losses in the Company's existing accounts receivable and is based upon historical loss patterns, the number of days that billings are past due, and an evaluation of the potential risk of loss associated with specific accounts. Account balances are charged against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Provisions for allowances for credit losses are recorded in general and administrative expense. Recoveries of trade receivables previously written off are recorded when received.

Estimating credit losses based on risk characteristics requires significant judgment by the Company. Significant judgments include but are not limited to assessing current economic conditions and the extent to which they would be relevant to the existing characteristics of the Company's receivables, the estimated life of the receivables and the level of reliance on historical experience in light of economic conditions. The Company reviews and updates, when necessary, its historical risk characteristics that are meaningful to estimating credit losses, any new risk characteristics that arise in the natural course of business and the estimated life of its receivables. During the years ended December 31, 2024 and 2023 the Company recorded credit loss recoveries (expense) totaling approximately $111,600 and $(616,600), respectively. The opening balance of trade receivables as of January 1, 2023, was $54,624,628.

**Inventories:** Inventories are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out (FIFO) method. As of December 31, 2024 and 2023, there was an inventory valuation reserve for excess and obsolete inventory of approximately $3,373,000 and $2,893,000, respectively. The inventory valuation reserve is based on management's estimate of the amount of inventory that will ultimately become obsolete based upon the estimated price the items will be sold for or the amount expected to be received from the vendor upon return.

**Investment in equity securities:** Equity securities consist of investments in mutual funds. Equity securities are stated at fair value, and unrealized holding gains and losses, net of the related deferred tax effect, are included in income. Realized gains and losses are included in other income on the consolidated statements of income and are determined on the basis of the average cost of the securities sold.

**Property and equipment:** Property and equipment is recorded at cost. Depreciation is provided over the estimated useful lives of the various assets. Generally, property and equipment is depreciated on a straight-line or accelerated basis. Cost incurred for building materials, production equipment and subcontract labor comprise construction in progress.

**Goodwill:** Goodwill represents the excess of purchase price over the fair value of the identifiable tangible and intangible net assets acquired in a business combination. Goodwill is tested and reviewed for impairment in the fourth quarter of each fiscal year or whenever there is a material change in events or circumstances that indicate that the fair value of the asset is more likely than not less than the carrying amount of the asset.

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Impairment of goodwill is assessed at the reporting unit level and begins with a qualitative assessment to determine if it is more likely than not the fair value of a reporting unit to which goodwill has been assigned is less than its carrying value. If the Company concludes based on the qualitative assessment that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company compares the fair value of the reporting unit to its carrying value. If the estimated fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. To the extent that the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss will be recognized for the amount the reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit.

The Company tested its goodwill for impairment as part of its annual assessment. The tests did not indicate any impairment for the years ended December 31, 2024 and 2023.

**Intangible assets:** Intangible assets are composed of customer relationships and trade names with estimated useful lives of 16 and 15 years, respectively. Intangible assets are amortized over their estimated lives using the straight-line method. Costs incurred to renew or extend the term of recognized intangible assets are capitalized and amortized over the useful life of the asset.

**Impairment of long-lived assets:** Long-lived assets are evaluated for impairment whenever events or changes in circumstances have indicated that an asset may not be recoverable and are grouped with other assets to the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities (asset group). If the sum of the projected undiscounted cash flows (excluding interest charges) of an asset group is less than its carrying value and the fair value of an asset group is also less than its carrying value, the assets will be written down by the amount by which the carrying value of the asset group exceeded its fair value. Any loss would be recognized in income from operations in the period in which the determination is made. Management determined that no impairment of long-lived assets existed as of December 31, 2024 and 2023.

**Business acquisition contingent consideration:** Contingent consideration arising from a business combination is recorded at the estimated present value based on projected income and various other assumptions associated with the calculation of the contingent consideration.

**Leases:** The Company determines if an arrangement is or contains a lease at inception, which is the date on which the terms of the contract are agreed to, and the agreement creates enforceable rights and obligations. A contract is or contains a lease when: (i) explicitly or implicitly identified assets have been deployed in the contract, and (ii) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company also considers whether its service arrangements include the right to control the use of an asset.

The Company recognizes most leases on its consolidated balance sheets as a right-of-use (ROU) asset representing the right to use an underlying asset and a lease liability representing the obligation to make lease payments over the lease term, measured on a discounted basis. Leases are classified as either finance leases or operating leases based on certain criteria. Classification of the lease affects the pattern of expense recognition in the consolidated statement of income.

The Company made an accounting policy election available not to recognize ROU assets and lease liabilities for leases with a term of 12 months or less. For all other leases, ROU assets and lease liabilities are measured based on the present value of future lease payments over the lease term at the commencement date of the lease (or January 1, 2022, for existing leases upon the adoption of Accounting Standards Codification (ASC) Topic 842, Leases). The ROU assets also include any initial direct costs incurred and lease payments made at or before the commencement date and are reduced by any lease incentives received. As the Company's leases generally do not have a readily determinable implicit rate, the Company uses its incremental borrowing rate in determining the present value of their lease liability, adjusted for lease term and geography, to determine the present value of fixed leases payments based on information available at the lease commencement date.

Future lease payments may include fixed-rent escalation clauses or payments that depend on an index (such as the consumer price index), which is initially measured using the index or rate at lease commencement. Subsequent changes of an index and other periodic market-rate adjustments to base rent are recorded in variable lease expense in the period incurred. Residual value guarantees or payments for terminating the lease are included in the lease payments only when it is probable they will be incurred.

The Company has made an accounting policy election to account for lease and nonlease components in its contracts as a single lease component for its real estate, vehicle and equipment asset classes. The nonlease components typically represent additional services transferred to the Company, such as common area maintenance for real estate, which are variable in nature and recorded in variable lease expense in the period incurred.

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**Business combination:** The acquisition was accounted for in accordance with Financial Accounting Standards Board (FASB) ASC 805, Business Combinations, under the acquisition method of accounting; the carrying amounts of the Company's assets acquired and liabilities assumed in the acquisition were adjusted to their acquisition-date estimated fair values as determined by the Company's management with the assistance of external valuation experts based on information currently available and on current assumptions on future operations. The excess of the consideration transferred (i.e., purchase price) over the fair value of the net assets acquired in the acquisition has been recognized as goodwill. The creation of goodwill in this transaction was the result of the historical growth, anticipated future growth of the Company, and the fair values of the acquired workforce have been subsumed into goodwill. The goodwill recognized in the acquisition is deductible for tax purposes.

**Treasury stock:** The Company uses the cost method to account for treasury stock. When treasury stock is reissued, it is accounted for using FIFO method.

**Revenue recognition:** The Company recognizes revenue in accordance with ASC Topic 606, *Revenue from Contracts with Customers*, which provides a five-step model for recognizing revenue from contracts with customers as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Identify the contract with a customer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Identify the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Determine the transaction price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Allocate the transaction price to the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Recognize revenue when or as performance obligations are satisfied

***Nature of revenues:*** The Company's revenue is derived from sales of indoor air treatment products. The Company's products are marketed and sold primarily to distributors in the United States and certain international markets. Sales of products are subject to economic conditions and may fluctuate based on changes in the industry, trade policies and financial markets.

Revenue from the sale of the Company's products is recognized upon transfer of control to the customer, which is typically upon shipment. The Company has elected to treat shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products and not as a separate performance obligation.

***Contracts with multiple performance obligations:*** When the Company's contracts with customers contain multiple performance obligations, the contract transaction price is allocated on a relative standalone selling price (SSP) basis to each performance obligation. The Company typically determines SSP based on observable selling prices of its products.

***Transaction price:*** The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods to the customer. Revenue is recorded based on the transaction price, which includes fixed consideration and estimates of variable consideration such as rebates and rights of return. The amount of variable consideration included in the transaction price is constrained and is included only to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

Variable consideration is estimated as follows:

*Early payment discounts:* Customers typically receive discounts between 1% and 2% if they pay an invoice within the specified early payment period for the contract. The Company estimates the amount of variable consideration using the expected-value method (i.e., probability-weighted approach) based on review of specific transactions, historical experience and market and economic conditions.

*Rebates and cooperative marketing:* The Company provides rebates to certain customers based on the volume of purchases during the period. Rebates are estimated using the expected-value method based on review of specific transactions, historical experience and market and economic conditions. The accrual for customer rebates and allowances was approximately $3,384,000 and $2,833,000 as of December 31, 2024 and 2023, this accrual is included within accounts payable on the consolidated balance sheet.

*Rights of return:* Variable consideration for rights of return is estimated using the expected-value method based on review of specific transactions, historical experience and market and economic conditions. The Company recorded a refund liability for the amount the Company expects to refund to customers for the products of $151,200 and $184,300 as of December 31, 2024 and 2023, respectively, which is included in accrued expenses and other liabilities on the consolidated balance sheets.

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Payment terms on invoiced amounts are typically 30 to 60 days. In instances where the timing of revenue recognition differs from the timing of the right to invoice, the Company has determined that a significant financing component generally does not exist. The primary purpose of the Company's invoicing terms is to provide customers with simplified and predictable ways of purchasing the products and not to receive financing from or provide financing to the customer.

The Company excludes from revenue sales taxes and other government-assessed and imposed taxes on revenue-generating activities that are invoiced to customers.

***Customer concentration:*** For the years ended December 31, 2024 and 2023, one of the Company's customers accounted for 13% and 14% of total revenues, respectively. As of December 31, 2024 and 2023, there were no accounts receivable balances that exceeded 10% of receivables for any one customer.

***Warranties:*** The Company generally provides limited-assurance-type warranties for products under its contracts. The warranty periods typically extend for a limited time following the transfer of control of the products. The Company does not consider these warranties to be performance obligations. See Note 5 for discussion of the associated warranty costs and liability.

***Costs to obtain a contract:*** Sales commissions paid to internal sales personnel that are incremental to the acquisition of customer contracts are capitalized as deferred contract costs on the consolidated balance sheets when the period of benefit is determined to be greater than one year. The Company has elected to apply the practical expedient to expense sales commissions as incurred when the expected amortization is one year or less. The Company determines the period of benefit for sales commissions paid for the acquisition of an initial contract by taking into consideration the initial estimated customer life as well as future expectations about whether the renewal commission will be commensurate with the pattern of revenue recognition. Under this policy, no deferred contract costs were recorded as of December 31, 2024 and 2023.

**Advertising costs:** Advertising costs are charged to expense when incurred. Such costs were approximately $6,100,000 and $6,400,000 for 2024 and 2023, respectively.

**Income taxes**: Deferred income taxes are provided using the liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates at the date of enactment.

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination.

It is the Company's policy that interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the consolidated statements of income.

**Use of estimates:** The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

**Employee stock plans:** The Company has multiple stock-based compensation plans for which the accounting policies are described in Notes 7 and 8. The Company applies the fair value recognition provisions of ASC 718, Compensation—Stock Compensation, using the prospective method. Under that method, new awards and awards modified, repurchased or canceled will be accounted for under these provisions. This topic requires that compensation cost from all share-based payment transactions be recognized in the financial statements. Awards are issued under the phantom stock option of the deferred compensation plan and the equity incentive plan and are

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accounted for as liability awards. The Company recognizes the cost of the employee services received in exchange for awards of liability instruments based upon the fair value of the vested shares as measured at each reporting date.

**Research and development costs:** Research and development costs are charged to expense as incurred. Such costs were approximately $15,200,000 and $13,800,000 for 2024 and 2023, respectively.

**Concentrations of credit risk:** The Company maintains its cash in bank deposit accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.

**Recently adopted accounting standard:** In June 2022, the FASB issued Accounting Standards Update (ASU) 2022-03, *Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,* which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. ASU 2022-03 also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. In addition, ASU 2022-03 requires additional disclosures for equity securities subject to contractual restrictions. The Company adopted ASU 2022-03 effective January 1, 2024. The impact of the adoption on the Company's financial statements was not material.

**Recent accounting pronouncement:** In March 2024, the FASB issued ASU 2024-01, *Compensation— Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards.* The ASU adds an example with four fact patterns to ASC 718-10, Compensation—Stock Compensation—Overall, in order to assist preparers of financial statements in determining whether profits interest units should be accounted for within the scope of the guidance in ASC 718 or ASC 710, Compensation—General. The ASU only addresses the scope determination and does not amend the recognition or measurement guidance in either ASC 710 or ASC 718. ASU 2024-01 provides entities with a choice of adopting the amendments on a prospective or retrospective basis. This ASU is effective for the Company beginning on January 1, 2026. The adoption of ASU 2024-01 is not expected to have a significant impact on the Company's financial statements.

**Reclassification:** Cash equivalent investments in the financial statements as of and for the year ended December 31, 2023, totaling approximately $534,000, have been reclassified from investments in equity securities to cash and cash equivalents, with no effect on net income. This reclassification also resulted in changes to the purchases of equity securities and proceeds from sale of equity securities on the consolidated statement of cash flow for the year ended December 31, 2023. This reclassification was made to be consistent with classifications adopted for the year ended December 31, 2024.

**Subsequent events:** The Company has evaluated subsequent events through February 7, 2025, the date the financial statements were available to be issued and determined.

**Note 2. Reissuance of previously issued financial statements** 

The financial statements for the year ended December 31, 2024, were originally issued on February 7, 2025. These financial statements have been reissued on December 12, 2025, to remove the application of Private Company Council (PCC) accounting alternatives previously elected by management. The removal of PCC elections reflects a change in accounting principle to align with public company reporting requirements. In accordance with ASC 250, Accounting Changes and Error Corrections, and ASC 855, Subsequent Events, this change has been applied retrospectively to all periods presented.

The impact of removing PCC elections included adjustments to goodwill amortization and the related tax impact for the year ended December 31, 2024.

**Note 3. Business Acquisition** 

On July 1, 2024, RPC Acquisition, LLC, a wholly owned subsidiary of Research Products Corporation, acquired substantially all of the assets and certain liabilities of EWC Controls, Inc. The purchase consideration was $71,355,299, of which $70,172,679 was paid in cash and $1,600,000 as contingent consideration. Included in the cash amount was $270,000 held back to be released following the resolution of the post-closing adjustment and was to be released three months from the acquisition closing date pursuant to the terms of the purchase agreement. The post-closing adjustment was resolved in October 2024, with the $270,000 holdback paid to the buyers as well as an additional $147,380 to account for differences between the actual and estimated working capital levels of the target as of the closing. The purchase price was funded through the Company's excess cash. The acquisition has been treated as a business combination whereby assets and liabilities are recorded at estimated fair value and the excess of consideration transferred over the estimated fair value of the net assets and liabilities acquired is recorded as goodwill.

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The following table summarizes the fair value of the consideration transferred and the intangible and tangible assets acquired and liabilities assumed at the date of acquisition:

---

| | |
|:---|:---|
| Cash paid to seller | $70172679 |
| Contingent consideration | 1600000 |
| Amount returned to buyer | (417380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total purchase price | $71355299 |
| Assets acquired: |  |
| Accounts receivable | $2199105 |
| &nbsp;&nbsp;&nbsp;Inventories | 1774177 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 30280 |
| &nbsp;&nbsp;&nbsp;Property and equipment | 138712 |
| &nbsp;&nbsp;&nbsp;Right-of-use asset for operating lease | 938079 |
| &nbsp;&nbsp;&nbsp;Trade name | 6400000 |
| &nbsp;&nbsp;&nbsp;Customer relationships | 45000000 |
| Liabilities assumed: |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | (1478722) |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (563541) |
| &nbsp;&nbsp;&nbsp;Lease liability for operating lease | (938079) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total identified net assets acquired | 53500011 |
| Goodwill | 17855288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fair value of consideration transferred | $71355299 |

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The fair value of the tangible assets and liabilities acquired approximated carrying value. The excess of consideration transferred over the estimated fair value of the net assets acquired has been recorded as goodwill on the accompanying consolidated balance sheet, which is deductible for tax purposes. The acquisition allows for the Company to further expand its presence in its core market. Synergies and economies of scale are expected from combining the acquired sites. The combination of these factors drives the excess purchase price paid over value of the assets acquired, resulting in goodwill. Transaction costs for the acquisition totaling approximately $1,500,000 were expensed as incurred and recorded in selling, general and administrative expenses on the consolidated statement of income. EWC Controls, Inc. (subsequently changed to EWC Controls, LLC) has been included in the Company's consolidated results of operations since the acquisition date.

The fair value of the financial assets acquired includes receivables with a fair value of $2,199,105. All of the amount is expected to be collected.

Included in the purchase agreement is also an earnout note that is contingent on EWC Controls, LLC meeting certain net sales targets in the 12-month period ending December 31, 2026. The purchase agreement establishes different scenarios for the earnout based on a multiple of net sales. To calculate the fair value of this contingent consideration, management engaged a third-party specialist who utilized a Monte Carlo simulation to form a probability-weighted estimate based on estimated 2026 revenues for EWC Controls, LLC. Based on these factors, the Company calculated contingent consideration related to this note in the amount of $1,600,000 as of the date of acquisition. The estimated maximum potential to be paid if the highest net sales target is reached is $5,000,000. Interest is accrued on the principal amount beginning on the closing date until the estimated maturity date of April 15, 2027, at a rate of 5% per year, compounded annually.

**Note 4. Inventories** 

Inventories at December 31, 2024 and 2023, are as follows:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Raw materials | $38358482 | $41296395 |
| Work in process | 5929275 | 4275645 |
| Finished goods | 35094339 | 20817348 |
|  | 79382096 | 66389388 |
| Less allowance for inventory obsolescence | 3372800 | 2892800 |
|  | $76009296 | $63496588 |

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**Note 5. Property and Equipment** 

Major classifications of property and equipment at December 31, 2024 and 2023, are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | **Depreciable<br>Lives (Years)** |
| Land | $2868070 | $5238064 |  |
| Land improvements | 1823553 | 2658725 | 10-25 |
| Buildings and building equipment | 40152440 | 41731311 | 6-33 |
| Machinery and equipment | 101031139 | 101354824 | 3-10 |
|  | 145875202 | 150982924 |  |
| Capital projects in progress | 32386200 | 20143841 |  |
|  | 178261402 | 171126765 |  |
| Less accumulated depreciation | 75612458 | 78384704 |  |
|  | $102648944 | $92742061 |  |

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**Note 6. Goodwill and Intangibles** 

Intangible assets as of December 31, 2024, is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Cost** | **Accumulated<br>Amortization** | **Net** |
| Customer relationships | $45000000 | $(1406250) | $43593750 |
| Trade name | 6400000 | (213333) | 6186667 |
|  | $51400000 | $(1619583) | $49780417 |

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The changes in the carrying amount of goodwill as of and for the years ended December 31, 2024 and 2023, is as follows:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Beginning balance | $16802259 | $16802259 |
| &nbsp;&nbsp;&nbsp;Additions | 17855288 |  |
| Ending balance | $34657547 | $16802259 |

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Amortization expense for intangible assets for the years ended December 31, 2024 and 2023, was $1,619,583 and $0, respectively.

**Note 7. Product Warranties** 

The Company generally provides a limited warranty for a five-year period. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts amounts, as necessary. The Company has recorded a warranty liability, which is included in accrued expenses and other liabilities in the consolidated balance sheets. Changes in the Company's warranty liability are as follows:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Warranty reserve at January 1 | $8057250 | $7217250 |
| &nbsp;&nbsp;&nbsp;Warranty expense | 4726712 | 3187817 |
| &nbsp;&nbsp;&nbsp;Warranty claims | (2495712) | (2347817) |
| Warranty reserve at December 31 | $10288250 | $8057250 |

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**Note 8. Retirement and Postretirement Benefit Plans** 

The Company has various defined contribution plans that cover substantially all employees upon meeting certain service requirements. The Company, upon approval by the Board of Directors, may make discretionary matching contributions as a percentage of the participating employees wage deferrals and discretionary profit sharing contributions. Company contributions for the plans were approximately $5,697,000 and $5,121,000 for 2024 and 2023, respectively.

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The Company also has a nonqualified deferred compensation plan that provides a compensation deferral for employees of the Company for whom 10% of their anticipated compensation for any year will exceed the maximum deferral allowed under the qualified plans, and each director of the Company. The account balance of any participant shall be fully vested and nonforfeitable at all times, except the forfeiture of the phantom stock portion of an account balance upon employment termination by the Company. Upon leaving employment for any reason, the participant's account balance will be paid in a lump sum or 60 monthly installments. Each participant's account balance consists of employee deferrals, a Company matching and profit sharing contribution, and an allocation of investment earnings. The Company matching and profit sharing contribution shall be made only to eligible employees, not participating directors.

All rights created under this plan are unsecured contractual rights, and the participating employees and directors have the status of general creditors of the Company. The Company's contribution to the plan totaled approximately $336,700 and $123,700 in 2024 and 2023, respectively. A deferred compensation liability of approximately $1,804,000 and $1,467,000 was recorded in deferred compensation on the consolidated balance sheets as of December 31, 2024 and 2023, respectively.

**Note 9. Executive Equity Incentive Plans** 

As part of the nonqualified deferred compensation plan, the Company established a phantom stock investment option for the current eligible and participating employees. As of December 31, 2024 and 2023, 13,937 and 16,410 units, respectively, were outstanding under this investment option. During the years ended December 31, 2024 and 2023, participants purchased 1,155 and 1,258 units, respectively. During the years ended December 31, 2024 and 2023, participants redeemed 3,628 and 3,416 units, respectively, at which point the units were converted to shares of common stock at the current fair value. The phantom stock investment options can also be paid in cash at the participant's discretion. The Company has recorded a long-term liability of approximately $5,331,000 and $5,418,000 in deferred compensation on the consolidated balance sheets as of December 31, 2024 and 2023, respectively. The Company measures any compensation expense under this plan for each award based on the appreciated value of the Company's common stock. Compensation expense of approximately $797,900 and $465,900 was recognized for the years ended December 31, 2024 and 2023, respectively.

During 2022, the Company implemented an incentive plan under the Board of Directors discretion to award certain key executives and directors. The plan consists of two transition awards and annual awards thereafter. The transition awards have a three-year vesting period, at which point the awards are converted to common stock at the current fair value or are paid out in cash at the participant's discretion. The awards thereafter are made annually and have a three-year vesting period, at which point the awards are converted to common stock at the current fair value or are paid out in cash at the participant's discretion. If the participant elects to receive the award in the form of common stock, the shares are issued out of treasury stock. The value of the discretionary awards is based on a percentage of base salary with those percentages being adjusted for the percentage of the target three-year compounded annual growth rate of total stockholder return achieved. The related liability is updated annually based on the additional vesting and revised fair value of the Company's common stock. Forfeitures are recognized as incurred.

The Company approved and issued 2,819 and 3,648 shares of common stock to certain executives and directors as compensation for years ended December 31, 2024 and 2023, respectively. The Company has recorded a current liability of approximately $1,101,100 and $441,200 in accrued expenses and other liabilities on the consolidated balance sheets as of December 31, 2024 and 2023, respectively, and a long-term liability of approximately $1,592,600 and $558,800 in long-term accrued expenses and other liabilities as of December 31, 2024 and 2023, respectively. The Company records compensation expense related to this incentive plan under the straight-line method over the vesting period. The Company recorded compensation expense of approximately $2,611,400 during the year ended December 31, 2024. The Company recorded a reduction to compensation expense of approximately $1,108,700 during the year ended December 31, 2023.

As of December 31, 2024, there was approximately $2,271,800 of total unrecognized compensation costs related to the unvested shares under the plan; that cost is expected to be recognized over a period of four years.

**Note 10. Non-Executive Incentive Plans** 

During 2015, the Company authorized an equity incentive plan (old plan). Under this plan, key employees are granted phantom stock awards under management discretion. The awards have a five-year vesting period, at which point the awards convert to restricted common stock at the current fair value or are paid out in cash, at the participants discretion. Upon death, disability or retirement, the awardee has the option to sell the restricted common stock for the current fair value. Upon termination, there is a mandatory sale of the restricted common stock. As of December 31, 2024 and 2023, 2,035 and 3,107 units related to the old plan were outstanding, respectively. During the year ended December 31, 2024, 147 units were forfeited, and 754 units were converted, and 171 units were paid out. The Company has recorded a current liability of approximately $444,800 and $378,700 in accrued expenses and other liabilities on the consolidated balance sheets as of December 31, 2024 and 2023, respectively, and a long-term liability of

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approximately $253,600 and $533,700 in long-term accrued expenses and other liabilities on the consolidated balance sheets as of December 31, 2024 and 2023, in relation to shares granted under the old incentive plan. The liabilities recorded as of December 31, 2024 and 2023, represent the total unvested portion of the units grants. respectively. Compensation expense is incurred in the year that the units are granted, subsequent compensation expense is recognized as the liability is adjusted to market each period. Compensation expense of approximately $67,600 was recognized for the year ended December 31, 2024. The Company recorded a reduction to expense for the old incentive plan of approximately $27,200 during the year ended December 31, 2023.

Effective January 1, 2023, the plan was frozen and a new incentive plan was established (new plan). Under this plan, key employees are granted phantom stock awards under management discretion. The awards have a three-year vesting period, at which point the awards convert to cash based on the current value of the Company's common stock price. Upon death, disability or retirement, the Company shall deliver to the awardee, or the awardee's beneficiary, the cash value of all phantom stock that vested upon such event. Upon termination, an awardee's unvested phantom stock is forfeited. As of December 31, 2024 and 2023, 2,837 and 1,415 units were outstanding, respectively. During the year ended December 31, 2024, 1,579 units were granted, 87 units were forfeited, and 70 units were paid out. As of December 31, 2024 and 2023, the Company has recorded a long-term liability of approximately $974,000 and $416,000, respectively, which is recorded in long-term accrued expenses and other liabilities on the consolidated balance sheets. The liabilities recorded as of December 31, 2024 and 2023 represent the total unvested portion of the units granted. Compensation expense is incurred in the year that the units are granted, subsequent compensation expense is recognized as the liability is adjusted to market each period. Compensation expense of approximately $619,800 and $346,700 was recognized during the years ended December 31, 2024 and 2023, respectively.

**Note 11. Income Taxes** 

The composition of the income tax provision for the years ended December 31, 2024 and 2023, is as follows:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Current | $28148544 | $24462933 |
| Deferred | (3090975) | (3860900) |
|  | $25057569 | $20602033 |

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The provision for income taxes does not bear the usual relationship to pretax income.

Significant items which affect the relationship are as follows:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Expected tax at federal statutory rates | $24917991 | $20823278 |
| Increase (decrease) in taxes resulting from: |  |  |
| &nbsp;&nbsp;&nbsp;State taxes, net of federal benefit | 1780833 | 1680321 |
| &nbsp;&nbsp;&nbsp;Permanent differences | (328657) | (269192) |
| &nbsp;&nbsp;&nbsp;Federal credits | (802400) | (1002400) |
| &nbsp;&nbsp;&nbsp;Deferred adjustment—state depreciation |  | (457095) |
| &nbsp;&nbsp;&nbsp;Other | (510198) | (172879) |
|  | $25057569 | $20602033 |

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Net deferred tax assets and liabilities consist of the following components, approximately, as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | $177200 | $251800 |
| &nbsp;&nbsp;&nbsp;Inventories | 673400 | 743400 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 4719700 | 4385200 |
| &nbsp;&nbsp;&nbsp;Deferred compensation | 2883700 | 2349200 |
| &nbsp;&nbsp;&nbsp;Capitalized research and experimental expenditures | 6323600 | 4984600 |
| &nbsp;&nbsp;&nbsp;Identifiable intangible assets | 260900 |  |
| &nbsp;&nbsp;&nbsp;State credits | 382800 |  |
|  | 15421300 | 12714200 |
| Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment | 7110100 | 7735900 |
| &nbsp;&nbsp;&nbsp;Goodwill | 4292384 | 4095500 |
| &nbsp;&nbsp;&nbsp;Prepaids | 491934 | 446900 |
|  | 11894418 | 12278300 |
|  | $3526882 | $435900 |

---

The Company files income tax returns in the U.S. federal jurisdiction, and various states. With few exceptions, the Company is no longer subject to U.S. federal tax examinations by tax authorities for years before 2021 and state tax examinations by tax authorities for years before 2020.

The Company applies the provisions of the Accounting for Uncertainty in Income Taxes section of the Income Taxes topic of the ASC. As of December 31, 2024 and 2023, no liabilities for unrecognized tax benefits were recorded.

**Note 12. Fair Value Measurements and Investments** 

The Company applies ASC 820, Fair Value Measurements and Disclosures, which provides a framework for measuring fair value under generally accepted accounting principles. ASC 820 applies to all financial instruments that are being measured and reported on a fair value basis.

As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

In determining fair value, the Company uses various methods including market, income and cost approaches. Based on these approaches, the Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable inputs. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques, the Company is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:

---

| | |
|:---|:---|
| **Level 1:** | Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 1 also includes U.S. Treasury and federal agency securities and federal agency mortgage-backed securities, which are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. |
| **Level 2:** | Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or similar assets or liabilities. |
| **Level 3:** | Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities.  |

---

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For December 31, 2024 and 2023, the application of valuation techniques applied to similar assets and liabilities has been consistent. The following is a description of the valuation methodologies used for instruments measured at fair value:

**Investment securities:** The Company's equity securities consist of mutual funds. The total fair value of the investment securities of approximately $719,000 and $933,000 are entirely a Level 1 fair value hierarchy at December 31, 2024 and 2023, respectively. The gross realized gain from equity securities was approximately $43,400 and $49,400 for 2024 and 2023, respectively. There were nominal gross unrealized gains or losses on the equity securities as of December 31, 2024 and 2023.

The carrying amounts of financial instruments, including cash, accounts receivable, accounts payable and accrued expenses approximate fair value due to their short-term nature.

Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the value of investment securities will occur in the near term and such changes could materially affect the amounts reported in the financial statements.

**Note 13. Commitments and Contingencies** 

From time to time, the Company has claims and pending legal proceedings that generally involve product liability, regulatory matters, patent infringement and employment issues. These proceedings are, in the opinion of management, ordinary routine matters incidental to the normal business conducted by the Company. In the opinion of management, such proceedings related to employment and product liability issues are substantially covered by insurance, and the ultimate disposition of such proceedings are not expected to have a material adverse effect on the Company's consolidated balance sheet, results of operations or cash flows. As of December 31, 2023, the Company has recorded a current liability of $2,200,000 for future commitments related to a product recall that occurred in 2023. Due to a change in estimate, the Company decreased the liability by approximately $2,000,000 during the year ended December 31, 2024.

**Note 14. Accrued Expenses and Other Liabilities** 

The composition of current and long-term accrued expenses and other liabilities for the years ended December 31, 2024 and 2023, is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Accrued warranty costs | $10288250 | $8057250 |
| Accrued retirement contributions | 3932692 | 3597911 |
| Accrued personnel costs | 18241112 | 12768087 |
| Accrued product liability | 28000 | 2200000 |
| Accrued taxes | 545034 | 430890 |
| Business acquisition contingent consideration | 1600000 |  |
|  | $34635088 | $27054138 |

---

**Note 15. Leases** 

The Company leases buildings under operating lease agreements that have initial terms ranging from three to 10 years. The leases include options to renew, at the Company's sole discretion, with renewal terms that can extend the lease term up to six years. In addition, one of the leases contains a termination option, where the rights to terminate are held by either the Company, the lessor or both parties. These options to extend or terminate a lease are included in the lease terms when it is reasonably certain that the Company will exercise that option. The Company's operating leases do not contain any material restrictive covenants or residual value guarantees.

Operating lease cost is recognized on a straight-line basis over the lease term. The components of lease expense are as follows for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Operating lease cost | $1103997 | $936997 |

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Supplemental cash flow information related to leases is as follows for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Cash paid for amounts included in measurement of lease <br> liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Operating cash outflows—payments on operating lease | $1078704 | $817890 |
| ROU assets obtained in exchange for new lease obligations: |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease | 938079 |  |

---

Lease terms and discount rates are as follows as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Weighted-average remaining lease term: |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease | 6.2 years | 7.67 years |
| Weighted-average discount rate: |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease | 5.8% | 5.8% |

---

Future undiscounted cash flows for each of the next five years and thereafter and a reconciliation to the lease liabilities recognized on the consolidated balance sheets are as follows as of December 31, 2024:

---

| | |
|:---|:---|
|  | **Operating<br>Leases** |
| Years ending December 31: |  |
| 2025 | $1266217 |
| 2026 | 1287192 |
| 2027 | 1141638 |
| 2028 | 996568 |
| 2029 | 1018990 |
| Thereafter | 1746871 |
| &nbsp;&nbsp;&nbsp;Total lease payments | 7457476 |
| Less imputed interest | 414152 |
| &nbsp;&nbsp;&nbsp;Total present value of lease liabilities | $7043324 |

---

**Note 16. Line of Credit** 

The Company has a line of credit agreement with a bank that permits borrowings up to $50,000,000. Borrowings on the line of credit bear interest at the Secured Overnight Financing Rate plus 1.25%. The line of credit agreement expires June 30, 2025. There were no borrowings during the years ended December 31, 2024 and 2023, and there were no outstanding borrowings as of December 31, 2024 and 2023. Under the credit agreement the Company is subject to certain financial and non-financial covenants.

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**Research Products Corporation and Subsidiaries** 

**Consolidated Balance Sheets (Unaudited)** 

**March 31, 2025 and December 31, 2024** 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $66814846 | $53417467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable (less allowance for credit losses of $741,000 and $990,000, in<br> 2025 and 2024, respectively) | 72736472 | 69589859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 73863869 | 76009296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable |  | 194801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 8178663 | 7268194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 221593850 | 206479617 |
| Investment in equity securities | 936466 | 719223 |
| Property and equipment, net | 105412698 | 102648944 |
| Deferred income taxes | 3673326 | 3526882 |
| Goodwill, net | 34657547 | 34657547 |
| Intangible assets, net | 48970625 | 49780417 |
| Right-of-use asset for operating lease | 6383935 | 6667494 |
|  | $421628447 | $404480124 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $19111482 | $21680657 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 13583171 | 22899875 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 6388081 |  |
| &nbsp;&nbsp;&nbsp;Lease liability for operating lease | 1097669 | 1139595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 40180403 | 45720127 |
| Long-term accrued expenses and other liabilities | 12941227 | 11735213 |
| Lease liability for operating lease | 5665026 | 5903729 |
| Deferred compensation | 7712687 | 7135259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 66499343 | 70494328 |
| Commitments and contingencies (Note 11) |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Common stock $5 par value, 15,000,000 shares authorized | 22111700 | 22111700 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 25917079 | 25917079 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 497201419 | 476058111 |
|  | 545230198 | 524086890 |
| &nbsp;&nbsp;&nbsp;Less treasury stock, at cost | 190101094 | 190101094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 355129104 | 333985796 |
|  | $421628447 | $404480124 |

---

See notes to unaudited consolidated financial statements.

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**Research Products Corporation and Subsidiaries** 

**Consolidated Statements of Income (Unaudited)** 

**Three Months Ended March 31, 2025 and 2024** 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Net sales | $130476385 | $104171199 |
| Cost of goods sold | 70540691 | 58580570 |
| &nbsp;&nbsp;&nbsp;**Gross profit** | 59935694 | 45590629 |
| Selling, general and administrative expenses | 33100726 | 22400780 |
| &nbsp;&nbsp;&nbsp;**Income from operations** | 26834968 | 23189849 |
| Other income, net | 804920 | 1311993 |
| &nbsp;&nbsp;&nbsp;Income before provision for income taxes | 27639888 | 24501842 |
| Provision for income taxes | 6496580 | 5285398 |
| &nbsp;&nbsp;&nbsp;**Net income** | $21143308 | $19216444 |

---

See notes to unaudited consolidated financial statements.

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**Research Products Corporation and Subsidiaries** 

**Consolidated Statements of Stockholders' Equity (Unaudited)** 

**Three Months Ended March 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common<br>Stock Shares<br>Issued** | **Common<br>Stock<br>Amount** | **Treasury<br>Stock Shares** | **Treasury Stock<br>Amount** | **Additional<br>Paid-In<br>Capital** | **Retained<br>Earnings** | **Total** |
| Balance, December 31, 2024 | 4422340 | $22111700 | 1775709 | $(190101094) | $25917079 | $476058111 | $333985796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  | 21143308 | 21143308 |
| **Balance, March 31, 2025** | 4422340 | $22111700 | 1775709 | $(190101094) | $25917079 | $497201419 | $355129104 |

---

See notes to unaudited consolidated financial statements.

**Consolidated Statements of Stockholders' Equity (Unaudited)** 

**Three Months Ended March 31, 2024** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common<br>Stock Shares<br>Issued** | **Common<br>Stock<br>Amount** | **Treasury<br>Stock Shares** | **Treasury Stock<br>Amount** | **Additional<br>Paid-In<br>Capital** | **Retained<br>Earnings** | **Total** |
| Balance, December 31, 2023 | 4422340 | $22111700 | 1737925 | $(175736511) | $23860473 | $396522301 | $266757963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  | 19216444 | 19216444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of common stock for<br> the treasury |  |  | 1819 | (592830) |  |  | (592830) |
| **Balance, March 31, 2024** | 4422340 | $22111700 | 1739744 | $(176329341) | $23860473 | $415738745 | $285381577 |

---

See notes to unaudited consolidated financial statements.

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**Consolidated Statements of Cash Flows (Unaudited)** 

**Three Months Ended March 31, 2025 and 2024** 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $21143308 | $19216444 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash and cash equivalents provided by<br> operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in right-of-use asset | 283559 | 204978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 809792 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 2914613 | 2483282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating activities | (155031) | (387023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation | 542522 | 372724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 270926 | 217750 |
| (Decrease) increase in cash and cash equivalents due to changes in working capital<br> components: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | $(3146613) | $2404755 |
| &nbsp;&nbsp;&nbsp;Inventories | 2145427 | 156445 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (910469) | (72871) |
| &nbsp;&nbsp;&nbsp;Accounts payable | (1753745) | (5363133) |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (8627339) | (8163134) |
| &nbsp;&nbsp;&nbsp;Income taxes | 6582882 | 5641418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 20099832 | 16711635 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of equity securities | (229148) | (270263) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of equity securities |  | 324341 |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (6500511) | (2837096) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of property and equipment | 27206 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | (6702453) | (2783018) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Dividends paid |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of common stock for the treasury |  | (592830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in financing activities** |  | (592830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase in cash and cash equivalents** | 13397379 | 13335787 |
| Cash and cash equivalents: |  |  |
| &nbsp;&nbsp;&nbsp;Beginning December 31, 2024 and 2023 | 53417467 | 80748187 |
| &nbsp;&nbsp;&nbsp;Ending | $66814846 | $94083974 |
| Supplemental disclosures of cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for income taxes | $43528 | $38035 |
| Supplemental schedules of noncash investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Equipment purchases included in accounts payable | $91071 | $21787 |

---

See notes to unaudited consolidated financial statements.

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**Note 1. Nature of Business and Summary of Significant Accounting Policies** 

**Nature of business**: Research Products Corporation (RPC) d/b/a AprilAire, Anden, and RP Filters, including its wholly owned subsidiaries, DRI-STEEM Corporation (DRI-STEEM), EWC Controls, LLC (EWC), GS, LLC (GS), and HydroHeat, LLC (HH), are collectively referred to as the Company. RPC, DRI-STEEM, and EWC are primarily involved with the production and sale of indoor air treatment products. The Company's products are sold predominately throughout the United States and certain international markets. The Company's products are used in commercial and residential buildings in both new construction and as an improvement to existing heating, ventilation and air conditioning (HVAC) systems. EWC was acquired on July 1, 2024 and is included in the consolidated operations for the three months ended March 31, 2025. GS and HH were inactive entities for the periods ending March 31, 2025 and 2024.

A summary of the Company's significant accounting policies follows:

**Principles of consolidation**: The consolidated financial statements (collectively, the financial statements) include the accounts of the parent company, RPC and its subsidiaries, DRI-STEEM and EWC. All significant intercompany balances and transactions are eliminated in consolidation.

**Cash and cash equivalents**: Cash and cash equivalents include cash and temporary cash investments, which have an original maturity of three months or less.

**Accounts receivable and allowance for credit losses**: Accounts receivable are carried at original invoice less an allowance for credit losses.

The Company offsets gross trade accounts receivable with an allowance for credit losses. The allowance for credit losses is the Company's best estimate of the amount of probable credit losses in the Company's existing accounts receivable and is based upon historical loss patterns, the number of days that billings are past due, and an evaluation of the potential risk of loss associated with specific accounts. Account balances are charged against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Provisions for allowances for credit losses are recorded in general and administrative expense. Recoveries of trade receivables previously written off are recorded when received.

Estimating credit losses based on risk characteristics requires significant judgment by the Company. Significant judgments include but are not limited to assessing current economic conditions and the extent to which they would be relevant to the existing characteristics of the Company's receivables, the estimated life of the receivables and the level of reliance on historical experience in light of economic conditions. The Company reviews and updates, when necessary, its historical risk characteristics that are meaningful to estimating credit losses, any new risk characteristics that arise in the natural course of business and the estimated life of its receivables. During the three months ended March 31, 2025 and 2024, the Company recorded credit loss expense totaling approximately $42,000 and $24,000, respectively. The opening balance of trade receivables as of January 1, 2024, was $62,771,339.

**Inventories**: Inventories are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out (FIFO) method. As of March 31, 2025 and December 31, 2024, there was an inventory valuation reserve for excess and obsolete inventory of approximately $3,034,000 and $3,373,000, respectively. Management estimates the inventory excess and obsolete reserve based upon its expectation of inventory that will ultimately become excess or obsolete and the estimated price the items will be sold for or the amount expected to be received from the vendor upon return.

**Investment in equity securities**: Equity securities consist of investments in mutual funds. Equity securities are stated at fair value, and unrealized holding gains and losses, net of the related deferred tax effect, are included in income. Realized and unrealized gains and losses are included in other income on the consolidated statements of income and are determined on the basis of the average cost of the securities sold.

**Property and equipment**: Property and equipment is recorded at cost. Depreciation is provided over the estimated useful lives of the various assets. Generally, property and equipment is depreciated on a straight-line or accelerated basis. Cost incurred for building materials, production equipment and subcontract labor comprise construction in progress.

**Goodwill**: Goodwill represents the excess of purchase price over the fair value of the identifiable tangible and intangible net assets acquired in a business combination. Goodwill is tested and reviewed for impairment in the fourth quarter of each fiscal year or whenever there is a material change in events or circumstances that indicate that the fair value of the asset is more likely than not less than the carrying amount of the asset.

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Impairment of goodwill is assessed at the reporting unit level and begins with a qualitative assessment to determine if it is more likely than not the fair value of a reporting unit to which goodwill has been assigned is less than its carrying value. If the Company concludes based on the qualitative assessment that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company compares the fair value of the reporting unit to its carrying value. If the estimated fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. To the extent that the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss will be recognized for the amount the reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit.

The Company tested its goodwill for impairment as part of its annual assessment. The tests did not indicate any impairment.

**Intangible assets**: Intangible assets are composed of customer relationships and trade names with estimated useful lives of 16 and 15 years, respectively. Intangible assets are amortized over their estimated lives using the straight-line method. Costs incurred to renew or extend the term of recognized intangible assets are capitalized and amortized over the useful life of the asset.

**Impairment of long-lived assets**: Long-lived assets are evaluated for impairment whenever events or changes in circumstances have indicated that an asset may not be recoverable and are grouped with other assets to the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities (asset group). If the sum of the projected undiscounted cash flows (excluding interest charges) of an asset group is less than its carrying value and the fair value of an asset group is also less than its carrying value, the assets will be written down by the amount by which the carrying value of the asset group exceeded its fair value. Any loss would be recognized in income from operations in the period in which the determination is made. Management determined that no impairment of long-lived assets existed as of March 31, 2025 and December 31, 2024.

**Business acquisition contingent consideration**: Contingent consideration arising from a business combination is recorded at the estimated present value based on projected income and various other assumptions associated with the calculation of the contingent consideration.

**Leases**: The Company determines if an arrangement is or contains a lease at inception, which is the date on which the terms of the contract are agreed to, and the agreement creates enforceable rights and obligations. A contract is or contains a lease when: (i) explicitly or implicitly identified assets have been deployed in the contract, and (ii) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company also considers whether its service arrangements include the right to control the use of an asset.

The Company recognizes most leases on its consolidated balance sheets as a right-of-use (ROU) asset representing the right to use an underlying asset and a lease liability representing the obligation to make lease payments over the lease term, measured on a discounted basis. Leases are classified as either finance leases or operating leases based on certain criteria. Classification of the lease affects the pattern of expense recognition in the consolidated statement of income.

The Company made an accounting policy election available not to recognize ROU assets and lease liabilities for leases with a term of 12 months or less. For all other leases, ROU assets and lease liabilities are measured based on the present value of future lease payments over the lease term at the commencement date of the lease (or January 1, 2022, for existing leases upon the adoption of Accounting Standards Codification (ASC) Topic 842, Leases). The ROU assets also include any initial direct costs incurred and lease payments made at or before the commencement date and are reduced by any lease incentives received. As the Company's leases generally do not have a readily determinable implicit rate, the Company uses its incremental borrowing rate in determining the present value of their lease liability, adjusted for lease term and geography, to determine the present value of fixed leases payments based on information available at the lease commencement date.

Future lease payments may include fixed-rent escalation clauses or payments that depend on an index (such as the consumer price index), which is initially measured using the index or rate at lease commencement. Subsequent changes of an index and other periodic market-rate adjustments to base rent are recorded in variable lease expense in the period incurred. Residual value guarantees or payments for terminating the lease are included in the lease payments only when it is probable they will be incurred.

The Company has made an accounting policy election to account for lease and nonlease components in its contracts as a single lease component for its real estate, vehicle and equipment asset classes. The nonlease components typically represent additional services transferred to the Company, such as common area maintenance for real estate, which are variable in nature and recorded in variable lease expense in the period incurred.

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**Business combinations**: Acquisitions are accounted for in accordance with Financial Accounting Standards Board (FASB) ASC 805, Business Combinations, under the acquisition method of accounting; the carrying amounts of the Company's assets acquired and liabilities assumed in the acquisition are adjusted to their acquisition-date estimated fair values as determined by the Company's management with the assistance of external valuation experts based on information currently available and on current assumptions on future operations. The excess of the consideration transferred (i.e., purchase price) over the fair value of the net assets acquired acquisitions are recognized as goodwill.

**Treasury stock**: The Company uses the cost method to account for treasury stock. When treasury stock is reissued, it is accounted for using FIFO method.

**Revenue recognition**: The Company recognizes revenue in accordance with ASC Topic 606, *Revenue from Contracts with Customers*, which provides a five-step model for recognizing revenue from contracts with customers as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Identify the contract with a customer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Identify the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Determine the transaction price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Allocate the transaction price to the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Recognize revenue when or as performance obligations are satisfied

***Nature of revenues***: The Company's revenue is derived from sales of indoor air treatment products. The Company's products are marketed and sold primarily to distributors in the United States and certain international markets. Sales of products are subject to economic conditions and may fluctuate based on changes in the industry, trade policies and financial markets.

Revenue from the sale of the Company's products is recognized upon transfer of control to the customer, which is typically upon shipment. The Company has elected to treat shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products and not as a separate performance obligation.

***Contracts with multiple performance obligations***: When the Company's contracts with customers contain multiple performance obligations, the contract transaction price is allocated on a relative stand-alone selling price (SSP) basis to each performance obligation. The Company typically determines SSP based on observable selling prices of its products.

***Transaction price***: The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods to the customer. Revenue is recorded based on the transaction price, which includes fixed consideration and estimates of variable consideration such as rebates and rights of return. The amount of variable consideration included in the transaction price is constrained and is included only to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

Variable consideration is estimated as follows:

*Early payment discounts*: Customers typically receive discounts between 1% and 2% if they pay an invoice within the specified early payment period for the contract. The Company estimates the amount of variable consideration using the expected-value method (i.e., probability-weighted approach) based on review of specific transactions, historical experience and market and economic conditions.

*Rebates and cooperative marketing*: The Company provides rebates to certain customers based on the volume of purchases during the period. Rebates are estimated using the expected-value method based on review of specific transactions, historical experience and market and economic conditions. The accrual for customer rebates and allowances was approximately $3,894,000 and $3,384,000 as of March 31, 2025 and December 31, 2024, respectively, this accrual is included within accounts payable on the consolidated balance sheet.

*Rights of return*: Variable consideration for rights of return is estimated using the expected-value method based on review of specific transactions, historical experience and market and economic conditions. The Company recorded a refund liability for the amount the Company expects to refund to customers for the products of $108,900 and $151,200 as of March 31, 2025 and December 31, 2024, respectively, which is included in accrued expenses and other liabilities on the consolidated balance sheets.

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Payment terms on invoiced amounts are typically 30 to 60 days. In instances where the timing of revenue recognition differs from the timing of the right to invoice, the Company has determined that a significant financing component generally does not exist. The primary purpose of the Company's invoicing terms is to provide customers with simplified and predictable ways of purchasing the products and not to receive financing from or provide financing to the customer.

The Company excludes from revenue sales taxes and other government-assessed and imposed taxes on revenue-generating activities that are invoiced to customers.

***Customer concentration***: For the three months ended March 31, 2025 and 2024, one of the Company's customers accounted for 12% and 13% of total revenues, respectively. As of March 31, 2025 and December 31, 2024, this customer had accounts receivable balances representing 10% and 12.6%, of total accounts receivable, respectively.

***Warranties***: The Company generally provides limited-assurance-type warranties for products under its contracts. The warranty periods typically extend for a limited time following the transfer of control of the products. The Company does not consider these warranties to be performance obligations. See Note 6 for discussion of the associated warranty costs and liability.

***Costs to obtain a contract***: Sales commissions paid to internal sales personnel that are incremental to the acquisition of customer contracts are capitalized as deferred contract costs on the consolidated balance sheets when the period of benefit is determined to be greater than one year. The Company has elected to apply the practical expedient to expense sales commissions as incurred when the expected amortization is one year or less. The Company determines the period of benefit for sales commissions paid for the acquisition of an initial contract by taking into consideration the initial estimated customer life as well as future expectations about whether the renewal commission will be commensurate with the pattern of revenue recognition. Under this policy, no deferred contract costs were recorded as of March 31, 2025 and December 31, 2024.

**Advertising costs**: Advertising costs are charged to expense when incurred. Such costs were approximately $1,500,000 and $1,800,000 for the three months ended March 31, 2025 and 2024, respectively.

**Income taxes**: Deferred income taxes are provided using the liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates at the date of enactment.

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination.

It is the Company's policy that interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the consolidated statements of income.

**Use of estimates**: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

**Employee stock plans**: The Company has multiple stock-based compensation plans for which the accounting policies are described in Notes 7 and 8. The Company applies the fair value recognition provisions of ASC 718, Compensation—Stock Compensation, using the prospective method. Under that method, new awards and awards modified, repurchased or canceled will be accounted for under these provisions. This topic requires that compensation cost from all share-based payment transactions be recognized in the financial statements. Awards are issued under the phantom stock option of the deferred compensation plan and the equity incentive plan and are

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accounted for as liability awards. The Company recognizes the cost of the employee services received in exchange for awards of liability instruments based upon the fair value of the vested shares as measured at each reporting date.

**Research and development costs**: Research and development costs are charged to expense as incurred. Such costs were approximately $3,800,000 and $3,300,000 for the three months ended March 31, 2025 and 2024, respectively.

**Concentrations of credit risk**: The Company maintains its cash in bank deposit accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.

**Recently adopted accounting standard**: In June 2022, the FASB issued Accounting Standards Update (ASU) 2022-03, *Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions*, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. ASU 2022-03 also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. In addition, ASU 2022-03 requires additional disclosures for equity securities subject to contractual restrictions. The Company adopted ASU 2022-03 effective January 1, 2024. The impact of the adoption on the Company's financial statements was not material.

**Recent accounting pronouncement**: In March 2024, the FASB issued ASU 2024-01, *Compensation— Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards*. The ASU adds an example with four fact patterns to ASC 718-10, Compensation—Stock Compensation—Overall, in order to assist preparers of financial statements in determining whether profits interest units should be accounted for within the scope of the guidance in ASC 718 or ASC 710, Compensation—General. The ASU only addresses the scope determination and does not amend the recognition or measurement guidance in either ASC 710 or ASC 718. ASU 2024-01 provides entities with a choice of adopting the amendments on a prospective or retrospective basis. This ASU is effective for the Company beginning on January 1, 2026. The adoption of ASU 2024-01 is not expected to have a significant impact on the Company's financial statements.

**Subsequent events**: The Company has evaluated subsequent events through December 12, 2025, the date the financial statements were available to be issued and determined. On May 7, 2025, the Company entered into an agreement that resulted in change of control. In conjunction with the change of control, the Company's line of credit (Note 14) was extinguished. Additionally, the deferred compensation and incentive plans discussed in Notes 6 and 7 were paid in full as part of closing.

**Note 2. Inventories** 

Inventories at March 31, 2025 and December 31, 2024, are as follows:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Raw materials | $36246551 | $38358482 |
| Work in process | 2843029 | 5929275 |
| Finished goods | 37808089 | 35094339 |
|  | 76897669 | 79382096 |
| Less allowance for inventory obsolescence | 3033800 | 3372800 |
|  | $73863869 | $76009296 |

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**Note 3. Property and Equipment** 

Major classifications of property and equipment at March 31, 2025 and December 31, 2024, are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Depreciable<br>Lives<br>(Years)** |
| Land | $2868070 | $2868070 |  |
| Land improvements | 1823553 | 1823553 | 10-25 |
| Buildings and building equipment | 40250036 | 40152440 | 6-33 |
| Machinery and equipment | 106765085 | 101031139 | 3-10 |
|  | 151706744 | 145875202 |  |
| Capital projects in progress | 32162932 | 32386200 |  |
|  | 183869676 | 178261402 |  |
| Less accumulated depreciation | 78456978 | 75612458 |  |
|  | $105412698 | $102648944 |  |

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**Note 4. Goodwill and Intangibles** 

Intangible assets as of March 31, 2025 and December 31, 2024, is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** |
|  | **Cost** | **Accumulated<br>Amortization** | **Net** |
| Customer relationships | $45000000 | $(2109375) | $42890625 |
| Trade name | 6400000 | (320000) | 6080000 |
|  | $51400000 | $(2429375) | $48970625 |

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| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** |
|  | **Cost** | **Accumulated<br>Amortization** | **Net** |
| Customer relationships | $45000000 | $(1406250) | $43593750 |
| Trade name | 6400000 | (213333) | 6186667 |
|  | $51400000 | $(1619583) | $49780417 |

---

There were no changes in the carrying amount of goodwill for the three months ended March 31, 2025 and 2024. There were no cumulative goodwill impairments recognized as of March 31, 2025 or December 31, 2024.

Amortization expense for intangible assets for the three months ended March 31, 2025 and 2024, was $809,792 and $0, respectively.

**Note 5. Product Warranties** 

The Company generally provides a limited warranty for a five-year period. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts amounts, as necessary. The Company has recorded a warranty liability, which is included in accrued expenses and other liabilities in the consolidated balance sheets. Changes in the Company's warranty liability are as follows:

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| | |
|:---|:---|
|  | **2025** |
| Warranty reserve at January 1 | $10288250 |
| &nbsp;&nbsp;&nbsp;Warranty expense | 1104515 |
| &nbsp;&nbsp;&nbsp;Warranty claims | (1555600) |
| Warranty reserve at March 31, 2025 | $9837165 |

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**Note 6. Retirement and Postretirement Benefit Plans** 

The Company has various defined contribution plans that cover substantially all employees upon meeting certain service requirements. The Company, upon approval by the Board of Directors, may make discretionary matching contributions as a percentage of the participating employees wage deferrals and discretionary profit sharing contributions. Company contributions for the plans were approximately $1,760,000 and $1,526,000 for the three months ended March 31, 2025 and 2024, respectively.

The Company also has a nonqualified deferred compensation plan that provides a compensation deferral for employees of the Company for whom 10% of their anticipated compensation for any year will exceed the maximum deferral allowed under the qualified plans, and each director of the Company. The account balance of any participant shall be fully vested and nonforfeitable at all times, except the forfeiture of the phantom stock portion of an account balance upon employment termination by the Company. Upon leaving employment for any reason, the participant's account balance will be paid in a lump sum or 60 monthly installments. Each participant's account balance consists of employee deferrals, a Company matching and profit sharing contribution, and an allocation of investment earnings. The Company matching and profit sharing contribution shall be made only to eligible employees, not participating directors.

All rights created under this plan are unsecured contractual rights, and the participating employees and directors have the status of general creditors of the Company. The Company's contribution to the plan totaled approximately $12,600 and $67,200 for the three months ended March 31, 2025 and 2024, respectively. A deferred compensation liability of approximately $2,187,000 and $1,804,000 was recorded in deferred compensation on the consolidated balance sheets as of March 31, 2025 and December 31, 2024, respectively.

**Note 7. Executive Equity Incentive Plans** 

As part of the nonqualified deferred compensation plan, the Company established a phantom stock investment option for the current eligible and participating employees. As of March 31, 2025 and December 31, 2024, 13,937 units were outstanding under this investment option. During the three months ended March 31, 2025 and 2024, participants did not purchase any units. During the three months ended March 31, 2025 and 2024, participants did not redeem any units. The phantom stock investment options can also be paid in cash at the participant's discretion. The Company has recorded a long-term liability of approximately $5,525,000 and $5,331,000 in deferred compensation on the consolidated balance sheets as of March 31, 2025 and December 31, 2024, respectively. The Company measures any compensation expense under this plan for each award based on the appreciated value of the Company's common stock. Compensation expense of approximately $194,400 was recognized for the three months ended March 31, 2025. There was no expenses recorded for the three months ended March 31, 2024.

During 2022, the Company implemented an incentive plan under the Board of Directors discretion to award certain key executives and directors. The plan consists of two transition awards and annual awards thereafter. The transition awards have a three-year vesting period, at which point the awards are converted to common stock at the current fair value or are paid out in cash at the participant's discretion. The awards thereafter are made annually and have a three-year vesting period, at which point the awards are converted to common stock at the current fair value or are paid out in cash at the participant's discretion. If the participant elects to receive the award in the form of common stock, the shares are issued out of treasury stock. The value of the discretionary awards is based on a percentage of base salary with those percentages being adjusted for the percentage of the target three-year compounded annual growth rate of total stockholder return achieved. The related liability is updated annually based on the additional vesting and revised fair value of the Company's common stock. Forfeitures are recognized as incurred.

The Company approved and issued no shares of common stock to certain executives and directors as compensation for three months ended March 31, 2025 and 2024, respectively. For previously issued shares the Company has recorded a current liability of approximately $801,000 and $1,101,100 in accrued expenses and other liabilities on the consolidated balance sheets as of March 31, 2025 and December 31, 2024, respectively and a long-term liability of approximately $2,163,000 and $1,593,000 in long-term accrued expenses and other liabilities as of March 31, 2025 and December 31, 2024, respectively. The Company records compensation expense related to this incentive plan under the straight-line method over the vesting period. The Company recorded compensation expense of approximately $571,000 and $218,000 during the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, there was no unrecognized compensation costs related to the unvested shares under the plan.

**Note 8. Non-Executive Incentive Plans** 

During 2015, the Company authorized an equity incentive plan (old plan). Under this plan, key employees are granted phantom stock awards under management discretion. The awards have a five-year vesting period, at which point the awards convert to restricted common stock at the current fair value or are paid out in cash, at the participants discretion. Upon death, disability or retirement, the awardee has the option to sell the restricted common stock for the current fair value. Upon termination, there is a mandatory sale of

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the restricted common stock. As of March 31, 2025 and December 31, 2024, 1,310 and 2,035 units related to the old plan were outstanding, respectively. During the three months ended March 31, 2025 and 2024, there was no activity related to the outstanding units. For previously issued shares, the Company has recorded a current liability of approximately $444,800 and $444,800 in accrued expenses and other liabilities on the consolidated balance sheets as of March 31, 2025 and December 31, 2024, respectively, and a long-term liability of approximately $55,000 and $253,600 in long-term accrued expenses and other liabilities on the consolidated balance sheets as of March 31, 2025 and December 31, 2024, in relation to shares granted under the old incentive plan. The liabilities recorded as of March 31, 2025 and December 31, 2024, represent the total unvested portion of the units grants. Compensation expense is incurred in the year that the units are granted, subsequent compensation expense is recognized as the liability is adjusted to market each period. Compensation expense of approximately $10,100 was recognized for the three months ended March 31, 2025. No compensation expense was recognized for the three months ended March 31, 2024.

Effective January 1, 2023, the plan was frozen and a new incentive plan was established (new plan). Under this plan, key employees are granted phantom stock awards under management discretion. The awards have a three-year vesting period, at which point the awards convert to cash based on the current value of the Company's common stock price. Upon death, disability or retirement, the Company shall deliver to the awardee, or the awardee's beneficiary, the cash value of all phantom stock that vested upon such event. Upon termination, an awardee's unvested phantom stock is forfeited. As of March 31, 2025 and December 31, 2024, 3,562 and 2,837 units were outstanding, respectively. During the three months ended March 31, 2025 and 2024, there was approximately $165,000 and $0 compensation expense recognized. As of March 31, 2025 and December 31, 2024, the Company has recorded a long-term liability of approximately $1,362,615 and $974,000, respectively, which is recorded in long-term accrued expenses and other liabilities on the consolidated balance sheets. The liabilities recorded as of March 31, 2025 and December 31, 2024 represent the total unvested portion of the units granted. Compensation expense is incurred in the year that the units are granted, subsequent compensation expense is recognized as the liability is adjusted to market each period. There was no compensation expense recognized during the three months ended March 31, 2025 and 2024, respectively.

**Note 9. Income Taxes** 

The composition of the income tax provision for the three months ended March 31, 2025 and 2024, is as follows:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Current | $6643032 | $5664019 |
| Deferred | (146452) | (378621) |
|  | $6496580 | $5285398 |

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The provision for income taxes does not bear the usual relationship to pretax income.

Significant items which affect the relationship are as follows:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Expected tax at federal statutory rates | $5804376 | $5145387 |
| Increase (decrease) in taxes resulting from: |  |  |
| &nbsp;&nbsp;&nbsp;State taxes, net of federal benefit | 548011 | 303051 |
| &nbsp;&nbsp;&nbsp;Permanent differences | 296584 | (95319) |
| &nbsp;&nbsp;&nbsp;Federal credits | (168000) | (168000) |
| &nbsp;&nbsp;&nbsp;Deferred adjustment—state depreciation |  |  |
| &nbsp;&nbsp;&nbsp;Other | 15609 | 100279 |
|  | $6496580 | $5285398 |

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Net deferred tax assets and liabilities consist of the following components, approximately, as of March 31, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | $177112 | $177200 |
| &nbsp;&nbsp;&nbsp;Inventories | 672982 | 673400 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 4603880 | 4719700 |
| &nbsp;&nbsp;&nbsp;Deferred compensation | 2882065 | 2883700 |
| &nbsp;&nbsp;&nbsp;Capitalized research and experimental expenditures | 6526844 | 6323600 |
| &nbsp;&nbsp;&nbsp;Identifiable intangible assets | 445266 | 260900 |
| &nbsp;&nbsp;&nbsp;State credits | 343173 | 382800 |
|  | 15651322 | 15421300 |
| Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment | 7190656 | 7110100 |
| &nbsp;&nbsp;&nbsp;Goodwill | 4298903 | 4292384 |
| &nbsp;&nbsp;&nbsp;Prepaids | 488437 | 491934 |
|  | 11977996 | 11894418 |
|  | $3673326 | $3526882 |

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The Company files income tax returns in the U.S. federal jurisdiction, and various states. With few exceptions, the Company is no longer subject to U.S. federal tax examinations by tax authorities for years before 2021 and state tax examinations by tax authorities for years before 2020.

The Company applies the provisions of the Accounting for Uncertainty in Income Taxes section of the Income Taxes topic of the ASC. As of March 31, 2025 and December 31, 2024, no liabilities for unrecognized tax benefits were recorded.

**Note 10. Fair Value Measurements and Investments** 

The Company applies ASC 820, Fair Value Measurements and Disclosures, which provides a framework for measuring fair value under generally accepted accounting principles. ASC 820 applies to all financial instruments that are being measured and reported on a fair value basis.

As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

In determining fair value, the Company uses various methods including market, income and cost approaches. Based on these approaches, the Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable inputs. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques, the Company is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:

**Level 1:**Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 1 also includes U.S. Treasury and federal agency securities and federal agency mortgage-backed securities, which are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

**Level 2:**Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or similar assets or liabilities.

**Level 3:**Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities.

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For March 31, 2025 and December 31, 2024, the application of valuation techniques applied to similar assets and liabilities has been consistent. The following is a description of the valuation methodologies used for instruments measured at fair value:

**Investment securities**: The Company's equity securities consist of mutual funds. The total fair value of the investment securities of approximately $936,466 and $719,000 are entirely a Level 1 fair value hierarchy at March 31, 2025 and December 31, 2024, respectively. The gross realized gain from equity securities was not material as of March 31, 2025 and December 31, 2024. There were nominal gross unrealized gains or losses on the equity securities as of March 31, 2025 and 2024.

The carrying amounts of financial instruments, including cash, accounts receivable, accounts payable and accrued expenses approximate fair value due to their short-term nature.

Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the value of investment securities will occur in the near term and such changes could materially affect the amounts reported in the financial statements.

**Note 11. Commitments and Contingencies** 

From time to time, the Company has claims and pending legal proceedings that generally involve product liability, regulatory matters, patent infringement and employment issues. These proceedings are, in the opinion of management, ordinary routine matters incidental to the normal business conducted by the Company. In the opinion of management, such proceedings related to employment and product liability issues are substantially covered by insurance, and the ultimate disposition of such proceedings are not expected to have a material adverse effect on the Company's consolidated balance sheet, results of operations or cash flows.

**Note 12. Accrued Expenses and Other Liabilities** 

The composition of current and long-term accrued expenses and other liabilities as of March 31, 2025 and December 31, 2024, is as follows:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Accrued warranty costs | $9837165 | $10288250 |
| Accrued retirement contributions | 941151 | 3932692 |
| Accrued personnel costs | 13868973 | 18241112 |
| Accrued product liability | 9600 | 28000 |
| Accrued taxes | 267509 | 545034 |
| Business acquisition contingent consideration | 1600000 | 1600000 |
|  | $26524398 | $34635088 |

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**Note 13. Leases** 

The Company leases buildings under operating lease agreements that have initial terms ranging from three to 10 years. The leases include options to renew, at the Company's sole discretion, with renewal terms that can extend the lease term up to six years. In addition, one of the leases contains a termination option, where the rights to terminate are held by either the Company, the lessor or both parties. These options to extend or terminate a lease are included in the lease terms when it is reasonably certain that the Company will exercise that option. The Company's operating leases do not contain any material restrictive covenants or residual value guarantees.

Operating lease cost is recognized on a straight-line basis over the lease term. The components of lease expense are as follows for the three months ended March 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Operating lease cost | $317749 | $234249 |

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Supplemental cash flow information related to leases is as follows for the three months ended March 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Cash paid for amounts included in measurement<br> of lease liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Operating cash outflows—payments on operating lease | $314819 | $226229 |

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Lease terms and discount rates are as follows as of March 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Weighted-average remaining lease term: |  |  |
| Operating lease | 6.73 years | 7.42 years |
| Weighted-average discount rate: |  |  |
| Operating lease | 2.6% | 2.9% |

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Future undiscounted cash flows for each of the next five years and thereafter and a reconciliation to the lease liabilities recognized on the consolidated balance sheets are as follows as of March 31, 2025:

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| | |
|:---|:---|
|  | **Operating<br>Leases** |
| Year ending December 31: |  |
| &nbsp;&nbsp;&nbsp;2025 | $951397 |
| &nbsp;&nbsp;&nbsp;2026 | 1287192 |
| &nbsp;&nbsp;&nbsp;2027 | 1141638 |
| &nbsp;&nbsp;&nbsp;2028 | 996568 |
| &nbsp;&nbsp;&nbsp;2029 | 1018990 |
| &nbsp;&nbsp;&nbsp;Thereafter | 1746871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total lease payments | 7142656 |
| Less imputed interest | (379961) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total present value of lease liabilities | $6762695 |

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**Note 14. Line of Credit** 

The Company has a line of credit agreement with a bank that permits borrowings up to $50,000,000. Borrowings on the line of credit bear interest at the Secured Overnight Financing Rate plus 1.25%. The line of credit agreement expires June 30, 2025. There were no borrowings during the three months ended March 31, 2025 and 2024, and there were no outstanding borrowings as of March 31, 2025 and December 31, 2024. Under the credit agreement the Company is subject to certain financial and non-financial covenants.

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**82,692,308 Shares** 

**Madison Air Solutions Corporation** 

**Class A Common Stock**![img249127520_39.jpg](img249127520_39.jpg)

***Joint Lead Book-Running Managers***

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

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***Joint Bookrunners***

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| | | | |
|:---|:---|:---|:---|
| **BofA Securities** | **Citigroup** | **Baird** | **RBC Capital Markets** |

---

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| | | | |
|:---|:---|:---|:---|
| **Guggenheim Securities** | **Santander** | **Wolfe \| Nomura Alliance** | **CIBC Capital Markets** |

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***Co-Managers***

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| | | | | |
|:---|:---|:---|:---|:---|
| **Comerica Securities** | **William Blair** | **Stifel** | **Capital One Securities** | **PNC Capital Markets LLC** |

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**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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**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

***Item 13. Other Expenses of Issuance and Distribution.*** 

The following table sets forth all costs and expenses, other than the underwriting discounts and commissions payable by us, in connection with the offer and sale of the securities being registered. All amounts shown are estimates except for the Securities and Exchange Commission ("SEC") registration fee and the FINRA filing fee.

---

| | |
|:---|:---|
| SEC registration fee | $381516 |
| FINRA filing fee | 225500 |
| Listing fee | 325000 |
| Printing expenses | 400000 |
| Legal fees and expenses | 4000000 |
| Accounting fees and expenses | 805000 |
| Transfer agent fees and registrar fees | 17500 |
| Miscellaneous expenses | 850000 |
| &nbsp;&nbsp;&nbsp;Total expenses | $7004516 |

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***Item 14. Indemnification of Directors and Officers.*** 

Section 102(b)(7) of the DGCL allows a corporation to provide in its certificate of incorporation that a director or officer of the corporation will not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except where the director or officer breached the duty of loyalty, failed to act in good faith, engaged in intentional misconduct, or knowingly violated a law, authorized the payment of a dividend or approved a stock repurchase in violation of Delaware corporate law or obtained an improper personal benefit. Our certificate of incorporation will provide for this limitation of liability.

Section 145 of the DGCL, or Section 145, provides that a Delaware corporation may indemnify any person who was, is or is threatened to be made, party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of such corporation), by reason of the fact that such person is or was an officer, director, employee or agent of such corporation or is or was serving at the request of such corporation as a director, officer, employee or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, provided such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the corporation's best interests and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his conduct was illegal. A Delaware corporation may indemnify any persons who are, were or are a party to any threatened, pending or completed action or suit by or in the right of the corporation by reason of the fact that such person is or was a director, officer, employee, or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit, provided such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the corporation's best interests, provided that no indemnification is permitted without judicial approval if the officer, director, employee, or agent is adjudged to be liable to the corporation. Where an officer or director is successful on the merits or otherwise in the defense of any action referred to above, the corporation must indemnify him against the expenses which such officer or director has actually and reasonably incurred.

Section 145 further authorizes a corporation to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee, or agent of the corporation or is or was serving at the request of the corporation as a director, officer, employee, or agent of another corporation or enterprise, against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the corporation would otherwise have the power to indemnify him under Section 145.

Our bylaws will provide that we will indemnify our directors and officers to the fullest extent authorized by the DGCL and must also pay expenses incurred in defending any such proceeding in advance of its final disposition upon delivery of an undertaking, by or on behalf of an indemnified person, to repay all amounts so advanced if it should be determined ultimately that such person is not entitled to be indemnified under this section or otherwise.

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Upon completion of this offering we intend to enter into indemnification agreements with each of our executive officers and directors. The indemnification agreements will provide the executive officers and directors with contractual rights to indemnification, expense advancement, and reimbursement, to the fullest extent permitted under the DGCL.

The indemnification rights set forth above shall not be exclusive of any other right which an indemnified person may have or hereafter acquire under any statute, provision of our certificate of incorporation or bylaws, agreement, vote of stockholders, or disinterested directors or otherwise.

We expect to maintain standard policies of insurance that provide coverage (1) to our directors and officers against loss arising from claims made by reason of breach of duty or other wrongful act and (2) to us with respect to indemnification payments that we may make to such directors and officers. The proposed form of Underwriting Agreement to be filed as Exhibit 1.1 to this Registration Statement provides for indemnification of our directors and officers by the underwriters party thereto against certain liabilities arising under the Securities Act or otherwise.

***Item 15. Recent Sales of Unregistered Securities.*** 

Set forth below is information regarding securities sold by us within the past three years that were not registered under the Securities Act. Also included is the consideration, if any, received by us for such securities and information relating to the section of the Securities Act, or rule of the SEC, under which exemption from registration was claimed.

Since January 1, 2023, we have made sales of the following unregistered securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•on December 31, 2025, Madison IAS amended the EAR Plan to convert outstanding equity appreciation awards into the right to receive units of Madison IAS (or, following this offering, shares of our Class A common stock) with a value equal to a specified percentage of the appreciation in the value of Madison IAS, so long as the applicable threshold return (as defined in the EAR Plan or applicable award agreement) has been achieved as of the vesting date and the participant has complied with the terms of the EAR Plan and the applicable award agreement. On or about February 15, 2026 and March 23, 2026, respectively, vested equity appreciation awards held by employees of the Company and its subsidiaries as of January 1, 2026 were settled, with such vested equity appreciation awards converted into an aggregate of 1,320,378 and 11,018 LLC units of Madison IAS, respectively, in full satisfaction of the vested equity appreciation awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•in May 2025, we issued an aggregate of 9,898,752.26 LLC units of Madison IAQ Holdings III LLC to certain rollover investors for an aggregate of $217.3 million in connection with our acquisition of AprilAire, and we issued an aggregate of 8,527.99 units to certain rollover investors for an aggregate of $0.2 million at a purchase price of $21.95 per unit in connection with our acquisition of AprilAire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•in May 2025, we issued an aggregate of 118,048.07 LLC units of Madison IAQ Holdings II LLC to certain institutional investors for an aggregate of $2.6 million at a purchase price of $21.95 per unit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•during the years ended December 31, 2025, 2024 and 2023, we granted $6.0 million, $1.6 million and $3.3 million, respectively, of awards under the Equity Appreciation Rights Plan (the "EAR Plan") to certain employees. Awards under the EAR Plan are earned and payable upon the attainment of performance conditions, the occurrence of a qualifying liquidity event (as defined in the EAR Plan), or at the discretion of the EAR plan manager and generally vest over a five-year term and are settled in cash. No specific number of units or dollar amounts were granted as the rights are based on contractual formulas tied to company valuation appreciation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•on November 5, 2025, Madison Air Solutions Corporation issued 1,000 shares of its Class A common stock to Holdings for $0.0001;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•from May 2025 to October 2025, we issued an aggregate of 165,411.69 LLC units of Madison IAS to certain management investors and key employees for an aggregate of $3.6 million at a purchase price of $21.95 per unit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•from November 2024 to March 2025, we issued an aggregate of 29,109.55 LLC units of Madison IAS to certain management investors and key employees for an aggregate of $0.5 million at a purchase price of $15.58 per unit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•from June 2024 to July 2024, we issued an aggregate of 14,242.29 LLC units of Madison IAS to certain management investors and key employees for an aggregate of $0.3 million at a purchase price of $18.70 per unit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•from April 2023 to March 2024, we issued an aggregate of 76,362.74 LLC units of Madison IAS to certain management investors and key employees for an aggregate of $1.2 million at a purchase price of $16.30 per unit; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•from February 2023 to March 2023, we issued an aggregate of 916.31 LLC units of Madison IAS to certain management investors and key employees for an aggregate of $15,000 at a purchase price of $16.37 per unit.

The offers and sales of the above securities were deemed to be exempt from registration under the Securities Act in reliance upon Section 4(a)(2) of the Securities Act or Regulation D promulgated thereunder, or Rule 701 promulgated under Section 3(b) of the Securities Act, as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to compensation as provided under Rule 701. The recipients of the above securities represented their intentions to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof.

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***Item 16. Exhibits and Financial Statement Schedules.*** 

(i) Exhibits

---

| | |
|:---|:---|
| **Exhibit<br>Number**<br>| &nbsp;&nbsp;&nbsp;**Description**<br>|
| &nbsp;&nbsp; 1.1 | &nbsp;&nbsp;[<u>Form of Underwriting Agreement</u>](ck0002098430-ex1_1.htm) |
| &nbsp;&nbsp; 3.1\* | &nbsp;&nbsp;[<u>Certificate of Incorporation of Madison Air Solutions Corporation, as currently in effect</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex3_1.htm) |
| \*  |  |
| &nbsp;&nbsp; 3.2\* | &nbsp;&nbsp;[<u>Form of Amended and Restated Certificate of Incorporation of Madison Air Solutions Corporation to be in effect at or prior to the consummation of this offering</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526108634/ck0002098430-ex3_2.htm) |
| &nbsp;&nbsp; 3.3\* | &nbsp;&nbsp;[<u>Bylaws of Madison Air Solutions Corporation, as currently in effect</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex3_3.htm) |
| &nbsp;&nbsp; 3.4\* | &nbsp;&nbsp;[<u>Form of Amended and Restated Bylaws of Madison Air Solutions Corporation to be in effect at or prior to the consummation of this offering</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526108634/ck0002098430-ex3_4.htm) |
| &nbsp;&nbsp; 4.1\* | &nbsp;&nbsp;[<u>Form of Director Nomination Agreement</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526108634/ck0002098430-ex4_1.htm) |
| &nbsp;&nbsp; 4.2\* | &nbsp;&nbsp;[<u>Form of Registration Rights Agreement</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex4_2.htm) |
| &nbsp;&nbsp; 5.1 | &nbsp;&nbsp;[<u>Opinion of Kirkland & Ellis LLP</u>](ck0002098430-ex5_1.htm) |
| &nbsp;&nbsp;10.1\* | &nbsp;&nbsp;[<u>Credit and Guaranty Agreement, dated as of June 21, 2021, by and among Madison IAQ LLC, Madison IAQ II LLC, certain subsidiaries of Madison IAQ LLC as guarantors, the lenders party thereto and Goldman Sachs Bank USA, as administrative agent and collateral agent</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex10_1.htm) |
| &nbsp;&nbsp;10.2\* | &nbsp;&nbsp;[<u>First Amendment to Credit and Guaranty Agreement, dated as of June 16, 2023, by and between Madison IAQ LLC and Goldman Sachs Bank USA, as administrative agent and collateral agent</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex10_2.htm) |
| &nbsp;&nbsp;10.3\* | &nbsp;&nbsp;[<u>Second Amendment to Credit and Guaranty Agreement, dated as of June 5, 2024, by and among Madison IAQ LLC, Goldman Sachs Bank USA, as administrative agent and collateral agent, and the lenders party thereto</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex10_3.htm) |
| &nbsp;&nbsp;10.4\* | &nbsp;&nbsp;[<u>Third Amendment to Credit and Guaranty Agreement, dated as of January 15, 2025, by and among Madison IAQ LLC, Goldman Sachs Bank USA, as administrative agent and collateral agent, and the lenders party thereto</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex10_4.htm) |
| &nbsp;&nbsp;10.5\* | &nbsp;&nbsp;[<u>Fourth Amendment and Joinder Agreement to Credit and Guaranty Agreement, dated as of May 6, 2025, by and among Madison IAQ LLC, Madison IAQ II LLC, certain subsidiaries of Madison IAQ LLC as guarantors, the lenders party thereto and Goldman Sachs Bank USA, as administrative agent</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex10_5.htm) |
| &nbsp;&nbsp;10.6\* | &nbsp;&nbsp;[<u>Fifth Amendment to Credit and Guaranty Agreement, dated as of November 6, 2025, by and among Madison IAQ LLC, Goldman Sachs Bank USA, as administrative agent and collateral agent, and the lenders party thereto</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex10_6.htm) |
| &nbsp;&nbsp;10.7\* | &nbsp;&nbsp;[<u>Secured Notes Indenture, dated as of June 21, 2021, by and among Madison IAQ LLC, the guarantors party thereto and U.S. Bank National Association, as trustee and notes collateral agent</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex10_7.htm) |
| &nbsp;&nbsp;10.8\* | &nbsp;&nbsp;[<u>Unsecured Notes Indenture, dated as of June 21, 2021, by and among Madison IAQ LLC, the guarantors party thereto and U.S. Bank National Association, as trustee</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex10_8.htm) |
| &nbsp;&nbsp;10.9+\* | &nbsp;&nbsp;[<u>Madison Indoor Air Solutions LLC Amended and Restated Equity Appreciation Plan</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex10_9.htm) |
| &nbsp;&nbsp;10.10+\* | &nbsp;&nbsp;[<u>Form of Grant Agreement Under Madison Indoor Air Solutions LLC Equity Appreciation Plan</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex10_10.htm) |
| &nbsp;&nbsp;10.11+\* | &nbsp;&nbsp;[<u>Form of Madison Air Solutions Corporation 2026 Omnibus Incentive Plan</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex10_11.htm) |
| &nbsp;&nbsp;10.12+\* | &nbsp;&nbsp;[<u>Offer Letter, dated May 20, 2021, by and between Jill Wyant and Madison Industries</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex10_12.htm) |
| &nbsp;&nbsp;10.13+\* | &nbsp;&nbsp;[<u>Offer Letter, dated November 17, 2020, by and between JJ Foley and Madison Industries</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex10_13.htm) |
| &nbsp;&nbsp;10.14+\* | &nbsp;&nbsp;[<u>Offer Letter, dated December 11, 2022, by and between Russell Toney and Madison Indoor Air Quality</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex10_14.htm) |
| &nbsp;&nbsp;10.15+\* | &nbsp;&nbsp;[<u>Offer Letter, dated January 6, 2023, by and between Karin Overstreet and Madison Indoor Air Quality</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex10_15.htm) |
| &nbsp;&nbsp;10.16+\* | &nbsp;&nbsp;[<u>Offer Letter, dated February 8, 2017, by and between Dale Philippi and Research Products Corporation</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex10_16.htm) |
| &nbsp;&nbsp;10.17+\* | &nbsp;&nbsp;[<u>Letter Agreement, dated January 6, 2023, by and between Karin Overstreet and Madison Indoor Air Quality</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex10_17.htm) |
| &nbsp;&nbsp;10.18+\* | &nbsp;&nbsp;[<u>Agreement, dated March 15, 2021, by and between Dale Philippi and Research Products Corporation</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex10_18.htm) |
| &nbsp;&nbsp;10.19+\* | &nbsp;&nbsp;[<u>Form of Severance Letter Agreement for Executive Officers</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex10_19.htm) |
| &nbsp;&nbsp;10.20\* | &nbsp;&nbsp;[<u>Form of Indemnification Agreement</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526108634/ck0002098430-ex10_20.htm) |
| &nbsp;&nbsp;10.21+\* | &nbsp;&nbsp;[<u>Research Products Corporation Non-Qualified Deferred Compensation Plan</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex10_21.htm) |
| &nbsp;&nbsp;10.22+\* | &nbsp;&nbsp;[<u>Form of Second Amended and Restated Equity Appreciation Plan of Madison Indoor Air Solutions LLC</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526108634/ck0002098430-ex10_22.htm) |
| &nbsp;&nbsp;10.23+\* | &nbsp;&nbsp;[<u>Form of Third Amended and Restated Equity Appreciation Plan of Madison Air Solutions Corporation</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526108634/ck0002098430-ex10_23.htm) |
| &nbsp;&nbsp;10.24\* | &nbsp;&nbsp;[<u>Form of Separation Agreement</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526108634/ck0002098430-ex10_24.htm) |
| &nbsp;&nbsp;10.25\* | &nbsp;&nbsp;[<u>Form of Tax Matters Agreement</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526108634/ck0002098430-ex10_25.htm) |
| &nbsp;&nbsp;10.26 | &nbsp;&nbsp;[<u>Form of Transition Services Agreement</u>](ck0002098430-ex10_26.htm) |
| &nbsp;&nbsp;10.27\* | &nbsp;&nbsp;[<u>Form of Lock-Up Agreement, by and between Kedge and Madison Air Solutions Corporation</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526108634/ck0002098430-ex10_27.htm) |
| &nbsp;&nbsp;10.28\* | &nbsp;&nbsp;[<u>Form of Lock-Up Agreement, by and between Madison Industries Holdings LLC and Madison Air Solutions Corporation</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526108634/ck0002098430-ex10_28.htm) |

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| | |
|:---|:---|
| **Exhibit<br>Number**<br>| &nbsp;&nbsp;&nbsp;**Description**<br>|
| &nbsp;&nbsp;10.29+ | &nbsp;&nbsp;[<u>Form of Award Agreement for EAR Units</u>](ck0002098430-ex10_29.htm) |
| &nbsp;&nbsp;10.30+ | &nbsp;&nbsp;[<u>Form of Option Award Agreement</u>](ck0002098430-ex10_30.htm) |
| &nbsp;&nbsp;10.31 | &nbsp;&nbsp;[<u>Sixth Amendment to Credit and Guaranty Agreement, dated as of March 20, 2026, by and among Madison IAQ LLC, Wells Fargo Securities, LLC, as administrative agent and collateral agent, and the lenders party thereto</u>](ck0002098430-ex10_31.htm) |
| &nbsp;&nbsp;21.1\* | &nbsp;&nbsp;[<u>List of subsidiaries of Madison Air Solutions Corporation</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex21_1.htm) |
| &nbsp;&nbsp;23.1 | &nbsp;&nbsp;[<u>Consent of independent registered accounting firm of Madison Industries IAQ Solutions Corporation</u>](ck0002098430-ex23_1.htm) |
| &nbsp;&nbsp;23.2 | &nbsp;&nbsp;[<u>Consent of independent registered accounting firm of Madison Air Solutions Corporation</u>](ck0002098430-ex23_2.htm) |
| &nbsp;&nbsp;23.3 | &nbsp;&nbsp;[<u>Consent of independent auditors of Research Products Corporation</u>](ck0002098430-ex23_3.htm) |
| &nbsp;&nbsp;23.4 | &nbsp;&nbsp;[<u>Consent of Kirkland & Ellis LLP (included in Exhibit 5.1)</u>](ck0002098430-ex5_1.htm) |
| &nbsp;&nbsp;24.1\* | &nbsp;&nbsp;[<u>Powers of Attorney (included on signature page)</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-20260309.htm#signatures) |
| &nbsp;&nbsp;99.1\* | &nbsp;&nbsp;[<u>Consent of Jill Wyant</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex99_1.htm) |
| &nbsp;&nbsp;99.2\* | &nbsp;&nbsp;[<u>Consent of Hudson La Force</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex99_2.htm) |
| &nbsp;&nbsp;99.3\* | &nbsp;&nbsp;[<u>Consent of George Nolen</u>](https://www.sec.gov/Archives/edgar/data/2098430/000119312526098829/ck0002098430-ex99_3.htm) |
| &nbsp;&nbsp;107 | &nbsp;&nbsp;[<u>Calculation of Filing Fee Table</u>](ck0002098430-exfiling_fees.htm) |

---

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\* Indicates previously filed.

+ Indicates a management contract or compensatory plan or arrangement.

(ii) Financial statement schedules

No financial statement schedules are provided because the information called for is not applicable or is shown in the financial statements or notes.

***Item 17. Undertakings.*** 

The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions referenced in Item 14 of this Registration Statement, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered hereunder, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this Registration Statement in reliance upon Rule 430A and contained in the form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this Registration Statement as of the time it was declared effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at the time shall be deemed to be the initial bona fide offering thereof.

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**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 Chicago, State of Illinois, on April 6, 2026.

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| | |
|:---|:---|
| **Madison Air Solutions Corporation** | **Madison Air Solutions Corporation** |
| By: | /s/ Jill Wyant |
| Name: | &nbsp;&nbsp;Jill Wyant  |
| Title: | &nbsp;&nbsp;President and Chief Executive Officer |

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Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated as of April 6, 2026.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Jill Wyant  | President and Chief Executive Officer |
| Jill Wyant | (Principal Executive Officer) |
| /s/ JJ Foley  | Chief Financial Officer |
| JJ Foley | (Principal Financial Officer) |
| /s/ Michael Kenning  | Interim Chief Accounting Officer |
| Michael Kenning | (Principal Accounting Officer) |
| /s/ Larry Gies  | Chairman |
| Larry Gies |  |

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## Exhibit 1.1

**Exhibit 1.1**

**Madison Air Solutions Corporation**

**Class A Common Stock, par value $0.0000001 per share**

**_______________________________**

***<u>Form of Underwriting Agreement</u>***

[●], 2026

Goldman Sachs & Co. LLC

Barclays Capital Inc.

Jefferies LLC

Wells Fargo Securities, LLC

As representatives (the "Representatives") of the several Underwriters

named in Schedule I hereto,

c/o Goldman Sachs & Co. LLC

200 West Street,

New York, New York 10282-2198

c/o Barclays Capital Inc.

745 Seventh Avenue

New York, New York 10019

c/o Jefferies LLC

520 Madison Avenue

New York, New York 10022

c/o Wells Fargo Securities, LLC

500 West 33rd Street, 14th Floor

New York, New York 10001

Ladies and Gentlemen:

Madison Air Solutions Corporation, a Delaware corporation (the "Company"), proposes, subject to the terms and conditions stated in this agreement (this "Agreement"), to issue and sell to the Underwriters named in Schedule I hereto (the "Underwriters") an aggregate of [●] shares (the "Firm Shares") and, at the election of the Underwriters, up to [●] additional shares (the "Optional Shares") of Class A Common Stock, par value $0.0000001 per share ("Stock"), of the Company (the Firm Shares and the Optional Shares that the Underwriters elect to purchase pursuant to Section 2 hereof are herein collectively called the "Shares").

In connection with the offering contemplated by this Agreement, the "Organizational Transactions" (as such term is defined in the Registration Statement and the Pricing Disclosure Package (each as defined below) in the section titled "Organizational Transactions") were or will be effected prior to the First Time of Delivery (as defined in Section 4 hereof), pursuant to which the Company will become the holder of all outstanding equity interests of Madison Industries IAQ Solutions Corporation ("MIAQ Solutions"). The Separation Agreement, Tax Matters Agreement and Transition Services Agreement (each as defined in the Pricing Prospectus) are referred to herein collectively as the "Organizational Agreements."

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As described in the Pricing Prospectus and the Prospectus, pursuant to a stock subscription agreement between the Company and Madison Industries Holdings LLC ("Holdings"), entered into on or about the date hereof, the Company has agreed to issue to Holdings, in a privately negotiated transaction, an aggregate of up to [●] shares of Class B Common Stock, par value $0.0000001 per share ("Class B Shares") of the Company (such Class B Shares, the "Private Placement Shares", and such transaction, the "Concurrent Private Placement"). The Offering is not conditioned on the consummation of the Concurrent Private Placement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each of the Company and MIAQ Solutions (each, a "MAIR Party" and collectively, the "MAIR Parties") jointly and severally represents and warrants to, and agrees with, each of the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A registration statement on Form S-1 (File No. 333-294156) (the "Initial Registration Statement") in respect of the Shares has been filed with the Securities and Exchange Commission (the "Commission"); the Initial Registration Statement and any post-effective amendment thereto, each in the form heretofore delivered to you, have been declared effective by the Commission in such form; other than a registration statement, if any, increasing the size of the offering (a "Rule 462(b) Registration Statement"), filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended (the "Act"), which became effective upon filing, no other document with respect to the Initial Registration Statement has been filed with the Commission; and no stop order suspending the effectiveness of the Initial Registration Statement, any post-effective amendment thereto or the Rule 462(b) Registration Statement, if any, has been issued and no proceeding for that purpose or pursuant to Section 8A of the Act has been initiated or, to the Company's or MIAQ Solutions' knowledge, threatened by the Commission (any preliminary prospectus included in the Initial Registration Statement or filed with the Commission pursuant to Rule 424(a) under the Act is hereinafter called a "Preliminary Prospectus"; the various parts of the Initial Registration Statement and the Rule 462(b) Registration Statement, if any, including all exhibits thereto and including the information contained in the form of final prospectus filed with the Commission pursuant to Rule 424(b) under the Act in accordance with Section 5(a) hereof and deemed by virtue of Rule 430A under the Act to be part of the Initial Registration Statement at the time it was declared effective, each as amended at the time such part of the Initial Registration Statement became effective or such part of the Rule 462(b) Registration Statement, if any, became or hereafter becomes effective, are hereinafter collectively called the "Registration Statement"; the Preliminary Prospectus relating to the Shares that was included in the Registration Statement immediately prior to the Applicable Time (as defined in Section 1(c) hereof) is hereinafter called the "Pricing Prospectus"; such final prospectus, in the form first filed pursuant to Rule 424(b) under the Act, is hereinafter called the "Prospectus"; any oral or written communication with potential investors undertaken in reliance on Rule 163B under the Act is hereinafter called a "Testing-the-Waters Communication"; any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Act is hereinafter called a "Written Testing-the-Waters Communication"; and any "issuer free writing prospectus" as defined in Rule 433 under the Act relating to the Shares is hereinafter called an "Issuer Free Writing Prospectus");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (A) No order preventing or suspending the use of any Preliminary Prospectus or any Issuer Free Writing Prospectus has been issued by the Commission, and (B) each Preliminary Prospectus, at the time of filing thereof, conformed in all material respects to the requirements of the Act and the rules and regulations of the Commission thereunder, and did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which

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## they were made, not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the Underwriter Information (as defined in Section 9(b) of this Agreement);
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purposes of this Agreement, the "Applicable Time" is [●]:[●] [a.m./p.m.] (Eastern time) on the date of this Agreement. The Pricing Prospectus, as supplemented by the information listed on Schedule II(c) hereto, taken together (collectively, the "Pricing Disclosure Package"), as of the Applicable Time, did not, and as of each Time of Delivery (as defined in Section 4(a) of this Agreement) will not, include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and each Issuer Free Writing Prospectus and each Written Testing-the-Waters Communication does not conflict with the information contained in the Registration Statement, the Pricing Prospectus or the Prospectus and each Issuer Free Writing Prospectus and each Written Testing-the-Waters Communication, as supplemented by and taken together with the Pricing Disclosure Package, as of the Applicable Time, did not, and as of each Time of Delivery will not, include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to statements or omissions made in reliance upon and in conformity with the Underwriter Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No documents were filed with the Commission since the Commission's close of business on the business day immediately prior to the date of this Agreement and prior to the execution of this Agreement, except as set forth on Schedule II(b) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Registration Statement conforms, and the Prospectus and any further amendments or supplements to the Registration Statement and the Prospectus will conform, in all material respects to the requirements of the Act and the rules and regulations of the Commission thereunder and do not and will not, as of the applicable effective date as to each part of the Registration Statement, as of the applicable filing date as to the Prospectus and any amendment or supplement thereto, and as of each Time of Delivery, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the Underwriter Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) None of the MAIR Parties or any of their respective subsidiaries has, since the date of the latest audited financial statements included in the Pricing Prospectus, (i) sustained any material loss or interference with their business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree or (ii) entered into any transaction or agreement, whether or not in the ordinary course of business, that is material to the MAIR Parties or any of their respective subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent, that is material to the MAIR Parties or any of their respective subsidiaries taken as a whole, in each case otherwise than as set forth or contemplated in the Pricing Prospectus; and, since the respective dates as of which information is given in the Registration Statement and the Pricing Prospectus, there has not been (x) any change in the capital stock (other than as a result of (i) the exercise, vesting or settlement (including any "net" or "cashless" exercises or settlements), if any, of stock options, restricted stock, restricted stock units, incentive units, equity appreciation rights, equity appreciation rights units or other equity awards or the award, if any, of stock options, restricted stock, restricted stock units, incentive units, equity appreciation rights, equity appreciation rights

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## units or other equity awards in the ordinary course of business pursuant to the Company's or MIAQ Solutions' equity plans that are described in the Pricing Prospectus and the Prospectus, (ii) the issuance, if any, of stock upon the exercise or conversion of Company securities or securities of MIAQ Solutions as described in the Pricing Prospectus and the Prospectus or (iii) the Organizational Transactions) or long-term or short-term debt of the Company, MIAQ Solutions or any of their subsidiaries, in each case otherwise than as set forth or contemplated in the Pricing Prospectus, or (y) any Material Adverse Effect (as defined below); as used in this Agreement, "Material Adverse Effect" shall mean any material adverse change or effect, or any development involving a prospective material adverse change or effect, in or affecting (i) the business, properties, general affairs, management, financial position, stockholders' equity or results of operations of the MAIR Parties and their subsidiaries, taken as a whole, except as set forth or contemplated in the Pricing Prospectus, or (ii) the ability of the Company and MIAQ Solutions to perform their respective obligations under this Agreement and the Organizational Agreements, as applicable, including the issuance and sale of the Shares, or to consummate the Organizational Transactions and other transactions contemplated in the Pricing Prospectus and the Prospectus;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each of the MAIR Parties and their subsidiaries have good and marketable title in fee simple to all real property and good and marketable title to all personal property owned by them, in each case free and clear of all liens, encumbrances and defects except such as do not materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by each MAIR Party and its subsidiaries; and any real property and buildings held under lease by each MAIR Party and its subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not materially interfere with the use made and proposed to be made of such property and buildings by each MAIR Party and its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each MAIR Party and each of their subsidiaries has been (i) duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization, with power and authority (corporate and other) to own its properties and conduct its business as described in the Pricing Prospectus, and (ii) duly qualified as a foreign corporation or other business entity for the transaction of business and is in good standing (or foreign equivalent) under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, except, in the case of this clause (ii), where the failure to be so qualified or in good standing (or foreign equivalent) would not, individually or in the aggregate, have a Material Adverse Effect, and each "significant subsidiary" as defined in Rule 1-02 of Regulation S-X under the Act (the "Significant Subsidiaries") of the Company has been listed in the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company has, and immediately following the Organizational Transactions will have, an authorized capitalization as set forth in the Pricing Prospectus and all of the issued shares of capital stock of the Company have been, and upon the consummation of the Organizational Transactions will be, duly and validly authorized and issued and fully paid and non-assessable and conform to the description of the Stock contained in the Pricing Disclosure Package and the Prospectus; and all of the issued shares of capital stock or other equity interests of each subsidiary of the Company and MIAQ Solutions have been, and immediately following the Organizational Transactions will be, duly and validly authorized and issued, fully paid and non-assessable and (except, in the case of any foreign subsidiary, for directors' qualifying shares) owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims, except as otherwise disclosed in the Pricing Prospectus;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Shares have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non-assessable and will conform to the description of the Stock contained in the Pricing Disclosure Package and the Prospectus; and the issuance of the Shares is not subject to any preemptive or similar rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The issue and sale of the Shares and the compliance by the MAIR Parties with this Agreement and the consummation of the Organizational Transactions and other transactions contemplated in this Agreement and the Pricing Prospectus will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, (A) any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which any of the MAIR Parties or their subsidiaries is a party or by which any of the MAIR Parties or their subsidiaries is bound or to which any of the property or assets of any of the MAIR Parties or their subsidiaries is subject, (B) the certificate of incorporation or by-laws (or other applicable organizational document) of any of the MAIR Parties or their subsidiaries, or (C) any statute or any judgment, order, rule or regulation of any court or governmental agency or body having jurisdiction over any of the MAIR Parties or their subsidiaries or any of their properties, except, in the case of clauses (A) and (C) for such defaults, breaches, or violations that would not, individually or in the aggregate, have a Material Adverse Effect; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the issue and sale of the Shares or the consummation by the MAIR Parties of the Organizational Transactions and other transactions contemplated by this Agreement, except such as have been obtained under the Act, the approval by the Financial Industry Regulatory Authority ("FINRA") of the underwriting terms and arrangements and such consents, approvals, authorizations, orders, registrations or qualifications as may be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Shares by the Underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) None of the MAIR Parties or any of their respective Significant Subsidiaries is (i) in violation of its certificate of incorporation or by-laws (or other applicable organizational document), (ii) in violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body having jurisdiction over any MAIR Party or any of its Significant Subsidiaries or any of their properties, or (iii) in default in the performance or observance of any obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of its properties may be bound, except, in the case of the foregoing clauses (ii) and (iii), for such violations or defaults as would not, individually or in the aggregate, have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The statements set forth in the Pricing Prospectus and the Prospectus under the caption "Description of Capital Stock," insofar as they purport to constitute a summary of the terms of the Stock, and under the captions "Certain Relationships and Related Party Transactions—Related Party Transactions—Registration Rights Agreement," "Certain Relationships and Related Party Transactions—Related Party Transactions—Separation Agreement and Tax Matters Agreement," "Certain Relationships and Related Party Transactions—Related Party Transactions—Management Advisory and Consulting Services and Transition Services Agreement," "Material U.S. Federal Income Tax Consequences to Non-U.S. Holders" and "Underwriting," insofar as they purport to describe the provisions of the laws and documents referred to therein, are accurate, complete and fair in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Other than as set forth in the Pricing Prospectus, there are no legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings

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## ("Actions") pending to which any of the MAIR Parties or any of their subsidiaries or, to the MAIR Parties' knowledge, any officer or director of any MAIR Party, is a party or of which any property or assets of any of the MAIR Parties or any of their subsidiaries or, to the MAIR Parties' knowledge, any officer or director of any MAIR Party, is the subject which, if determined adversely to any of the MAIR Parties or any of their subsidiaries (or such officer or director), would individually or in the aggregate have a Material Adverse Effect; and, to the MAIR Parties' knowledge, no such proceedings are threatened or contemplated by governmental authorities or others; there are no current or pending Actions that are required under the Act to be described in the Registration Statement or the Pricing Prospectus that are not so described therein; and there are no statutes, regulations or contracts or other documents that are required under the Act to be filed as exhibits to the Registration Statement or described in the Registration Statement, the Pricing Prospectus that are not so filed as exhibits to the Registration Statement or described in the Registration Statement and the Pricing Prospectus;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) None of the MAIR Parties is and, after giving effect to the offering and sale of the Shares and the application of the proceeds thereof, neither of the MAIR Parties will be an "investment company," as such term is defined in the Investment Company Act of 1940, as amended (the "Investment Company Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) At the time of filing the Initial Registration Statement and any post-effective amendment thereto, at the earliest time thereafter that the Company or any offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under the Act) of the Shares, and at the date hereof, the Company was not and is not an "ineligible issuer," as defined under Rule 405 under the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) PricewaterhouseCoopers LLP, who have certified certain financial statements of the MAIR Parties and their subsidiaries, and RSM US LLP, who have certified certain financial statements of Research Products Corporation, are each independent public accountants as required by the Act and the rules and regulations of the Commission thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Company maintains a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) that (i) complies with the requirements of the Exchange Act, (ii) has been designed by the Company's principal executive officer and principal financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and (iii) is designed to provide reasonable assurance that (A) transactions are executed in accordance with management's general or specific authorization, (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets, (C) access to assets is permitted only in accordance with management's general or specific authorization and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and except as disclosed in the Pricing Prospectus, the Company's internal control over financial reporting is effective and the Company is not aware of any material weaknesses in its internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Except as disclosed in the Pricing Prospectus, since the date of the latest audited financial statements included in the Pricing Prospectus, there has been no change in the Company's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that material information relating to the Company and its subsidiaries is made known to the Company's principal executive officer and principal financial officer by others within those entities; and such disclosure controls and procedures are effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) This Agreement has been duly authorized, executed and delivered by each of the MAIR Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each Organizational Agreement has been duly authorized and will be duly executed and delivered by the Company and, once so executed and delivered, will constitute a valid and legally binding agreement of the Company, enforceable against the Company in accordance with its terms, except as the enforceability thereof may be limited by applicable bankruptcy, insolvency or similar laws affecting creditors' rights generally or by equitable principles relating to enforceability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) None of the MAIR Parties or any of their subsidiaries or controlled affiliates, nor any director, officer or employee of the MAIR Parties or any of their subsidiaries or controlled affiliates nor, to the knowledge of the MAIR Parties, any agent, affiliate or other person associated with or acting on behalf of the MAIR Parties or any of their subsidiaries or controlled affiliates has (i) made, offered, promised or authorized any unlawful contribution, gift, entertainment or other unlawful expense (or taken any act in furtherance thereof); (ii) made, offered, promised or authorized any direct or indirect unlawful payment; or (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or the rules and regulations thereunder, the Bribery Act 2010 of the United Kingdom or any other applicable anti-corruption, anti-bribery or related law, statute or regulation (collectively, "Anti-Corruption Laws"); the MAIR Parties and each of their subsidiaries and controlled affiliates have conducted their businesses in compliance with Anti-Corruption Laws and have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote and achieve compliance with such laws and with the representations and warranties contained herein; none of the MAIR Parties and their subsidiaries will use, directly or indirectly, the proceeds of the offering in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of Anti-Corruption Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The operations of the MAIR Parties and their subsidiaries are and have been conducted at all times in compliance with the requirements of applicable anti-money laundering laws, including, but not limited to, the Bank Secrecy Act of 1970, as amended by the USA PATRIOT ACT of 2001, and the rules and regulations promulgated thereunder, and the applicable anti-money laundering laws of the various jurisdictions in which the MAIR Parties and their subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any governmental agency having jurisdiction over a MAIR Party or any of its subsidiaries (collectively, the "Money Laundering Laws") and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the MAIR Parties or any of their subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the MAIR Parties, threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) None of the MAIR Parties or any of their subsidiaries, nor any director, officer or employee of the MAIR Parties or any of their subsidiaries nor, to the knowledge of the MAIR Parties, any agent, affiliate or other person associated with or acting on behalf of the MAIR Parties

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## or any of their subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. Government, including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury ("OFAC"), or the U.S. Department of State and including, without limitation, the designation as a "specially designated national" or "blocked person," the European Union, His Majesty's Treasury, the United Nations Security Council, or other relevant sanctions authority (collectively, "Sanctions"), nor are the MAIR Parties or any of their subsidiaries located, organized, or resident in a country or territory that is the subject or target of Sanctions (a "Sanctioned Jurisdiction"), and the MAIR Parties will not directly or indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person, or in any country or territory, that, at the time of such funding, is the subject or the target of Sanctions or (ii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions; None of the MAIR Parties or any of their subsidiaries is engaged in, or has, at any time since April 24, 2019, engaged in, any dealings or transactions with or involving any individual or entity that was or is, as applicable, at the time of such dealing or transaction, the subject or target of Sanctions or with any Sanctioned Jurisdiction; the MAIR Parties and their subsidiaries have instituted, and maintain, policies and procedures designed to promote and achieve continued compliance with Sanctions;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) The financial statements included in the Registration Statement, the Pricing Prospectus and the Prospectus, together with the related schedules and notes, present fairly the financial position of the MAIR Parties and their subsidiaries at the dates indicated and the statement of operations, stockholders' equity and cash flows of the MAIR Parties and their subsidiaries for the periods specified; said financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") and applied on a consistent basis throughout the periods involved. The supporting schedules, if any, present fairly in accordance with GAAP the information required to be stated therein. The selected financial data and the summary financial information included in the Registration Statement, the Pricing Prospectus and the Prospectus present fairly the information shown therein and have been compiled on a basis consistent with that of the audited financial statements included therein. Except as included therein, no historical or pro forma financial statements or supporting schedules are required to be included in the Registration Statement, the Pricing Prospectus or the Prospectus under the Act or the rules and regulations promulgated thereunder. All disclosures contained in the Registration Statement, the Pricing Prospectus and the Prospectus regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission) comply with Regulation G of the Exchange Act and Item 10 of Regulation S-K of the Act, to the extent applicable. The pro forma financial information and the related notes contained in the Registration Statement, the Pricing Prospectus and the Prospectus have been prepared in accordance with the requirements of the Act and the assumptions underlying such pro forma financial information are reasonable, provide a reasonable basis for presenting the significant effects of the events described therein (including the Organizational Transactions) and are set forth in the Registration Statement, the Pricing Prospectus and the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) The MAIR Parties and each of their subsidiaries (i) exclusively own or otherwise possess valid and sufficient rights (pursuant to written agreements) to use all material patents, patent applications, trademarks, service marks, trade names, domain names, copyrights and registrations and applications thereof, trade secrets and other confidential or proprietary know-how, software, systems and technology, and any other intellectual property or proprietary rights (collectively, "Intellectual Property") used in or necessary for the conduct of their respective businesses, (ii) do not and have not, through the conduct of their respective businesses, infringed,

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## misappropriated, or otherwise violated or conflicted with any Intellectual Property of any third party, and to the MAIR Parties' knowledge, no third party has infringed, misappropriated, or otherwise violated, or conflicted with any Intellectual Property owned by or exclusively licensed to the MAIR Parties or any of their subsidiaries ("Company Intellectual Property"), (iii) have not received any written notice of (A) any claim of infringement, misappropriation, or other violation or conflict with, any Intellectual Property of any third party (including any invitations to take a license or cease and desist letters) or (B) any claim challenging the validity, enforceability or scope of, or the MAIR Parties' or their subsidiaries' rights in or ownership of, any Company Intellectual Property and (iv) have taken all reasonable steps necessary to secure and protect their interests in the Intellectual Property developed by their employees, consultants, agents and contractors on behalf of the MAIR Parties and their subsidiaries, including the execution of valid present Intellectual Property assignment and non-disclosure agreements for the benefit of the MAIR Parties and their subsidiaries by such employees, consultants, agents and contractors, and, to the MAIR Parties' knowledge, no such agreement has been breached or violated in any manner that would materially impact the MAIR Parties or any of their subsidiaries' businesses;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) The information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases, in each case, that are owned (or purported to be owned) or controlled by the MAIR Parties or their subsidiaries (collectively, "IT Systems") are adequate for, and operate and perform in all material respects as required in connection with the operation of the business of the MAIR Parties and their subsidiaries as currently conducted, free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants; the MAIR Parties and their subsidiaries have implemented and maintained reasonable controls, policies, procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential or regulated data ("Personal Data")) used in connection with their businesses, and there have been no breaches, violations, outages or unauthorized uses of or accesses to same, except for those that have been remedied without material cost or liability or the duty to notify any other person or governmental or regulatory authority, nor any incidents under internal review or investigations relating to the same; the MAIR Parties and their subsidiaries are presently in compliance in all material respects with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) No forward-looking statement (within the meaning of Section 27A of the Act and Section 21E of the Exchange Act) included or incorporated by reference in any of the Registration Statement, the Pricing Prospectus or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Nothing has come to the attention of the MAIR Parties that has caused the MAIR Parties to believe that the statistical and market-related data included in each of the Registration Statement, the Pricing Prospectus and the Prospectus is not based on or derived from sources that are reliable and accurate in all material respects; and such data are consistent with the sources from which they are derived and, to the extent required, the MAIR Parties have obtained the written consent to the use of such data from such sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) There is and has been no failure on the part of the Company or any of the Company's directors or officers, in their capacities as such, to comply with any provision of the

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## Sarbanes-Oxley Act of 2002, as amended and the rules and regulations promulgated in connection therewith (the "Sarbanes-Oxley Act"), including Section 402 related to loans;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) None of the MAIR Parties and their affiliates has taken or will take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the MAIR Parties or any of their subsidiaries in connection with the offering of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) The MAIR Parties and each of their subsidiaries have such permits, licenses, approvals, consents, franchises, certificates of need and other approvals or authorizations of governmental or regulatory authorities ("Permits") as are necessary under applicable law to own their respective properties and conduct their respective businesses in the manner described in the Registration Statement, the Pricing Prospectus and the Prospectus, except for any of the foregoing that would not, individually or in the aggregate, have a Material Adverse Effect. None of the MAIR Parties or any of their subsidiaries has received notice of any proceedings related to the revocation or modification of any such Permits that, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) The MAIR Parties and their subsidiaries, taken as a whole, are insured against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged and as required by law; and the MAIR Parties and their subsidiaries reasonably believe that they will be able to renew their existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue their respective businesses at a cost that would not reasonably be expected to have a Material Adverse Effect on the MAIR Parties and their subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (i) The MAIR Parties and their subsidiaries (A) are, and at all prior times were, in compliance with any and all applicable federal, state, local and foreign laws, rules, regulations, requirements, decisions and orders relating to the protection of human health or safety, the environment, natural resources, hazardous or toxic substances or wastes, pollutants or contaminants (collectively, "Environmental Laws"), (B) have received and are in compliance with all permits, licenses, certificates or other authorizations or approvals required of them under applicable Environmental Laws to conduct their respective businesses, and (C) have not received written notice of any actual or potential liability under or relating to any Environmental Laws, including for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, and to the knowledge of the MAIR Parties and their subsidiaries there is no event or condition that would reasonably be expected to result in any such written notice; (ii) there are no costs or liabilities associated with Environmental Laws of or relating to the MAIR Parties and their subsidiaries, except in the case of each of clauses (A), (B) and (C) above, for any such failure to comply, or failure to receive required permits, licenses or approvals, or cost or liability, as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (iii) except as disclosed in the Pricing Disclosure Package and the Initial Registration Statement, there are no proceedings that are pending, or that are known by the MAIR Parties or their subsidiaries to be contemplated, against the MAIR Parties or their subsidiaries under any Environmental Laws in which a governmental entity is also a party, other than such proceedings regarding which it is reasonably believed that no monetary sanctions of $300,000 or more will be imposed against the MAIR Parties or their subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) (i) Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), for which the Company, MIAQ Solutions or any member of their respective "Controlled Group" (defined as any organization

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## which is a member of a controlled group of corporations within the meaning of Section 414 of the Internal Revenue Code of 1986, as amended (the "Code")) would have any liability (each, a "Plan") has been maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant to a statutory or administrative exemption; (iii) for each Plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no Plan has failed (whether or not waived), or is reasonably expected to fail, to satisfy the minimum funding standards (within the meaning of Section 302 of ERISA or Section 412 of the Code) applicable to such Plan; (iv) no Plan is, or is reasonably expected to be, in "at risk status" (within the meaning of Section 430 of the Code or Section 303(i) of ERISA) or "endangered status" or "critical status" (within the meaning of Section 430 of the Code or Section 305 of ERISA); (v) the fair market value of the assets of each Plan exceeds the present value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan); (vi) no "reportable event" (within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur; (vii) each Plan that is intended to be qualified under Section 401(a) of the Code is so qualified and nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification; and (viii) none of the MAIR Parties or any of their subsidiaries has incurred, nor reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the PBGC, in the ordinary course and without default) in respect of a Plan (including a "multiemployer plan," within the meaning of Section4001(a)(3) of ERISA), except in each case with respect to the events or conditions set forth in (i) through (viii) hereof, as would not, individually or in the aggregate, have a Material Adverse Effect;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) Except as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, (i) there is (A) no unfair labor practice complaint pending or, to the knowledge of the MAIR Parties or their subsidiaries, threatened against the MAIR Parties or any of their subsidiaries before the National Labor Relations Board, and no grievance or arbitration proceeding arising out of or under collective bargaining agreements pending, or to the knowledge of the MAIR Parties or their subsidiaries, threatened, against the MAIR Parties or any of their subsidiaries, (B) no strike, labor dispute, slowdown or stoppage pending or, to the knowledge of the MAIR Parties or their subsidiaries, threatened against the MAIR Parties or any of their subsidiaries and (C) no union representation dispute currently existing concerning the employees of the MAIR Parties or any of their subsidiaries and, to the knowledge of the MAIR Parties or any of their subsidiaries, no union organizing activities taking place; and (ii) there has been no violation of any federal, state or local law relating to discrimination in hiring, promotion or pay of employees or of any applicable wage or hour laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) Except as disclosed in the Pricing Prospectus, (i) there are no persons with registration rights or other similar rights to have any securities registered pursuant to the Registration Statement or otherwise registered by the Company under the Act, except as have been validly waived or complied with and (ii) no holder of outstanding shares of the Company's capital stock is entitled to preemptive or other rights to subscribe for the Shares that have not been complied with or otherwise effectively waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) None of the MAIR Parties or any of their subsidiaries is a "covered foreign person," as that term is defined in 31 C.F.R. § 850.209. None of the MAIR Parties or any of their subsidiaries currently engages, or has plans to engage, directly or indirectly, in a "covered activity," as that term is defined in 31 C.F.R. § 850.208 ("Covered Activity"). The MAIR Parties do not have any joint ventures that engage in or plans to engage in any Covered Activity. The

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## MAIR Parties also do not, directly or indirectly, hold a board seat on, have a voting or equity interest in, or have any contractual power to direct or cause the direction of the management or policies of any person or persons that engages or plans to engage in any Covered Activity; and
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) The Private Placement Shares to be issued and sold by the Company in the Concurrent Private Placement have been duly and validly authorized and, when issued and delivered against payment therefor, will be duly and validly issued and fully paid and non-assessable and will conform to the description of the Stock contained in the Pricing Disclosure Package and the Prospectus; and the Private Placement Shares will be issued in a transaction that is exempt from registration under the Act pursuant to Section 4(a)(2) the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Subject to the terms and conditions herein set forth, (a) the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, at a purchase price per share of $[●], the number of Firm Shares set forth opposite the name of such Underwriter in Schedule I hereto and (b) in the event and to the extent that the Underwriters shall exercise the election to purchase Optional Shares as provided below, the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, at the purchase price per share set forth in clause (a) of this Section 2 (provided that the purchase price per Optional Share shall be reduced by an amount per share equal to any dividends or distributions declared by the Company and payable on the Firm Shares but not payable on the Optional Shares), that portion of the number of Optional Shares as to which such election shall have been exercised (to be adjusted by you so as to eliminate fractional shares) determined by multiplying such number of Optional Shares by a fraction, the numerator of which is the maximum number of Optional Shares which such Underwriter is entitled to purchase as set forth opposite the name of such Underwriter in Schedule I hereto and the denominator of which is the maximum number of Optional Shares that all of the Underwriters are entitled to purchase hereunder.

The Company hereby grants to the Underwriters the right to purchase at their election up to [●] Optional Shares, at the purchase price per share set forth in the paragraph above, provided that the purchase price per Optional Share shall be reduced by an amount per share equal to any dividends or distributions declared by the Company and payable on the Firm Shares but not payable on the Optional Shares. Any such election to purchase Optional Shares may be exercised only by written notice from you to the Company, given within a period of 30 calendar days after the date of this Agreement, setting forth the aggregate number of Optional Shares to be purchased and the date on which such Optional Shares are to be delivered, as determined by you but in no event earlier than the First Time of Delivery (as defined in Section 4 hereof) or, unless you and the Company otherwise agree in writing, earlier than one or later than ten business days after the date of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Upon the authorization by you of the release of the Shares, the several Underwriters propose to offer the Shares for sale upon the terms and conditions set forth in the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. (a) The Shares to be purchased by each Underwriter hereunder, in definitive or book-entry form, and in such authorized denominations and registered in such names as the Representatives may request upon at least twenty-four hours' prior notice to the Company shall be delivered by or on behalf of the Company to the Representatives, through the facilities of The Depository Trust Company ("DTC"), for the account of such Underwriter, against payment by or on behalf of such Underwriter of the purchase price therefor by wire transfer of Federal (same-day) funds to the account specified by the Company to the Representatives at least twenty-four

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# hours in advance. The Company will cause the certificates, if any, representing the Shares to be made available for checking and packaging at least twenty-four hours prior to the Time of Delivery (as defined below) with respect thereto at the office of DTC or its designated custodian (the "Designated Office"). The time and date of such delivery and payment shall be, with respect to the Firm Shares, 9:30 a.m., New York City time, on [●], 2026 or such other time and date as the Representatives and the Company may agree upon in writing, and, with respect to the Optional Shares, 9:30 a.m., New York time, on the date specified by the Representatives in the written notice given by the Representatives of the Underwriters' election to purchase such Optional Shares, or such other time and date as the Representatives and the Company may agree upon in writing. Such time and date for delivery of the Firm Shares is herein called the "First Time of Delivery," such time and date for delivery of the Optional Shares, if not the First Time of Delivery, is herein called the "Second Time of Delivery," and each such time and date for delivery is herein called a "Time of Delivery."
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The documents to be delivered at each Time of Delivery by or on behalf of the parties hereto pursuant to Section 8 hereof, including the cross receipt for the Shares and any additional documents requested by the Underwriters pursuant to Section 8(k) hereof, will be delivered at the offices of Sullivan & Cromwell LLP, 125 Broad Street, New York, NY 10004 (the "Closing Location"), and the Shares will be delivered at the Designated Office, all at such Time of Delivery. A meeting will be held at the Closing Location or by means of electronic communication at [●]:[●] [a.m./p.m.], New York City time, on the New York Business Day next preceding such Time of Delivery, at which meeting the final drafts of the documents to be delivered pursuant to the preceding sentence will be available for review by the parties hereto. For the purposes of this Section 4, "New York Business Day" shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New York City are generally authorized or obligated by law or executive order to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Each MAIR Party agrees, jointly and severally, with each of the Underwriters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To prepare the Prospectus in a form approved by you and to file such Prospectus pursuant to Rule 424(b) under the Act prior to the earlier of (i) the First Time of Delivery and (ii) the Commission's close of business on the second business day following the execution and delivery of this Agreement, or, if applicable, such earlier time as may be required by Rule 430A(a)(3) under the Act; to make no further amendment or any supplement to the Registration Statement or the Prospectus prior to the last Time of Delivery which shall be disapproved by you promptly after reasonable notice thereof; to advise you, promptly after it receives notice thereof, of the time when any amendment to the Registration Statement has been filed or becomes effective or any amendment or supplement to the Prospectus has been filed and to furnish you with copies thereof; to file promptly all material required to be filed by the Company with the Commission pursuant to Rule 433(d) under the Act; to advise you, promptly after it receives notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus or other prospectus in respect of the Shares, of the suspension of the qualification of the Shares for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose, or of any request by the Commission for the amending or supplementing of the Registration Statement or the Prospectus or for additional information; and, in the event of the issuance of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus or other prospectus or suspending any such qualification, to promptly use its best efforts to obtain the withdrawal of such order;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly from time to time to take such action as you may reasonably request to qualify the Shares for offering and sale under the securities laws of such jurisdictions as you may request and to comply with such laws so as to permit the continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution of the Shares, provided that in connection therewith the Company shall not be required to qualify as a foreign corporation (where not otherwise required) or to file a general consent to service of process in any jurisdiction (where not otherwise required);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to 10:00 a.m., New York City time, on the New York Business Day next succeeding the date of this Agreement and from time to time, to furnish the Underwriters with written and electronic copies of the Prospectus in New York City in such quantities as you may reasonably request, and, if the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is required at any time prior to the expiration of nine months after the time of issue of the Prospectus in connection with the offering or sale of the Shares and if at such time any event shall have occurred as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when such Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is delivered, not misleading, or, if for any other reason it shall be necessary during such same period to amend or supplement the Prospectus in order to comply with the Act, to notify you and upon your request to prepare and furnish without charge to each Underwriter and to any dealer in securities as many written and electronic copies as you may from time to time reasonably request of an amended Prospectus or a supplement to the Prospectus which will correct such statement or omission or effect such compliance; and in case any Underwriter is required to deliver a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) in connection with sales of any of the Shares at any time nine months or more after the time of issue of the Prospectus, upon your request but at the expense of such Underwriter, to prepare and deliver to such Underwriter as many written and electronic copies as you may request of an amended or supplemented Prospectus complying with Section 10(a)(3) of the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To make generally available to its securityholders as soon as practicable (which may be satisfied by filing with the Commission's Electronic Data Gathering Analysis and Retrieval System ("EDGAR")), but in any event not later than sixteen months after the effective date of the Registration Statement (as defined in Rule 158(c) under the Act), an earnings statement of the MAIR Parties and their subsidiaries (which need not be audited) complying with Section 11(a) of the Act and the rules and regulations of the Commission thereunder (including, at the option of the Company, Rule 158);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) During the period beginning from the date hereof and continuing to and including the date 180 days after the date of the Prospectus, not to (i) offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, or file with or confidentially submit to the Commission a registration statement under the Act relating to, any securities of the Company that are substantially similar to the Shares, including but not limited to any options or warrants to purchase shares of Stock or any securities that are convertible into or exchangeable for, or that represent the right to receive, Stock or any such substantially similar securities, or publicly disclose the intention to make any offer, sale, pledge, disposition or filing or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Stock or any such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Stock or such other securities, in cash or otherwise without the prior written consent of Goldman Sachs & Co. LLC and Barclays Capital Inc.; provided, however that the restrictions

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## described above shall not apply to (A) the Shares to be sold hereunder, (B) the shares to be sold in the Concurrent Private Placement, (C) the Shares issued pursuant to employee stock option plans existing on, or upon the conversion or exchange of convertible or exchangeable securities outstanding as of, the date of this Agreement, (D) grants of stock options, restricted stock, restricted stock units, equity appreciation rights, equity appreciation rights units or other equity awards and the issuance of shares of Stock or securities convertible into or exercisable or exchangeable for Stock (whether upon the exercise of stock options or otherwise) to the Company's employees, officers, directors, advisors or consultants pursuant to the terms of an equity compensation plan in effect on the date of the First Time of Delivery and described in the Pricing Prospectus, (E) the filing of any registration statement on Form S-8 relating to securities granted or to be granted pursuant to any plan in effect on the date of the First Time of Delivery and described in the Pricing Prospectus, (F) the Shares issued in connection with the Organizational Transactions, or (G) the issuance, offer or entry into an agreement providing for the issuance of up to 10% of the total number of shares of Stock outstanding immediately following the offering of the Shares contemplated by this Agreement in acquisitions or other strategic transactions, provided that such recipients enter into a lock-up agreement with the Underwriters substantially to the effect set forth in Annex II hereto, and provided further that the Company shall notify the Representatives prior to making any such acquisition or strategic transaction; and provided, further, that in the case of clauses (C) and (D), the Company shall (x) cause each recipient of such securities that is a member of the Company's board of directors, an executive officer or a beneficial holder of 5% of the fully-diluted capital stock of the Company to execute and deliver to the Representatives, prior to or substantially concurrently with the issuance of such securities, a lock-up agreement substantially to the effect set forth in Annex II hereto (which, for the avoidance of doubt, shall not extend the lock-up period beyond 180 days after the date of the Prospectus) to the extent not already executed and delivered by such recipients as of the date hereof and (y) enter stop transfer instructions with the Company's transfer agent and registrar on such securities with respect to all recipients of such securities, which the Company agrees it will not waive or amend without the prior written consent of Goldman Sachs & Co. LLC and Barclays Capital Inc.;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (2) If Goldman Sachs & Co. LLC and Barclays Capital Inc. agree to release or waive the restrictions set forth in a lock-up letter described in Section 8(i) hereof for an officer or director of the Company and provide the Company with notice of the impending release or waiver at least three (3) business days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by a press release substantially in the form of Annex I hereto through a major news service at least two business days before the effective date of the release or waiver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) During a period of three years from the effective date of the Registration Statement, to furnish to its stockholders as soon as practicable after the end of each fiscal year an annual report (including a balance sheet and statements of income, stockholders' equity and cash flows of the Company and its consolidated subsidiaries certified by independent public accountants) and, as soon as practicable after the end of each of the first three quarters of each fiscal year (beginning with the fiscal quarter ending after the effective date of the Registration Statement), to make available to its stockholders consolidated summary financial information of the Company and its subsidiaries for such quarter in reasonable detail; provided, however, that the Company may satisfy the requirements of this Section 5(f) by filing such information through EDGAR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) During a period of three years from the effective date of the Registration Statement, to furnish to you copies of all reports or other communications (financial or other)

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## furnished to stockholders, and to deliver to you (i) as soon as they are available, copies of any reports and financial statements furnished to or filed with the Commission or any national securities exchange on which any class of securities of the Company is listed; and (ii) such additional information concerning the business and financial condition of the Company as you may from time to time reasonably request (such financial statements to be on a consolidated basis to the extent the accounts of the Company and its subsidiaries are consolidated in reports furnished to its stockholders generally or to the Commission); provided, however, that the Company may satisfy the requirements of this Section 5(g) by filing such information through EDGAR;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To use the net proceeds received by it from the sale of the Shares pursuant to this Agreement in the manner specified in the Pricing Prospectus under the caption "Use of Proceeds";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To use its best efforts to list for trading, subject to notice of issuance, the Shares on the New York Stock Exchange (the "Exchange");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To file with the Commission such information on Form 10-Q or Form 10-K as may be required by Rule 463 under the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) If the Company elects to rely upon Rule 462(b), the Company shall file a Rule 462(b) Registration Statement with the Commission in compliance with Rule 462(b) by 10:00 P.M., Washington, D.C. time, on the date of this Agreement, and the Company shall at the time of filing either pay to the Commission the filing fee for the Rule 462(b) Registration Statement or give irrevocable instructions for the payment of such fee pursuant to Rule 3a(c) of the Commission's Informal and Other Procedures (16 CFR 202.3a); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Upon request of any Underwriter, to furnish, or cause to be furnished, to such Underwriter an electronic version of the Company's trademarks, servicemarks and corporate logo (the "Offering Logo") for use on the website, if any, operated by such Underwriter solely for the purpose of facilitating the on-line offering of the Shares (the "License"); provided, however, that (i) the License shall be used solely for the purpose described above and is granted without any fee, (ii) the License shall not be used in any manner that does, or may reasonably be expected to, harm the reputation or goodwill of the Company or the Company's rights in the Offering Logo, and (iii) the License may not be assigned, sublicensed or transferred by the Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a) The Company represents and agrees that, without the prior consent of the Representatives, it has not made and will not make any offer relating to the Shares that would constitute a "free writing prospectus" as defined in Rule 405 under the Act; each Underwriter represents and agrees that, without the prior consent of the Company and the Representatives, it has not made and will not make any offer relating to the Shares that would constitute a free writing prospectus required to be filed with the Commission; any such free writing prospectus the use of which has been consented to by the Company and the Representatives is listed on Schedule II(a) [or Schedule II(c)] hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has complied and will comply with the requirements of Rule 433 under the Act applicable to any Issuer Free Writing Prospectus, including timely filing with the Commission or retention where required and legending; and the Company represents that it has satisfied and agrees that it will satisfy the conditions under Rule 433 under the Act to avoid a requirement to file with the Commission any electronic road show;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company agrees that if at any time following issuance of an Issuer Free Writing Prospectus or Written Testing-the-Waters Communication any event occurred or occurs as a result of which such Issuer Free Writing Prospectus or Written Testing-the-Waters Communication would conflict with the information in the Registration Statement, the Pricing Prospectus or the Prospectus or would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances then prevailing, not misleading, the Company will give prompt notice thereof to the Representatives and, if requested by the Representatives, will prepare and furnish without charge to each Underwriter an Issuer Free Writing Prospectus, Written Testing-the-Waters Communication or other document which will correct such conflict, statement or omission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company represents and agrees that (i) it has not engaged in, or authorized any other person to engage in, any Testing-the-Waters Communications, other than Testing-the-Waters Communications with the prior consent of the Representatives with entities that the Company reasonably believes are qualified institutional buyers as defined in Rule 144A under the Act or institutions that are accredited investors as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Act; and (ii) it has not distributed, or authorized any other person to distribute, any Written Testing-the-Waters Communication, other than those distributed with the prior consent of the Representatives that are listed on Schedule III(d) hereto; and the Company reconfirms that the Underwriters have been authorized to act on its behalf in engaging in Testing-the-Waters Communications; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Underwriter represents and agrees that any Testing-the-Waters Communications undertaken by it were with entities that such Underwriter reasonably believes are qualified institutional buyers as defined in Rule 144A under the Act or institutions that are accredited investors as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Each MAIR Party, on a joint and several basis, covenants and agrees with the several Underwriters that, whether or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated, the MAIR Parties will pay or cause to be paid all expenses incident to the performance of their obligations under this Agreement (except as otherwise provided herein), including the following: (i) the reasonable and documented fees, disbursements and expenses of the Company's counsel and accountants in connection with the registration of the Shares under the Act and all other expenses in connection with the preparation, printing, reproduction and filing of the Registration Statement, any Preliminary Prospectus, any Written Testing-the-Waters Communication, any Issuer Free Writing Prospectus and the Prospectus and amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and dealers; (ii) all costs and expenses related to the transfer and delivery of the Shares to the Underwriters, including any transfer or other taxes payable thereon, (iii) the cost of printing or producing any Agreement among Underwriters, this Agreement, the Blue Sky Memorandum, closing documents (including any compilations thereof) and any other documents in connection with the offering, purchase, sale and delivery of the Shares; (iv) reasonable and documented expenses incurred in connection with the qualification of the Shares for offering and sale under state securities laws as provided in Section 5(b) hereof, including the reasonable and documented fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky survey; provided that the reasonable and documented expenses described in this clause (iv) shall not exceed $5,000 in the aggregate; (v) all fees and expenses in connection with listing the Shares on the Exchange; (vi) the reasonable and documented filing fees incident to, and the fees and disbursements of counsel for the Underwriters in connection with, any required review by FINRA of the terms of the sale of the Shares (provided that the aggregate fees and disbursements of counsel for the

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# Underwriters pursuant to clause (iv) and this clause (vi) of this Section 7 shall not exceed $75,000 in the aggregate); (vii) the cost of preparing stock certificates, to the extent applicable; (viii) the cost and charges of any transfer agent, registrar or depositary; (ix) the costs and expenses of the Company relating to investor presentations on any "roadshow" as defined in Rule 433(h) under the Act (a "roadshow") undertaken in connection with the marketing of the offering of the Shares, including, without limitation, expenses associated with the preparation or dissemination of any electronic roadshow, expenses associated with the production of roadshow slides and graphics, fees and expenses of any consultants engaged in connection with the roadshow presentations with the prior approval of the Company, and travel and lodging expenses of the representatives and officers of the Company and any such consultants; and (xi) all other costs and expenses incident to the performance of its obligations hereunder which are not otherwise specifically provided for in this Section 7. It is understood, however, that, except as provided in this Section 7, and Sections 9 and 12 hereof, the Underwriters will pay (i) all of their own costs and expenses, including the fees of their counsel, stock transfer taxes on resale of any of the Shares by them, and any advertising expenses connected with any offers they may make and (ii) in connection with any roadshow undertaken in connection with the marketing of the offering and the Shares, the travel, lodging and meal expenses of the Underwriters; provided, however, that the Representatives and the MAIR Parties agree that the Underwriters shall pay or cause to be paid fifty percent (50%) and the MAIR Parties shall pay or cause to be paid the remaining fifty percent (50%) of the cost of any aircraft chartered in connection with such roadshow.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The obligations of the Underwriters hereunder, as to the Shares to be delivered at each Time of Delivery, shall be subject, in their discretion, to the condition that all representations and warranties and other statements of the MAIR Parties herein are, at and as of the Applicable Time and such Time of Delivery, true and correct, the condition that the MAIR Parties shall have performed all of their respective obligations hereunder theretofore to be performed, and the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Prospectus shall have been filed with the Commission pursuant to Rule 424(b) under the Act within the applicable time period prescribed for such filing by the rules and regulations under the Act and in accordance with Section 5(a) hereof; all material required to be filed by the Company pursuant to Rule 433(d) under the Act shall have been filed with the Commission within the applicable time period prescribed for such filing by Rule 433; if the Company has elected to rely upon Rule 462(b) under the Act, the Rule 462(b) Registration Statement shall have become effective by 10:00 P.M., Washington, D.C. time, on the date of this Agreement; no stop order suspending the effectiveness of the Registration Statement or any part thereof shall have been issued and no proceeding for that purpose or pursuant to Section 8A of the Act shall have been initiated or, to the Company's knowledge, threatened by the Commission; no stop order suspending or preventing the use of the Pricing Prospectus, Prospectus or any Issuer Free Writing Prospectus shall have been initiated or, to the Company's knowledge, threatened by the Commission; and all requests for additional information on the part of the Commission shall have been complied with to your reasonable satisfaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sullivan & Cromwell LLP, counsel for the Underwriters, shall have furnished to you such written opinion or opinions, dated such Time of Delivery, in form and substance satisfactory to you, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Kirkland & Ellis LLP, counsel for the Company, shall have furnished to you their written opinion, dated such Time of Delivery, in form and substance satisfactory to you;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On the date of the Prospectus at a time prior to the execution of this Agreement, at 9:30 a.m., New York City time, on the effective date of any post-effective amendment to the Registration Statement filed subsequent to the date of this Agreement and also at each Time of Delivery, (i) PricewaterhouseCoopers LLP shall have furnished to you a letter or letters, dated the respective dates of delivery thereof, in form and substance satisfactory to you, and (ii) RSM US LLP shall have furnished to you a letter or letters, dated the respective dates of delivery thereof, in form and substance satisfactory to you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) None of the MAIR Parties or any of their subsidiaries shall have sustained since the date of the latest audited financial statements included in the Pricing Prospectus any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth or contemplated in the Pricing Prospectus, and (ii) since the respective dates as of which information is given in the Pricing Prospectus there shall not have been any change in the capital stock (other than as a result of (i) the exercise, vesting or settlement (including any "net" or "cashless" exercises or settlements), if any, of stock options, restricted stock, restricted stock units, incentive units, equity appreciation rights, equity appreciation rights units or other equity awards or the award, if any, of stock options, restricted stock, restricted stock units, incentive units, equity appreciation rights, equity appreciation rights units or other equity awards in the ordinary course of business pursuant to the Company's or MIAQ Solutions' equity plans that are described in the Pricing Prospectus and the Prospectus, (ii) the issuance, if any, of stock upon the exercise or conversion of Company securities or securities of MIAQ Solutions as described in the Pricing Prospectus and the Prospectus or (iii) the Organizational Transactions) or long-term or short-term debt of the Company, MIAQ Solutions or any of their subsidiaries, in each case otherwise than as set forth or contemplated in the Pricing Prospectus, or any change or effect, or any development involving a prospective change or effect, in or affecting (x) the business, properties, general affairs, management, financial position, stockholders' equity or results of operations of the MAIR Parties and their subsidiaries, taken as a whole, except as set forth or contemplated in the Pricing Prospectus, or (y) the ability of the Company and MIAQ Solutions to perform their respective obligations under this Agreement and the Organizational Agreements, as applicable, including the issuance and sale of the Shares, or to consummate the Organizational Transactions and other transactions contemplated in the Pricing Prospectus and the Prospectus, the effect of which, in any such case described in clause (i) or (ii), is in your judgment so material and adverse as to make it impracticable or inadvisable to proceed with the public offering or the delivery of the Shares being delivered at such Time of Delivery on the terms and in the manner contemplated in the Pricing Prospectus and the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On or after the Applicable Time (i) no downgrading shall have occurred in the rating accorded the Company's debt securities by any "nationally recognized statistical rating organization," as defined in Section 3(a)(62) of the Exchange Act, and (ii) no such organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of the Company's debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On or after the Applicable Time there shall not have occurred any of the following: (i) a suspension or material limitation in trading in securities generally on the New York Stock Exchange or the Nasdaq Global Select Market; (ii) a suspension or material limitation in trading in the Company's securities on the Exchange; (iii) a general moratorium on commercial banking activities declared by either Federal or New York State authorities or a material disruption in commercial banking or securities settlement or clearance services in the United States; (iv) the outbreak or escalation of hostilities involving the United States or the declaration by the United States of a national emergency or war or (v) the occurrence of any other calamity or crisis or any

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## change in financial, political or economic conditions in the United States or elsewhere, if the effect of any such event specified in clause (iv) or (v) in your judgment makes it impracticable or inadvisable to proceed with the public offering or the delivery of the Shares being delivered at such Time of Delivery on the terms and in the manner contemplated in the Pricing Prospectus and the Prospectus;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Shares to be sold at such Time of Delivery shall have been duly listed, subject to official notice of issuance, on the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company shall have obtained and delivered to the Underwriters executed copies of an agreement from each officer, director, and stockholder of the Company listed on Schedule III hereto, substantially to the effect set forth in Annex II hereto in form and substance satisfactory to you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company shall have complied with the provisions of Section 5(c) hereof with respect to the furnishing of prospectuses on the New York Business Day next succeeding the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The MAIR Parties shall have furnished or caused to be furnished to you at such Time of Delivery certificates of officers of the Company and MIAQ Solutions satisfactory to you as to the accuracy of the representations and warranties of the Company and MIAQ Solutions herein at and as of such Time of Delivery, as to the performance by each of the MAIR of all of its respective obligations hereunder to be performed at or prior to such Time of Delivery, as to the matters set forth in subsections (a) and (e) of this Section 8 and as to such other matters as you may reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Each of the Company and MIAQ Solutions shall have furnished or caused to be furnished to you on the date of the Prospectus at a time prior to the execution of this Agreement and at such Time of Delivery a certificate or certificates of its Chief Financial Officer as to the accuracy of certain financial information included in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus and the Prospectus, in form and substance satisfactory to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Organizational Transactions shall have been consummated in all material respects as described in the Pricing Prospectus (except with respect to aspects of the Organizational Transactions that cannot be, or are not intended to be, completed on or prior to such Time of Delivery).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. (a) Each of the MAIR Parties, jointly and severally, will indemnify and hold harmless each Underwriter against any losses, claims, damages or liabilities, joint or several, to which such Underwriter may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, any Issuer Free Writing Prospectus or in any amendment or supplement thereto, any roadshow, any "issuer information" filed or required to be filed pursuant to Rule 433(d) under the Act or any Testing-the-Waters Communication, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse each Underwriter promptly upon demand for any legal or other expenses reasonably incurred by such Underwriter in connection with investigating or defending against any such action or claim as such

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# expenses are incurred; provided, however, that the MAIR Parties shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, any Issuer Free Writing Prospectus or any Testing-the-Waters Communication, in reliance upon and in conformity with the Underwriter Information.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter, severally and not jointly, will indemnify and hold harmless the MAIR Parties against any losses, claims, damages or liabilities to which the MAIR Parties may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, any Issuer Free Writing Prospectus or any amendment or supplement thereto, any roadshow or any Testing-the-Waters Communication, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, any Issuer Free Writing Prospectus or any amendment or supplement thereto, any roadshow or any Testing-the-Waters Communication, in reliance upon and in conformity with the Underwriter Information; and will reimburse the MAIR Parties for any legal or other expenses reasonably incurred by the MAIR Parties in connection with investigating or defending any such action or claim as such expenses are incurred. As used in this Agreement with respect to an Underwriter and an applicable document, "Underwriter Information" shall mean the written information furnished to the MAIR Parties by such Underwriter through the Representatives expressly for use therein; it being understood and agreed upon that the only such information furnished by any Underwriter consists of the following information in the Prospectus furnished on behalf of each Underwriter: the discount figures appearing in the [fifth] paragraph under the caption "Underwriting," and the information contained in the [ninth and tenth] paragraph[s] under the caption "Underwriting."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under subsection (a) or (b) of this Section 9 of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof; provided that the failure to notify the indemnifying party shall not relieve it from any liability that it may have under the preceding paragraphs of this Section 9 except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise than under the preceding paragraphs of this Section 9. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred and documented by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation; provided, however, that an indemnified party

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## shall have the right to employ counsel to represent the indemnified party if (i) the indemnified party and the indemnifying party shall have so mutually agreed; (ii) the indemnifying party has failed within a reasonable time to retain counsel reasonably satisfactory to the indemnified party; (iii) the indemnified party shall have reasonably concluded that there may be legal defenses available to them that are different from or in addition to those available to the indemnifying party; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the indemnified party, on the one hand, and the indemnifying party, on the other hand, and representation of both sets of parties by the same counsel would be inappropriate due to actual or potential differing interests between them, and in any such event the fees and expenses of such separate counsel shall be paid by the indemnifying party. No indemnifying party shall, (i) without the prior written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (x) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (y) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party or (ii) be required to indemnify any indemnified party hereunder for any settlement of any such action effected without its prior written consent (which consent shall not be unreasonably withheld), but if settled with the consent of the indemnifying party or if there be a final judgment for the plaintiff in any such action, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by Section 9(a) hereof, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request or disputed in good faith the indemnified party's entitlement to such reimbursement prior to the date of such settlement.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the indemnification provided for in this Section 9 is unavailable to or insufficient to hold harmless an indemnified party under subsection (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by the MAIR Parties on the one hand and the Underwriters on the other from the offering of the Shares. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law, then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the MAIR Parties on the one hand and the Underwriters on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the MAIR Parties on the one hand and the Underwriters on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the MAIR Parties bear to the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the MAIR Parties on the one

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## hand or the Underwriters on the other and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The MAIR Parties and the Underwriters agree that it would not be just and equitable if contribution pursuant to this subsection (d) were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this subsection (d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this subsection (d), no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters' obligations in this subsection (d) to contribute are several in proportion to their respective underwriting obligations and not joint.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the MAIR Parties under this Section 9 shall be in addition to any liability which the MAIR Parties may otherwise have and shall extend, upon the same terms and conditions, to each employee, officer and director of each Underwriter and each person, if any, who controls any Underwriter within the meaning of the Act and each broker-dealer or other affiliate of any Underwriter; and the obligations of the Underwriters under this Section 9 shall be in addition to any liability which the respective Underwriters may otherwise have and shall extend, upon the same terms and conditions, to each officer and director of the MAIR Parties (including any person who, with his or her consent, is named in the Registration Statement as about to become a director of the Company) and to each person, if any, who controls the Company within the meaning of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. (a) If any Underwriter shall default in its obligation to purchase the Shares which it has agreed to purchase hereunder at a Time of Delivery, you may in your discretion arrange for you or another party or other parties to purchase such Shares on the terms contained herein. If within thirty-six hours after such default by any Underwriter you do not arrange for the purchase of such Shares, then the Company shall be entitled to a further period of thirty-six hours within which to procure another party or other parties satisfactory to you to purchase such Shares on such terms. In the event that, within the respective prescribed periods, you notify the Company that you have so arranged for the purchase of such Shares, or the Company notifies you that it has so arranged for the purchase of such Shares, you or the Company shall have the right to postpone such Time of Delivery for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus, or in any other documents or arrangements, and the Company agrees to file promptly any amendments or supplements to the Registration Statement or the Prospectus which in your opinion may thereby be made necessary. The term "Underwriter" as used in this Agreement shall include any person substituted under this Section 10 with like effect as if such person had originally been a party to this Agreement with respect to such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by you and the Company as provided in subsection (a) above, the aggregate number of such Shares which remains unpurchased does not exceed one-eleventh of the aggregate number of all the Shares to be purchased at such Time of Delivery,

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## then the Company shall have the right to require each non-defaulting Underwriter to purchase the number of Shares which such Underwriter agreed to purchase hereunder at such Time of Delivery and, in addition, to require each non-defaulting Underwriter to purchase its pro rata share (based on the number of Shares which such Underwriter agreed to purchase hereunder) of the Shares of such defaulting Underwriter or Underwriters for which such arrangements have not been made; but nothing herein shall relieve a defaulting Underwriter from liability for its default.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by you and the Company as provided in subsection (a) above, the aggregate number of such Shares which remains unpurchased exceeds one-eleventh of the aggregate number of all the Shares to be purchased at such Time of Delivery, or if the Company shall not exercise the right described in subsection (b) above to require non-defaulting Underwriters to purchase Shares of a defaulting Underwriter or Underwriters, then this Agreement (or, with respect to the Second Time of Delivery, the obligations of the Underwriters to purchase and of the Company to sell the Optional Shares) shall thereupon terminate, without liability on the part of any non-defaulting Underwriter or the MAIR Parties, except for the expenses to be borne by the MAIR Parties and the Underwriters as provided in Section 7 hereof and the indemnity and contribution agreements in Section 9 hereof; but nothing herein shall relieve a defaulting Underwriter from liability for its default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The respective indemnities, rights of contribution, agreements, representations, warranties and other statements of the MAIR Parties and the several Underwriters, as set forth in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation (or any statement as to the results thereof) made by or on behalf of any Underwriter or any director, officer, employee, affiliate or controlling person of any Underwriter, or the MAIR Parties, or any officer or director or controlling person of the MAIR Parties, and shall survive delivery of and payment for the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. If this Agreement shall be terminated pursuant to Section 10 hereof, the MAIR Parties shall not then be under any liability to any Underwriter except as provided in Sections 7 and 9 hereof; but, if for any other reason, any Shares are not delivered by or on behalf of the Company as provided herein or the Underwriters decline to purchase the Shares for any reason permitted under this Agreement, the MAIR Parties will reimburse the Underwriters through you for all reasonable and documented out-of-pocket expenses approved in writing by you, including fees and disbursements of counsel, reasonably incurred and documented by the Underwriters in making preparations for the purchase, sale and delivery of the Shares not so delivered, but the MAIR Parties shall then be under no further liability to any Underwriter except as provided in Sections 7 and 9 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. In all dealings hereunder, the Representatives shall act on behalf of each of the Underwriters, and the parties hereto shall be entitled to act and rely upon any statement, request, notice or agreement on behalf of any Underwriter made or given by you jointly or by Goldman Sachs & Co. LLC on behalf of you as the Representatives.

All statements, requests, notices and agreements hereunder shall be in writing, and if to the Underwriters shall be delivered or sent by mail, telex or facsimile transmission to you as the Representatives in care of (a) Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282-2198, Attention: Registration Department; and (b) Barclays Capital Inc., 745 Seventh Avenue, New York, New York 10019, Attention: Syndicate Registration (Fax: (646) 834-8133) with a copy, in the case of any notice pursuant to Section 9(c) hereof, to the Director of Litigation, Office of the General Counsel, Barclays Capital Inc., 745 Seventh Avenue, New York, New York

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10019; and if to the Company shall be delivered or sent by mail, telex or facsimile transmission to the address of the Company set forth in the Registration Statement, Attention: Secretary; provided, however, that any notice to an Underwriter pursuant to Section 9(c) hereof shall be delivered or sent by mail, telex or facsimile transmission to such Underwriter at its address set forth in its Underwriters' Questionnaire, or telex constituting such Questionnaire, which address will be supplied to the Company by you upon request. Any such statements, requests, notices or agreements shall take effect upon receipt thereof.

In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may include the name and address of their respective clients, as well as other information that will allow the Underwriters to properly identify their respective clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. This Agreement shall be binding upon, and inure solely to the benefit of, the Underwriters, the MAIR Parties and, to the extent provided in Sections 9 and 11 hereof, the officers and directors of the Company and each person who controls any MAIR Party or any Underwriter, or any director, officer, employee, or affiliate of any Underwriter, and their respective heirs, executors, administrators, successors and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement. No purchaser of any of the Shares from any Underwriter shall be deemed a successor or assign by reason merely of such purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Time shall be of the essence of this Agreement. As used herein, the term "business day" shall mean any day when the Commission's office in Washington, D.C. is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Each MAIR Party acknowledges and agrees that (i) the purchase and sale of the Shares pursuant to this Agreement is an arm's-length commercial transaction between the MAIR Parties, on the one hand, and the several Underwriters, on the other, (ii) in connection therewith and with the process leading to such transaction each Underwriter is acting solely as a principal and not the agent or fiduciary of the MAIR Parties, (iii) no Underwriter has assumed an advisory or fiduciary responsibility in favor of any of the MAIR Parties with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising any of the MAIR Parties on other matters) or any other obligation to any of the MAIR Parties except the obligations expressly set forth in this Agreement, (iv) each of the MAIR Parties has consulted its own legal and financial advisors to the extent it deemed appropriate, and (v) none of the activities of the Underwriters in connection with the transactions contemplated herein constitutes a recommendation, investment advice, or solicitation of any action by the Underwriters with respect to any entity or natural person. Each of the MAIR Parties agrees that it will not claim that the Underwriters, or any of them, has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to any of the MAIR Parties, in connection with such transaction or the process leading thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the MAIR Parties and the Underwriters, or any of them, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. This Agreement and any transaction contemplated by this Agreement and any claim, controversy or dispute arising under or related thereto shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflict of laws that would result in the application of any other law than the laws of the State of New York.

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# Each of the MAIR Parties agrees that any suit or proceeding arising in respect of this Agreement or any transaction contemplated by this Agreement will be tried exclusively in the U.S. District Court for the Southern District of New York or, if that court does not have subject matter jurisdiction, in any state court located in The City and County of New York and each of the MAIR Parties agrees to submit to the jurisdiction of, and to venue in, such courts.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Each of the MAIR Parties and the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. This Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Notwithstanding anything herein to the contrary, the MAIR Parties are authorized to disclose to any persons the U.S. federal and state income tax treatment and tax structure of the potential transaction and all materials of any kind (including tax opinions and other tax analyses) provided to the MAIR Parties relating to that treatment and structure, without the Underwriters imposing any limitation of any kind. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, "tax structure" is limited to any facts that may be relevant to that treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Recognition of the U.S. Special Resolution Regimes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used in this section 22:

"BHC Act Affiliate" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

"Covered Entity" means any of the following:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"U.S. Special Resolution Regime" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

------

If the foregoing is in accordance with your understanding, please sign and return to us seven counterparts hereof, and upon the acceptance hereof by you, on behalf of each of the Underwriters, this Agreement and such acceptance hereof shall constitute a binding agreement between each of the Underwriters, the Company and MIAQ Solutions. It is understood that your acceptance of this Agreement on behalf of each of the Underwriters is pursuant to the authority set forth in a form of Agreement among Underwriters, the form of which shall be submitted to the Company and MIAQ Solutions for examination upon request, but without warranty on your part as to the authority of the signers thereof.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **Madison Air Solutions Corporation** | **Madison Air Solutions Corporation** |
| By: |  |
|  | Name: |
|  | Title: |
| **Madison Industries IAQ Solutions** <br>**Corporation** | **Madison Industries IAQ Solutions** <br>**Corporation** |
| By: |  |
|  | Name: |
|  | Title: |

---

[*Signature Page to Underwriting Agreement*]

------

---

| | |
|:---|:---|
| Accepted as of the date hereof: | Accepted as of the date hereof: |
| **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** |
| **Barclays Capital Inc.** | **Barclays Capital Inc.** |
| **Jefferies LLC** | **Jefferies LLC** |
| **Wells Fargo Securities, LLC** | **Wells Fargo Securities, LLC** |
| **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** |
| **By:** |  |
|  | **Name:** |
|  | **Title:** |
| **Barclays Capital Inc.** | **Barclays Capital Inc.** |
| **By:** |  |
|  | **Name:** |
|  | **Title:** |
| **Jefferies LLC** | **Jefferies LLC** |
| **By:** |  |
|  | **Name:** |
|  | **Title:** |
| **Wells Fargo Securities, LLC** | **Wells Fargo Securities, LLC** |
| **By:** |  |
|  | **Name:** |
|  | **Title:** |

---

On behalf of each of the Underwriters

[*Signature Page to Underwriting Agreement*]

------

**SCHEDULE I**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Underwriter** | &nbsp;&nbsp;**Total Number of<br>Firm Shares<br>to be Purchased** | &nbsp;&nbsp;**Number of Optional<br>Shares to be<br>Purchased if<br>Maximum Option<br>Exercised** |
| &nbsp;&nbsp;Goldman Sachs & Co. LLC |  |  |
| &nbsp;&nbsp;Barclays Capital Inc. |  |  |
| &nbsp;&nbsp;Jefferies LLC |  |  |
| &nbsp;&nbsp;Wells Fargo Securities, LLC |  |  |
| &nbsp;&nbsp;BofA Securities, Inc. |  |  |
| &nbsp;&nbsp;Citigroup Global Markets Inc. |  |  |
| &nbsp;&nbsp;Robert W. Baird & Co. Incorporated |  |  |
| &nbsp;&nbsp;RBC Capital Markets LLC |  |  |
| &nbsp;&nbsp;Guggenheim Securities, LLC |  |  |
| &nbsp;&nbsp;Santander US Capital Markets LLC |  |  |
| &nbsp;&nbsp;Nomura Securities International, Inc. |  |  |
| &nbsp;&nbsp;WR Securities, LLC |  |  |
| &nbsp;&nbsp;CIBC World Markets Corp. |  |  |
| &nbsp;&nbsp;Comerica Securities, Inc. |  |  |
| &nbsp;&nbsp;William Blair & Company, L.L.C. |  |  |
| &nbsp;&nbsp;Stifel, Nicolaus & Company, Incorporated |  |  |
| &nbsp;&nbsp;Capital One Securities, Inc. |  |  |
| &nbsp;&nbsp;PNC Capital Markets LLC |  |  |
| &nbsp;&nbsp;Total |  |  |

---

A-I-1

------

**SCHEDULE II**

(a) Issuer Free Writing Prospectuses not included in the Pricing Disclosure Package:

Electronic roadshow made available on [●], 2026.

(b) Additional Documents Incorporated by Reference:

None.

(c) Information other than the Pricing Prospectus that comprise the Pricing Disclosure Package:

The initial public offering price per share for the Shares is $[●].

The number of Shares purchased by the Underwriters is [●].

[●].

(d) Written Testing-the-Waters Communications:

Investor presentation materials presented in meetings held on the following dates: [●].

A-I-2

------

**Form of Press Release**

Madison Air Solutions Corporation

[Date]

("[Company]") announced today that Goldman Sachs & Co. LLC and Barclays Capital Inc., joint lead book-running managers in the Company's recent public sale of [●] shares of Class A common stock, is [waiving] [releasing] a lock-up restriction with respect to [●] shares of the Company's Class A common stock held by [certain officers or directors] [an officer or director] of the Company. The [waiver] [release] will take effect on [●], 2026, and the shares may be sold on or after such date.

**This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.** 

A-I-3

------

**ANNEX I**

**FORM OF LOCK-UP AGREEMENT**

**Madison Air Solutions Corporation**

**Lock-Up Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**, 2026**

Goldman Sachs & Co. LLC

Barclays Capital Inc.

Jefferies LLC

Wells Fargo Securities, LLC

As Representatives of the several Underwriters

named in Schedule I to the Underwriting Agreement

c/o Goldman Sachs & Co. LLC

200 West Street

New York, NY 10282-2198

c/o Barclays Capital Inc.

745 Seventh Avenue

New York, New York 10019

c/o Jefferies LLC

520 Madison Avenue

New York, New York 10022

c/o Wells Fargo Securities, LLC

500 West 33rd Street, 14th Floor

New York, New York 10001

Re: <u>Madison Air Solutions Corporation - Lock-Up Agreement</u>

Ladies and Gentlemen:

The undersigned understands that you, as representatives (the "Representatives"), propose to enter into an underwriting agreement (the "Underwriting Agreement") on behalf of the several underwriters named in Schedule I to such agreement (collectively, the "Underwriters"), with Madison Air Solutions Corporation, a Delaware corporation (the "Company"), providing for a public offering (the "Public Offering") of shares (the "Shares") of the Class A common stock, par value $0.0000001 per share, of the Company (the "Class A Common Stock") pursuant to a Registration Statement on Form S-1 (the "Registration Statement") filed with the Securities and Exchange Commission (the "SEC"). As used herein, the term "Common Stock" refers to shares of the Company's common stock, including any shares of Class A Common Stock and Class B common stock, par value $0.0000001 per share.

In consideration of the agreement by the Underwriters to offer and sell the Shares, and of other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the undersigned agrees that, during the period beginning from the date of this Lock-Up Agreement and continuing to and including the date 180 days after the date of the final prospectus relating to the Public

------

Offering (the "Prospectus") (such period, the "Lock-Up Period"), the undersigned shall not, and shall not cause or direct any of its affiliates to, (i) offer, sell, contract to sell, pledge, grant any option, right or warrant to purchase, purchase any option or contract to sell, lend or otherwise transfer or dispose of any shares of Common Stock, or any options or warrants to purchase any shares of Common Stock, or any securities convertible into, exchangeable for or that represent the right to receive shares of Common Stock (such shares of Common Stock, options, rights, warrants or other securities, collectively, "Lock-Up Securities"), including, without limitation, any such Lock-Up Securities currently beneficially owned (as such term is used in Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or hereafter acquired by the undersigned, (ii) engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge or other disposition (whether by the undersigned or someone other than the undersigned), or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any Lock-Up Securities, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of Common Stock or other securities, in cash or otherwise (any such sale, loan, pledge or other disposition, or transfer of economic consequences, a "Transfer"), (iii) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities or (iv) otherwise publicly announce any intention to engage in or cause any action, activity, transaction or arrangement described in clause (i), (ii) or (iii) above. The undersigned represents and warrants that the undersigned is not, and has not caused or directed any of its affiliates to be or become, currently a party to any agreement or arrangement that provides for, is designed to or reasonably could be expected to lead to or result in any Transfer during the Lock-Up Period.

Notwithstanding the foregoing, the undersigned may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)transfer the undersigned's Lock-Up Securities (i) as one or more *bona fide* gifts or charitable contributions, or for *bona fide* estate planning purposes, (ii) upon death by will, testamentary document or intestate succession, (iii) if the undersigned is a natural person, to any member of the undersigned's immediate family (for purposes of this Lock-Up Agreement, "immediate family" shall mean any relationship by blood, current or former marriage, domestic partnership or adoption, not more remote than first cousin) or to any trust, partnership, limited liability company or other entity for the direct or indirect benefit of the undersigned or the immediate family of the undersigned or, if the undersigned is a trust, to a trustor or beneficiary of the trust or the estate of a beneficiary of such trust, (iv) to a partnership, limited liability company or other entity of which the undersigned and the immediate family of the undersigned 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 (a)(i) through (iv) above, (vi) if the undersigned is a corporation, partnership, limited liability company, trust or other business entity, (A) to another corporation, partnership, limited liability company or other business entity that is an affiliate (as defined in Rule 405 under the Securities Act of 1933, as amended) of the undersigned, or to any investment fund or other entity which fund or entity is controlled or managed by the undersigned or affiliates of the undersigned, or (B) as part of a distribution by the undersigned to its stockholders, partners, members or other equityholders or to the estate of any such stockholders, partners, members or other equityholders, (vii) by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree or separation agreement or other order of a court or regulatory authority, (viii) to the Company from an employee of the Company upon death, disability or termination of employment, in each case, of such employee, (ix) if the undersigned is not an officer or director of the Company, in connection with a sale of the undersigned's shares of Common Stock acquired (A) from the

------

Underwriters in the Public Offering or (B) in open market transactions after the closing date of the Public Offering, (x) to the Company in connection with the vesting, settlement or exercise of restricted stock units, equity appreciation rights, equity appreciation rights units, options, warrants or other rights to purchase shares of Common Stock (including, in each case, by way of "net" or "cashless" exercise) that are scheduled to expire or automatically vest during the Lock-Up Period, including any transfer to the Company for the payment of tax withholdings or remittance payments due as a result of the vesting, settlement or exercise of such restricted stock units, equity appreciation rights, equity appreciation rights units, options, warrants or other rights, or in connection with the conversion of convertible securities, in all such cases pursuant to equity awards granted under a stock incentive plan or other equity award plan, or pursuant to the terms of convertible securities, each as described in the Registration Statement, the preliminary prospectus relating to the Shares included in the Registration Statement immediately prior to the time the Underwriting Agreement is executed and the Prospectus, provided that any securities received upon such vesting, settlement, exercise or conversion shall be subject to the terms of this Lock-Up Agreement, or (xi) with the prior written consent of Goldman Sachs & Co. LLC and Barclays Capital Inc. on behalf of the Underwriters; provided that (A) in the case of clauses (a)(i), (ii), (iii), (iv), (v) and (vi) above, such transfer or distribution shall not involve a disposition for value, (B) in the case of clauses (a)(i), (ii), (iii), (iv), (v), (vi) and (vii) above, it shall be a condition to the transfer or distribution that the donee, devisee, transferee or distributee, as the case may be, shall sign and deliver a lock-up agreement in the form of this Lock-Up Agreement, (C) in the case of clauses (a)(ii), (iii), (iv), (v) and (vi) above, no filing by any party (including, without limitation, any donor, donee, devisee, transferor, transferee, distributor or distributee) under the Exchange Act or other public filing, report or announcement reporting a reduction in beneficial ownership of Lock-Up Securities shall be required or shall be voluntarily made in connection with such transfer or distribution (other than a filing on a Form 5 made after the expiration of the Lock-Up Period referred to above) and (D) in the case of clauses (a)(i), (vii), (viii), (ix) and (x) above, no filing under the Exchange Act or other public filing, report or announcement shall be voluntarily made, and if any such filing, report or announcement shall be legally required during the Lock-Up Period, such filing, report or announcement shall clearly indicate in the footnotes thereto (A) the circumstances of such transfer or distribution and (B) in the case of a transfer or distribution pursuant to clauses (a)(i) or (vii) above, that the donee, devisee, transferee or distributee has agreed to be bound by a lock-up agreement in the form of this Lock-Up Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)enter into or amend a written plan meeting the requirements of Rule 10b5-1 under the Exchange Act relating to the transfer, sale or other disposition of the undersigned's Lock-Up Securities, if then permitted by the Company, provided that none of the securities subject to such plan may be transferred, sold or otherwise disposed of until after the expiration of the Lock-Up Period and no public announcement, report or filing under the Exchange Act, or any other public filing, report or announcement, shall be voluntarily made (whether by or on behalf of the undersigned, the Company or any other party) regarding, or that otherwise discloses, the establishment of such plan during the Lock-Up Period, and if any such filing, report or announcement shall be legally required during the Lock-Up Period, such filing, report or announcement shall clearly indicate that that none of the securities subject to such plan may be transferred, sold or otherwise disposed of pursuant to such plan until after the expiration of the Lock-Up Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)transfer the undersigned's Lock-Up Securities pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by the Board of Directors of the Company and made to all holders of the Company's capital stock involving a Change of Control of the Company (for purposes hereof, "Change of Control" shall mean the transfer (whether by tender offer, merger, consolidation or other similar transaction), in one transaction

------

or a series of related transactions, to a person or group of affiliated persons, of shares of capital stock if, after such transfer, such person or group of affiliated persons would hold at least a majority of the outstanding voting securities of the Company (or the surviving entity)); provided that in the event that such tender offer, merger, consolidation or other similar transaction is not completed, the undersigned's Lock-Up Securities shall remain subject to the provisions of this Lock-Up Agreement.

If the undersigned is an officer or director of the Company, the undersigned further agrees that the foregoing provisions shall be equally applicable to any issuer-directed or other Shares the undersigned may purchase in the Public Offering.

If the undersigned is not a natural person, the undersigned represents and warrants that no single natural person, entity or "group" (within the meaning of Section 13(d)(3) of the Exchange Act), other than a natural person, entity or "group" (as described above) that has executed a Lock-Up Agreement in substantially the same form as this Lock-Up Agreement, beneficially owns, directly or indirectly, 50% or more of the common equity interests, or 50% or more of the voting power, in the undersigned.

If the undersigned is an officer or director of the Company, (i) Goldman Sachs & Co. LLC and Barclays Capital Inc. agree that, at least three business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of shares of Common Stock, Goldman Sachs & Co. LLC and Barclays Capital Inc. will notify the Company of the impending release or waiver and (ii) the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service (or such other method approved by Goldman Sachs & Co. LLC and Barclays Capital Inc. that satisfies the requirements of FINRA Rule 5131(d)(2)) at least two business days before the effective date of the release or waiver. Any release or waiver granted by Goldman Sachs & Co. LLC and Barclays Capital Inc. hereunder to any such officer or director shall only be effective two business days after the publication date of such press release. The provisions of this paragraph will not apply if (i) the release or waiver is effected solely to permit a transfer not for consideration or that is to an immediate family member as defined in FINRA Rule 5130(i)(5) and (ii) the transferee has agreed in writing to be bound by the same terms described in this Lock-Up Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.

The undersigned now has, and, except as contemplated by clauses (a) and (c) of the third paragraph of this Lock-Up Agreement, for the duration of this Lock-Up Agreement will have, good and marketable title to the undersigned's Lock-Up Securities, free and clear of all liens, encumbrances and claims whatsoever. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's Lock-Up Securities except in compliance with the foregoing restrictions.

The undersigned acknowledges and agrees that none of the Underwriters has made any recommendation or provided any investment or other advice to the undersigned with respect to this Lock-Up Agreement or the subject matter hereof, and the undersigned has consulted its own legal, accounting, financial, regulatory, tax and other advisors with respect to this Lock-Up Agreement and the subject matter hereof to the extent the undersigned has deemed appropriate. The undersigned further acknowledges and agrees that, although the Underwriters may have provided or hereafter provide to the undersigned in connection with the Public Offering a Form CRS and/or certain other disclosures as contemplated by Regulation Best Interest, the Underwriters have not made and are not making a recommendation to the undersigned to enter into this Lock-Up Agreement or to transfer, sell or dispose of, or to refrain from transferring, selling or disposing of, any shares of Common Stock, and nothing set forth in such disclosures or herein is intended to suggest that any Underwriter is making such a recommendation.

------

The restrictions set forth in this Lock-Up Agreement shall not apply to any exchange, transfer or sale in connection with, and as contemplated by, the Organizational Transactions (as such term is defined in the Pricing Disclosure Package under "Organizational Transactions").

This Lock-Up Agreement shall automatically terminate and the undersigned shall be released from all of his, her or its obligations hereunder upon the earlier of (i) the date on which the Registration Statement filed with the SEC with respect to the Public Offering is withdrawn, (ii) the date on which for any reason the Underwriting Agreement is terminated (other than the provisions thereof that survive termination) prior to payment for and delivery of the Shares to be sold thereunder (other than pursuant to the Underwriters' option thereunder to purchase additional Shares), (iii) the date on which the Company notifies the Representatives, in writing and prior to the execution of the Underwriting Agreement, that it does not intend to proceed with the Public Offering and (iv) December 31, 2026, in the event that the Underwriting Agreement has not been executed by such date (provided, however, that the Company may, by written notice to the undersigned prior to such date, extend such date by a period of up to an additional 90 days).

The undersigned understands that the Company and the Underwriters are relying upon this Lock-Up Agreement in proceeding toward consummation of the Public Offering. The undersigned further understands that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representatives, successors and assigns. The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Agreement. This Lock-Up Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to principles of conflict of laws that would result in the application of any law other than the laws of the State of New York. This Lock-Up Agreement may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com or www.echosign.com) or other transmission method, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

[*Signature Page Follows*]

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Very truly yours, | Very truly yours, | Very truly yours, |  |  |
| **IF AN INDIVIDUAL:** | **IF AN INDIVIDUAL:** | **IF AN INDIVIDUAL:** | **IF AN ENTITY:** | **IF AN ENTITY:** |
| By: |  |  |  |  |
|  | *(duly authorized signature)* | *(duly authorized signature)* | *(please print complete name of entity)* | *(please print complete name of entity)* |
| Name: | Name: |  | By: |  |
|  |  | *(please print full name)* |  | *(duly authorized signature)* |
|  |  |  | Name: |  |
|  |  |  |  | *(please print full name)* |
|  |  |  | Title:  |  |
|  |  |  |  | *(please print full title)* |

---

[*Signature Page to Lock-Up Agreement*]

------

## Exhibit 5.1

**Exhibit 5.1**

---

| | | |
|:---|:---|:---|
| ![img169382214_0.jpg](img169382214_0.jpg) | ![img169382214_0.jpg](img169382214_0.jpg) | ![img169382214_0.jpg](img169382214_0.jpg) |
|  | 333 West Wolf Point Plaza<br>Chicago, IL 60654<br>United States<br>+1 312 862 2000<br>www.kirkland.com | <br>Facsimile:<br>+1 312 862 2200 |

---

April 6, 2026

---

| | |
|:---|:---|
| Madison Air Solutions Corporation | Madison Air Solutions Corporation |
| 444 West Lake Street, Suite 4460 | 444 West Lake Street, Suite 4460 |
| Chicago, IL 60606  | Chicago, IL 60606  |
| Re: | Registration Statement on Form S-1 |

---

Ladies and Gentlemen:

We are issuing this opinion in our capacity as special legal counsel to Madison Air Solutions Corporation, a Delaware corporation (the "Company"), in connection with the proposed registration by the Company of up to 95,096,154 shares of its Class A common stock, par value $0.0000001 per share (the "Class A Common Stock"), to be newly issued and sold by the Company (the "Shares"), including up to 12,403,846 Shares of Class A Common Stock issuable by the Company upon exercise of the underwriters' over-allotment option, pursuant to a Registration Statement on Form S-1 (Registration No. 333-294156), initially publicly filed with the U.S. Securities and Exchange Commission (the "Commission") on March 9, 2026, under the Securities Act of 1933, as amended (the "Act") (such Registration Statement, as amended or supplemented, the "Registration Statement"). The term "Shares" shall include any additional shares of common stock registered by the Company pursuant to Rule 462(b) under the Act in connection with the offering contemplated by the Registration Statement.

In connection therewith, we have examined originals, or copies certified or otherwise identified to our satisfaction, of such documents, corporate records and other instruments as we have deemed necessary for the purposes of this opinion, including: (i) the corporate and organizational documents of the Company, including the form of Amended and Restated Certificate of Incorporation of the Company filed as Exhibit 3.2 to the Registration Statement (the "Certificate of Incorporation") to be filed with the Secretary of State of the State of Delaware, which will become effective prior to the sale of the Shares; (ii) minutes and records of the proceedings of the Company with respect to the issuance and sale of the Shares; (iii) the form of Underwriting Agreement in the form filed as Exhibit 1.1 to the Registration Statement proposed to be entered into by and between the Company and (the "Underwriting Agreement"); and (iv) the Registration Statement.

For purposes of this opinion, we have assumed the authenticity of all documents submitted to us as originals, the conformity to the originals of all documents submitted to us as copies and

------

---

| |
|:---|
| ![img169382214_1.jpg](img169382214_1.jpg) |
| Madison Air Solutions Corporation<br>April 6, 2026<br>Page 2 |

---

the authenticity of the originals of all documents submitted to us as copies. We have also assumed the legal capacity of all natural persons, the genuineness of the signatures of persons signing all documents in connection with which this opinion is rendered, the authority of such persons signing on behalf of the parties thereto (other than the Company) and the due authorization, execution and delivery of all documents by the parties thereto (other than the Company). As to any facts material to the opinions expressed herein that we have not independently established or verified, we have relied upon statements and representations of officers and other representatives of the Company and others.

Based upon and subject to the assumptions, qualifications and limitations identified in this opinion, we are of the opinion that when the Certificate of Incorporation is duly filed with the Secretary of State of the State of Delaware, the Shares will be duly authorized, and, when the Registration Statement becomes effective under the Act, the final Underwriting Agreement is duly executed and delivered by the parties thereto and the Shares are registered by the Company's transfer agent and delivered against payment of the agreed consideration therefor, all in accordance with the final Underwriting Agreement, the Shares will be validly issued, fully paid and non-assessable.

Our advice on every legal issue addressed in this opinion is based exclusively on the General Corporation Law of the State of Delaware.

We do not find it necessary for the purposes of this opinion, and accordingly we do not purport to cover herein, the application of the securities or "Blue Sky" laws of the various states to the issuance and sale of the Shares.

This opinion is limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein. This opinion speaks only as of the date that the Registration Statement becomes effective under the Act, and we assume no obligation to revise or supplement this opinion after the date of effectiveness should the General Corporation Law of the State of Delaware be changed by legislative action, judicial decision or otherwise after the date hereof.

This opinion is furnished to you in connection with the filing of the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Act.

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| |
|:---|
| ![img169382214_1.jpg](img169382214_1.jpg) |
| Madison Air Solutions Corporation<br>April 6, 2026<br>Page 3 |

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We hereby consent to the filing of this opinion with the Commission as Exhibit 5.1 to the Registration Statement. We also consent to the reference to our firm under the heading "Legal Matters" in the Registration Statement. This opinion and consent may also be incorporated by reference in a subsequent registration statement on Form S-1 filed pursuant to Rule 462(b) under the Act with respect to the registration of additional securities for sale in the offering contemplated by the Registration Statement. In giving this consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission.

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| |
|:---|
| Very truly yours, |
| /s/ Kirkland & Ellis LLP |
| Kirkland & Ellis LLP |

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## Exhibit 10.26

**Exhibit 10.26**

# FORM OF TRANSITION SERVICES AGREEMENT
This TRANSITION SERVICES AGREEMENT (this "<u>Agreement</u>") is made and entered into as of [______], 2026 (the "<u>Effective Date</u>"), by and between Madison Industries International Holdings, LLC, a Delaware limited liability company ("<u>Madison</u>"), and Madison Air Solutions Corporation, a Delaware corporation ("<u>Madison Air</u>"). Madison and Madison Air may each be referred to herein individually as a "<u>Party</u>" and collectively as the "<u>Parties</u>".

# RECITALS
**WHEREAS**, Madison, Madison Air and other companies are parties to that certain Separation Agreement, dated as of [●], 2026 (the "<u>Separation Agreement</u>"), pursuant to which Madison has agreed to separate the Madison Air Business from Madison pursuant to the Internal Distribution and External Distribution and for the Madison Air Business to be transferred to Madison Air pursuant to the Contribution, in each case on the terms and subject to the conditions set forth in the Separation Agreement (the transactions effected pursuant to the Separation Agreement are referred to therein as the "<u>Separation</u>");

**WHEREAS**, pursuant to the Separation Agreement, each Party has agreed to enter into this Agreement and provide (in such capacity, a "<u>Provider</u>") to the other Party (in such capacity, a "<u>Recipient</u>"), certain transition services on the terms and conditions set forth herein; and

**WHEREAS**, in order for Madison to provide and perform the Services contemplated by this Agreement for the benefit of Madison Air, it is necessary and appropriate for Madison Air to furnish, and for Madison, its parent entities and its Affiliates (collectively, the "Madison Information Recipients") to receive, certain non-public information regarding the Madison Air Business, including financial, operational, technical, personnel-related and other proprietary information, and Madison Air acknowledges and agrees that the provision of such information to the Madison Information Recipients constitutes a material benefit to Madison Air, as such access is essential for the Madison Information Recipients to effectively deliver the Services, to maintain the quality and continuity of support to the Madison Air Business and to facilitate an orderly transition in connection with the Separation;

**NOW THEREFORE**, in consideration of the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

# ARTICLE I
**DEFINITIONS**

Each capitalized term used herein without a definition shall have the meaning given to such term in the Separation Agreement.

# ARTICLE II
**REPRESENTATIONS AND WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1<u>Representations and Warranties of Madison</u>. Madison makes the following representations and warranties to Madison Air, each of which is true and correct on the Effective Date:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Madison is a limited liability company duly organized, validly existing, and in good standing under the Laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The execution, delivery and performance by Madison of this Agreement and the consummation of the transactions contemplated hereby (i) are within Madison's corporate powers and (ii) have been duly authorized by all necessary corporate action on the part of Madison.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Agreement has been duly executed and delivered by Madison and constitutes a valid and legally binding obligation of Madison, enforceable against Madison in accordance with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other Laws affecting creditors' rights generally and except insofar as the availability of equitable remedies may be limited by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2<u>Representations and Warranties of Madison Air</u>. Madison Air makes the following representations and warranties to Madison, each of which is true and correct on the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Madison Air is a corporation duly organized, validly existing, and in good standing under the Laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The execution, delivery and performance by Madison Air of this Agreement and the consummation of the transactions contemplated hereby (i) are within Madison Air's corporate powers and (ii) have been duly authorized by all necessary corporate action on the part of Madison Air.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Agreement has been duly executed and delivered by Madison Air and constitutes a valid and legally binding obligation of Madison Air, enforceable against Madison Air in accordance with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other Laws affecting creditors' rights generally and except insofar as the availability of equitable remedies may be limited by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3<u>Disclaimer of Warranties</u>. EXCEPT AND ONLY TO THE EXTENT PROVIDED IN SECTIONS 2.1 AND 2.2, NO PARTY IS REPRESENTING OR WARRANTING IN ANY WAY THE PROVISION OF THE SERVICES UNDER THIS AGREEMENT AND HEREBY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, INCLUDING ANY WARRANTY OF NON-INFRINGEMENT AND THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

# ARTICLE III
**PROVISION OF SERVICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1<u>Provisions of Transition Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Transition Services</u>. For purposes of this Agreement, the Party providing the Services (as defined below) (or on whose behalf the Services are being provided) is referred to as the "<u>Provider</u>" with respect to such Services, and the Party receiving the Services is referred to as the "<u>Recipient</u>" with respect to such Services. Subject to the terms and conditions of this Agreement, the applicable Provider shall provide, or cause to be provided, to the applicable Recipient and its Affiliates (i) (A) solely for the benefit of the Madison Air Business, the services to be provided by such Provider as described, and on the terms set forth, in <u>Schedule A</u> attached hereto and (B) solely for the benefit of the MII Business, the services to be provided by such Provider as described, and on the terms set forth, in

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<u>Schedule A</u> attached hereto, which terms are incorporated herein by reference, and (ii) all services reasonably required to affect an orderly transition or migrate away from the provision of the services set forth on <u>Schedule A</u> to such Recipient (which may include data cleansing, extraction, and migration, knowledge transfer, and reasonable access to personnel and facilities) (collectively, the "<u>Services</u>") for the period commencing upon the Effective Date and ending upon the expiration of the applicable term for such Service as set forth in the Service Schedule, unless such term is earlier terminated or extended in accordance with the terms hereof. Except as may otherwise be agreed upon by the Parties with respect to Omitted Services, Additional Services and Modifications, (i) each Provider shall be required to provide, or cause to be provided, the Services for the sole purpose of conducting the Madison Air Business or the MII Business substantially as conducted immediately prior to the Effective Date, (ii) each Provider shall provide, or cause to be provided, the Services to the extent (and in the manner) such Services have been provided by such Provider and its Affiliates for the Madison Air Business's or MII Business' operation prior to the Effective Date, and (iii) the Services will reflect the activities conducted by the Provider at steady state operations, representing the Madison Air Business's or MII Business' historical normal course of business. Notwithstanding anything to the contrary in this Agreement, neither a Provider nor any of its Affiliates shall be required to provide any Service to the extent the performance of such Service would require the Provider or its Affiliates to violate any Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Omitted Services</u>. If a Recipient believes that a service historically provided by Provider or its Affiliates to the Madison Air Business or the MII Business, as applicable, in the twelve (12) months preceding the Effective Date (the "<u>Lookback Period</u>") was omitted from <u>Schedule A</u> (any such service, an "<u>Omitted Service</u>"), then such Recipient may notify the Provider in writing including via email, and upon receipt of such notice, the Provider shall provide such Omitted Service to the Recipient and such Omitted Service shall be deemed to be automatically added as a Service for purposes of this Agreement. The Parties shall promptly cooperate to identify and document the scope and pricing for each such Omitted Service and such Omitted Service shall become a Service for all purposes under this Agreement; <u>provided</u> that the pricing of such Omitted Service shall be determined in accordance with <u>Section 3.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Additional Services and Modifications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)During the Term, the Recipient may identify and request that the Provider provide, or cause to be provided, additional transition services that are not Omitted Services or Modifications to the extent such services are reasonably necessary and may have been historically provided by Provider for (i) the operation and conduct of the Madison Air Business in substantially the same manner as it was conducted prior to the Effective Date or (ii) Recipient to transition and migrate the Madison Air Business to Recipient or it is Affiliates (each such service, an "<u>Additional Service</u>"). If it is commercially reasonable for the Provider or one or more of its Affiliates to provide such Additional Service and the Provider or one or more of its Affiliates is reasonably capable of providing such Additional Service, then the Provider will consider such request and the provision of such services in good faith but shall only have an obligation hereunder to agree to provide such Additional Service to Recipient if it is reasonably capable of providing such Additional Service and if it is commercially reasonable for Provider to provide such Additional Service and the Parties agree in good faith on commercially reasonable terms for the provision of such Additional Service; <u>provided</u> that the Recipient of such Additional Service shall be responsible for all non-de minimis costs and expenses, if any, incurred by the Provider or one of its Subsidiaries in connection therewith. The Provider shall, as soon as reasonably practicable, but in any event no later than fifteen (15) days after the date of receipt of such request, inform Recipient as to whether Provider agrees to provide such Additional Service and may, in its sole discretion, provide a written

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counter proposal with respect to such Additional Service. If the Provider agrees to provide or cause to be provided such Additional Service, then the Parties shall use commercially reasonable efforts to negotiate and execute an amendment to <u>Schedule A</u> as soon as reasonably practicable. Upon execution of such amendment, any Additional Service described in such amendment shall be included in <u>Schedule A</u> and shall be considered a Service for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Without limiting Recipient's rights under <u>Section 3.1(c)(i)</u> above, either Party may request in writing any modification, supplement, substitute or alteration (each, a "<u>Modification</u>") to a Service, which request shall include a description of the proposed Modification requested and the associated business specifications. If the Provider or one or more of its Affiliates is reasonably capable of providing such Modification to a Service, then the Provider will consider such request and the provision of such services in good faith but shall only have an obligation hereunder to agree to provide such Modification to Recipient if it is reasonably capable of providing such Modification and the Parties agree in good faith on commercially reasonable terms for the provision of such Modification. If the Provider agrees to provide or causes to be provided such Modification, then the Provider shall provide the Recipient with a good-faith, reasonable, written proposal in respect of such Modification, which proposal shall include any changes in the Fees associated with the Modification. For the avoidance of doubt, any Modification proposed by the Recipient shall be considered in good faith by the Provider, and a Modification shall not be binding on the Parties until memorialized in a written document executed by an authorized representative of both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Performance Standards</u>. The Provider shall perform the Services in all cases in a good and workmanlike manner with appropriately experienced and qualified personnel and the Services and Provider in its performance of the Services shall comply in all material respects with applicable Laws. Without limiting the foregoing, the Provider will, or will cause its Affiliates to, provide the Services (i) in a manner, and at a level of service (including with respect to quality, skill, performance, diligence, and timeliness) as such Service was provided to the Madison Air Business or the MII Business, as applicable, during the Lookback Period and with at least a comparable (and no less than a reasonable) standard of service (including with respect to quality, skill, performance, diligence, and timeliness) that the Provider gives to its own operations of a similar nature, and (ii) in accordance with any additional services standards for such Service set forth on <u>Schedule A</u>. The foregoing standards (including as set forth in <u>Schedule A</u>) shall be referred to herein as the "<u>Services Standards</u>." A Provider shall have the right to temporarily interrupt or suspend (i) the provision of Services for emergency maintenance or security purposes; or (ii) the operation of the facilities or systems of the Provider or its Affiliates providing any Services if it is the commercially reasonable judgment of such Provider or its Affiliates that such action is necessary for routine maintenance, security or safety purposes; provided, that, the Provider will (A) use commercially reasonable efforts to schedule non-emergency maintenance that may impact the provision of Services so as not to materially disrupt the operation of the Madison Air Business or MII Business, (B) give Recipient advance written notice of any planned shutdown for general maintenance and will use commercially reasonable efforts to give Recipient advance notice of any shutdown for emergency purposes, and (C) resume the provision of Services as promptly as reasonably possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Third Party Consents</u>. Madison and Madison Air will use reasonable best efforts to identify whether the use or provision of all or a portion of the Services pursuant to this Agreement requires the approval, consent, license, permission, waiver or agreement (including any Permit) of a third party (each a "<u>Consent</u>"). If Madison and Madison Air identify any required Consents, then Madison and Madison Air shall each use reasonable best efforts to seek and obtain each such Consent from such third party or to modify any applicable contract to enable the Provider to provide such Services to the Recipient

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without such Consent. Any cost required to be paid to a third party to obtain any such Consent shall be borne fifty percent (50%) by Madison and fifty percent (50%) by Madison Air. If any required Consent or modification cannot be obtained as a result of such efforts, then Provider will use its commercially reasonable efforts to collaborate with the Recipient to provide alternative equivalent services, reasonably acceptable to the Recipient, in a manner compliant in all material respects with the Services Standards and otherwise in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Service Failure</u>. In the event that the Provider becomes aware of any actual or anticipated failure in the provision of Services which impacts or is reasonably likely to impact provision of any Service (an "<u>Incident</u>"), it shall notify the Recipient as soon as reasonably practicable but, in any event, within three (3) business days. The Provider shall, as soon as reasonably practicable use commercially reasonable efforts to: (i) investigate the underlying cause(s) of the Incident and preserve any data indicating the cause of failure; (ii) take whatever action is reasonably necessary to minimize the impact of the failure and to prevent it from recurring; (iii) correct the failure and resume performance of the Services in accordance with this Agreement; and (iv) advise the Recipient of the status of the Incident and the remedial efforts being undertaken with respect thereto. Without limiting any other term or condition of this Agreement, the Provider shall cooperate in good faith to resolve such Incident and use commercially reasonable efforts to minimize the impact of such Incident on the Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Subcontracting</u>. Each Provider may perform the Services through any Affiliate or through non-affiliates contractors, subcontractors, vendors or other third parties without the prior written consent of the Recipient; <u>provided</u> that (i) no subcontracting shall relieve a Provider of any of its obligations or liabilities under this Agreement, (ii) each such third-party provider must comply with any requirements that the Provider generally requires of its own vendors, and (iii) the Provider shall remain responsible for all obligations and liabilities of such third-party with respect to the provision of such Service(s) as if provided by the Provider directly as well as all acts and omissions of such third party in connection with the provision of the applicable Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Intellectual Property</u>. Subject to the terms and conditions of this Agreement and any applicable third-party agreements pursuant to which a Provider or its Affiliates obtain Intellectual Property rights, other proprietary rights, or data, each Provider hereby grants, on behalf of itself and its Affiliates, to the Recipient and its Affiliates (collectively, "<u>Recipient Licensees</u>"), a non-exclusive, non-sublicensable, non-transferable, revocable, limited license solely during the Term, to use for internal business purposes for the operation of the Madison Air Business or MII Business, as applicable, any such Intellectual Property rights, other proprietary rights, and data that are owned by or that are licensable by such Provider or its Affiliates (as determined by and subject to the terms of the applicable third-party agreements, licenses and Consents) and that are required for and to the extent reasonably necessary to receive or use, the Services (the "<u>Transition Services Licensed Materials</u>"). Recipient Licensees are prohibited from, and shall not cause or permit, the reverse engineering, disassembly or de-compilation of any Transition Services Licensed Materials. Except for the license granted pursuant to this <u>Section 3.1(h)</u>, each Recipient acknowledges that neither it nor any of its Affiliates shall acquire any right, title or interest (including any license rights or other rights of access or use except for the limited rights specifically granted herein) in any Intellectual Property rights and any derivative works thereof, or modifications, enhancements or improvements thereto, other proprietary rights, or data of the applicable Provider or its Affiliates or licensors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2<u>Recipient Cooperation</u>. Each Recipient shall make available on a timely basis to the applicable Provider all information and materials reasonably requested by such Provider to enable such Provider to provide the Services hereunder. Each Recipient shall give the applicable Provider reasonable access to such Recipient's premises to the extent necessary for the purpose of providing the Services hereunder (subject to any reasonable and customary conditions with respect to such access, including requiring the Provider's compliance with any applicable security, remote access, safety, privacy and confidentiality policies).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3<u>TSA Representatives</u>. The Parties shall use good faith efforts to reasonably cooperate with each other in all matters relating to the provision and receipt of Services, including, for the avoidance of doubt, those Services required to transition or migrate away from the provision of Services at the end of the Term or earlier upon the applicable Recipient's request (provided, that except as otherwise expressly set forth on <u>Schedule A</u>, each Party shall be responsible for all of its own fees, costs and expenses directly or indirectly arising in connection with the transition or migration activities contemplated hereby). Each Party shall appoint a representative (a "<u>TSA Representative</u>") to facilitate communications and performance under this Agreement. Each Party may at any time, and from time to time, replace its TSA Representative by notifying the other Party in writing including email, setting forth the name of the TSA Representative to be replaced and the replacement, and certifying that the replacement TSA Representative is authorized to act on behalf of and for the Party. The TSA Representative's responsibilities shall include resolving disputes under this Agreement and overseeing the performance of the Parties of their obligations under this Agreement. The TSA Representatives shall have regular meetings with each other in person or via teleconference, pursuant to a reasonable schedule mutually agreed to by the TSA Representatives, to discuss the performance of the Parties of their obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4<u>Pricing; Invoice and Payment; Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In accordance with the payment terms set forth below, each Recipient agrees to timely pay or cause to be paid the applicable Provider the fees set forth on <u>Schedule A</u> the fees for any Omitted Services, Additional Services or Modifications such Recipient has received hereunder (the "<u>Fees</u>"). The Fees for any Omitted Services, Additional Services or Modifications shall be the applicable Provider's actual costs (including any third-party services invoiced to Provider on behalf of the Recipient) for providing such Omitted Services, Additional Services or Modifications (without any markup or corporate overhead), including actual costs attributable to employees, vendors, contractors and other third-party service providers, provided that for purposes of determining such costs, the cost of full-time employees shall be calculated at their Fully Loaded Cost, and such Fully Loaded Cost shall be without duplication of any other cost included in the actual costs. Each Provider shall invoice the applicable Recipient after the end of each month for the applicable Services performed or deemed to be performed for such month. Each invoice shall be payable by the applicable Recipient thirty (30) days after the date of Recipient's receipt of each such invoice, excluding any portion of the invoice that such Recipient disputes in writing in good faith pursuant to <u>Section 3.4(b)</u> below. Each Provider shall provide to the applicable Recipient upon request copies of such records and documentation of such Provider as may be reasonably necessary for such Recipient to verify any Fees. As used herein, "<u>Fully Loaded Costs</u>" means the Provider's fully loaded costs of full-time employees incurred in connection with the provision of a Service, which shall be calculated as the sum of the percentage of time spent by full-time employees providing or supporting the Service, multiplied by the total compensation of a full-time employee (including hourly rate, bonus, long-term incentives and other related benefits, to the extent applicable), including individual overhead, but without markup or corporate overhead.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Fees set forth on Schedule A does not include any Taxes. The Recipient shall reimburse the Provider for amounts equal to any sales, use, excise, value added or other similar Taxes imposed by any U.S. Governmental Authority, however designated or levied, based upon any Fees or other amounts due under this Agreement, the provision of the Services or the provision or use of supplies or inventory provided under this Agreement, as provided to the Recipient and its Affiliates by the Provider (such Taxes, "<u>Covered Taxes</u>"). The Parties agree that Covered Taxes shall not include, and the Recipient shall not be responsible for, (i) any employment Taxes, personal property Taxes, franchise Taxes or other Taxes imposed on or measured by the gross or net income, assets or gross receipts of the Provider or (ii) any Taxes imposed by any non-U.S. Governmental Entity (except to the extent such Taxes are charged by a third-party provider and would otherwise be chargeable to the Recipient as part of the Fees). Covered Taxes shall be invoiced and paid in accordance with <u>Section 3.4(a)</u>.

# ARTICLE IV

# TERM; TERMINATION
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Term of Services</u>. This Agreement shall commence on the Effective Date and, with respect to each Service, shall continue through the noted duration for the individual Services as listed on <u>Schedule A</u>, unless such Service or this Agreement is earlier terminated as provided below (the "<u>Term</u>"). Recipient in its sole discretion may elect to extend the term of any Service for up to two (2) additional three (3) month periods upon at least thirty (30) days' advance written notice to the Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Term of the Agreement</u>. This Agreement shall remain in full force and effect until the earlier of (i) the expiration or termination of all of the Services provided hereunder and (ii) the termination of this Agreement in accordance with <u>Section 4.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Termination for Cause</u>. Either Party may terminate this Agreement, in whole or in part, prior to the expiration of the Term immediately upon written notice to the other Party if the other Party: (i) breaches this Agreement by failing to make undisputed payments when due and such breach continues for a period of thirty (30) days following a written request to cure such breach; (ii) commits a material breach of this Agreement and such breach continues and remains uncured for a period of forty-five (45) days following a written request to cure such breach; or (iii) files, or has filed against it, a petition for voluntary or involuntary bankruptcy or pursuant to any other insolvency law or makes or seeks to make a general assignment for the benefit of its creditors or applies for or consents to the appointment of a trustee, receiver or custodian for it or a substantial part of its property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Early Termination with Notice</u>. The Recipient may terminate this Agreement or one or more of the Services, in whole or in part, at any time and for any reason by providing the Provider at least thirty (30) days prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Early Termination for Convenience</u>. This Agreement may be terminated at any time by mutual written agreement of the Parties.

# ARTICLE V
**MUTUAL INDEMNIFICATION AND LIMITATION OF LIABILITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Recipient Indemnification</u>. Each Recipient hereby agrees to release, discharge, defend, indemnify and hold the other Party and its Subsidiaries and their respective Representatives, harmless

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from and against any and all losses, damages, costs, judgments, awards, liabilities, claims of any kind or nature, fines and expenses (including reasonable fees and expenses of attorneys, auditors, consultants and other agents) ("<u>Losses</u>") to the extent attributable to third-party claims relating to, resulting from or arising out of (a) a material breach by such Recipient of a representation or warranty set forth in <u>Section 2.1</u> or <u>Section 2.2</u>, as applicable, or (b) such Recipient's willful misconduct, gross negligence or fraud in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Provider Indemnification</u>. Each Provider hereby agrees to release, discharge, defend, indemnify and hold the other Party and its Subsidiaries and their respective Representatives, harmless from and against any and all Losses to the extent attributable to third-party claims relating to, resulting from or arising out of (a) a material breach by such Provider of any of its obligations under this Agreement, (b) such Provider's willful misconduct, gross negligence or fraud in connection with this Agreement or (c) any security incident or unauthorized access to the systems or data of Provider or its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Indemnification Procedures</u>. Notwithstanding anything to the contrary in this Agreement, the indemnification to be provided under this <u>ARTICLE V</u> shall be governed by the procedures set forth in <u>Section 4.9</u> of the Separation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>CONSEQUENTIAL DAMAGES</u>. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, NEITHER PARTY SHALL BE LIABLE IN CONTRACT, TORT, STRICT LIABILITY, WARRANTY OR OTHERWISE, FOR ANY SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES, SUCH AS, BUT NOT LIMITED TO, DELAY, DISRUPTION, LOSS OF PRODUCT, LOSS OF ANTICIPATED PROFITS OR REVENUE, LOSS OF USE OF EQUIPMENT OR SYSTEM, NON-OPERATION OR INCREASED EXPENSE OF OPERATION OF OTHER EQUIPMENT OR SYSTEMS, EQUITY OR DEBT FINANCING COSTS, OR COST OF PURCHASED OR REPLACEMENT EQUIPMENT SYSTEMS OR POWER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Liability Limitation</u>. EXCEPT FOR UNPAID SERVICE COSTS, THE AGGREGATE TOTAL LIABILITY OF EACH PARTY AND ITS SUBSIDIARIES TO THE OTHER PARTY AND ITS SUBSIDIARIES ARISING OUT OF, RELATED TO OR IN CONNECTION WITH OR BY REASON OF THIS AGREEMENT OR THE SERVICES HEREUNDER FOR ANY CLAIM OR CLAIMS SHALL NOT EXCEED IN THE AGGREGATE AN AMOUNT EQUAL TO THE TOTAL AMOUNT PAID TO SUCH PARTY FOR ITS PROVISION OF SERVICES PURSUANT TO THIS AGREEMENT; PROVIDED, THAT THE CAP FOR LIABILITY FOR AN EVENT OCCURING DURING THE FIRST TWELVE (12) MONTHS FOLLOWING THE EFFECTIVE DATE SHALL BE THE AMOUNT PAYABLE TO SUCH PARTY FOR SERVICES DURING THE FIRST TWELVE (12) MONTHS OF THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Exceptions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) THE EXCLUSIONS AND LIMITATIONS SET FORTH IN <u>SECTION 5.4</u> AND <u>SECTION 5.5</u> SHALL NOT LIMIT A PARTY'S LIABILITY RESULTING FROM (i) ITS INDEMNIFICATION OBLIGATIONS UNDER <u>SECTION 5.1</u> AND <u>SECTION 5.2</u>, OR (ii) ITS FRAUD, GROSS NEGLIGENCE OR INTENTIONAL BREACH OF THIS AGREEMENT.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) NOTWITHSTANDING <u>SECTION 5.6(a)</u>, IN NO EVENT SHALL A PARTY'S LIABILITY IN RESPECT OF A SECURITY INCIDENT EXCEED THREE (3) TIMES THE LIABILITY LIMITATION SET FORTH IN <u>SECTION 5.5</u>, EXCEPT TO THE EXTENT RESULTING FROM A PARTY'S FRAUD, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

# ARTICLE VI
**SYSTEM ACCESS**

If either Party is given access to the other Party's computer systems or software (collectively, the "<u>Systems</u>") in connection with the Services, the Party receiving access (the "<u>Accessing Party</u>") shall comply with all of the other Party's system security policies, procedures and requirements (the "<u>Security Regulations</u>") and shall not knowingly or intentionally tamper with, compromise or circumvent any security or audit measures employed by such other Party. The Accessing Party shall access and use only those Systems of the other Party for which it has been granted the right to access and use. Each Party shall use commercially reasonable efforts to ensure that only those of its personnel who are specifically authorized to have access to the Systems of the other Party gain such access and use commercially reasonably efforts to prevent unauthorized access, use, destruction, alteration, or loss of information contained therein, including notifying its personnel of the restrictions set forth in this Agreement and the Security Regulations. During the term of this Agreement pursuant to Article IV and in order to affect an orderly transition related to the services provided for in Schedule A, the Provider and Recipient may be required to access either Party's Systems to in order to prepare any required filings, reports or any other items as may be required by either Party.

# ARTICLE VII<br>INFORMATION RIGHTS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Grant of Information Rights</u>. In furtherance of Madison's obligations to provide, and Madison Air's interest in receiving, the Services under this Agreement, Madison Air hereby grants to the Madison Information Recipients the right, during the Term, to receive, access and use information relating to the Madison Air Business (the "<u>Covered Information</u>"), including financial statements and reports, budgets and forecasts, operational data, employee and personnel information, information technology systems data, customer and supplier information, and such other books, records, data, reports and information as the Madison Information Recipients may request from time to time to perform the Services and to facilitate an orderly transition of the Madison Air Business in connection with the Separation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Scope and Delivery of Information</u>. Madison Air shall, and shall cause its Subsidiaries and their respective officers, directors, employees and agents to, provide the Covered Information to the Madison Information Recipients on a prompt basis following any request therefor, in such form and detail as the Madison Information Recipients may request. Madison Air shall give the Madison Information Recipients and their respective representatives access during normal business hours to Madison Air's premises, books, records, personnel and systems, subject to any reasonable and customary security, safety and confidentiality policies of Madison Air. Without limiting the foregoing, Madison Air shall provide the Madison Information Recipients with access to Covered Information on a regular and ongoing basis, including through electronic access to relevant systems and databases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Madison Information Recipient acknowledges that the Covered Information may contain material non-public information concerning Madison Air and the Madison Air Business. Each

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Madison Information Recipient agrees that it will keep confidential and will not disclose or divulge to any third party any Covered Information or any other non-public, confidential or proprietary information regarding Madison Air or the Madison Air Business that is received by any Madison Air Information Recipient from Madison Air or from any officer, director, employee, agent or Representative of Madison Air (collectively, "<u>Confidential Information</u>"), unless such information: (i) is available or becomes available to the public in general (other than as a result of disclosure by a Madison Information Recipient in violation of this <u>Section 7.3</u>); (ii) is or has been independently developed or conceived by a Madison Information Recipient without use of the Confidential Information; or (iii) is or has been made known or disclosed to a Madison Information Recipient by a third party without, to the knowledge of the Madison Information Recipient, a breach of any obligation of confidentiality such third party may have to Madison Air.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding <u>Section 7.3(a)</u>, a Madison Information Recipient may disclose Confidential Information: (i) to its Affiliates; (ii) to each of its and its Affiliates' attorneys, accountants, consultants, advisors and other professionals to the extent necessary to obtain their services in connection with evaluating the Confidential Information or performing or supporting the Services; or (iii) as may be required by law or legal, judicial or regulatory process or requested by any regulatory or self-regulatory authority or examiner; provided that the disclosing Madison Information Recipient takes reasonable steps to minimize the extent of any such required disclosure and, to the extent legally permitted, provides Madison Air with prompt written notice of such requirement prior to making any such disclosure so that Madison Air may seek a protective order or other appropriate remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the expiration or termination of this Agreement (or, with respect to any particular Service, upon the expiration or termination of such Service), the Madison Information Recipients shall, at Madison Air's election, promptly return or destroy all Confidential Information in their possession or control relating to such terminated Service or, if this Agreement has terminated in its entirety, all Confidential Information; provided that a Madison Information Recipient may retain copies of Confidential Information to the extent required by applicable Law or its bona fide document retention policies, and any Confidential Information so retained shall remain subject to the confidentiality obligations of this <u>Section 7.3</u>.

# ARTICLE VIII
**DISPUTE RESOLUTION**

Without limiting any of the rights of the Parties under this Agreement or under the Separation Agreement, prior to initiating any Suit arising under this Agreement, the Parties shall first attempt in good faith to resolve such dispute in accordance with the provisions of this <u>Article VII</u>. In the event of any dispute, either Party may give notice of such dispute to the other Party and reference this <u>Article VII</u>. Within ten (10) days of receipt of such notice, the Parties shall meet at the working level to discuss the dispute. If following such discussions, the Parties have not resolved the dispute, then within ten (10) Business Days after the conclusion of the working group meeting, the Parties shall meet by telephone or in person, and at least one supervisor of the working group members shall participate. If following such discussion, the dispute is again not resolved, another meeting shall be held in person or by telephone within five (5) Business Days, and members of senior management of each Party shall attend or participate. If the dispute is not resolved following this meeting of senior management personnel, the Parties may initiate any Suit in accordance with <u>Section 8.5</u> and subject to <u>Section 8.6</u>. Notwithstanding

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the foregoing, the provisions of this <u>Article VII</u> shall not apply to claims regarding, or affect the ability of a Party to seek, specific performance of a covenant set forth in this Agreement.

**GENERAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1<u>Data Security and Privacy; Breach Notification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Term, each Provider shall at all times have in place, maintain, and use appropriate administrative, electronic, technical, organizational, and physical information security measures (such as policies, standards, and practices) and other security measures and safeguards commensurate with the size and complexity of the Provider's business, the level of sensitivity of Personal Information collected, handled, and stored, and the nature of the Provider's activities under this Agreement, that are reasonably designed for the Provider to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) comply with applicable Privacy Requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) protect, keep secure, and ensure the security and confidentiality of Personal Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) prevent a breach of security relating to, or unauthorized access, or disclosure of Personal Information that is Processed with respect to the Madison Air Business or the IT Assets on which such Personal Information is Processed (a "<u>Security Incident</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) comply with its obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) ensure the proper disposal and destruction of Personal Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Provider shall notify the Recipient within twenty-four (24) hours of such Provider becoming aware of or reasonably suspecting any Security Incident and provide full details about it as soon as possible thereafter. The Provider shall cooperate with the Recipient in every reasonable way to investigate the Security Incident and shall terminate any unauthorized access to affected Personal Information, remediate the Security Incident, and take steps to prevent the reoccurrence thereof, including by developing a plan of remediation that is subject to the Recipient's reasonable input. Where applicable, the Provider shall provide reasonable assistance to the Recipient to regain possession of the affected Personal Information. The Provider shall reasonably cooperate with the Recipient in the conduct of any investigation of, or litigation involving, third parties related to the Security Incident. The Provider shall discharge all responsibilities set forth in this paragraph at its expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2<u>Force Majeure</u>. In the event of an act of God, government order or restraint, war (declared or undeclared) or warlike conditions, act of terrorism, blockade, revolution, strike, lockout, civil commotion, fire, flood, storm, epidemic or any other occurrence beyond a Party's reasonable control, such Party shall promptly notify the other Party thereof and, so long as such condition shall persist and the Party has utilized commercially reasonable efforts to implement alternative solutions to meet its performance obligations, such Party shall not be liable for the delay in performance of, or the failure to perform, its obligations (other than obligations for payment of amounts due hereunder) under this Agreement caused directly or indirectly thereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4<u>Notices</u>. Any notice, request, demand, waiver, consent, approval or other communication which is required or given hereunder shall be in writing and shall be deemed given: (a) on the date established by the sender as having been delivered personally, (b) on the date delivered by a private courier or overnight delivery service as established by the sender by evidence obtained from the courier or service or (c) on the date sent by electronic mail, with confirmation of receipt, if sent prior to 5:00 p.m. Central time, or if sent later, then on the next Business Day. Such communications, to be valid, must be addressed as follows (or at such other address or email address as such party shall designate by like notice):

If to Madison, to:

Madison Industries

444 West Lake Street, Suite 4400

Chicago, IL 60606

Attention: Larry Gies

Email: [\*\*\*]

with a required copy (which shall not constitute notice) to:

Paul Hastings LLP

71 S. Wacker Drive, 45th Floor

Chicago, Illinois 60606

Attention: Brian Richards

Email: [\*\*\*]

If to Madison Air, to:

Madison Air Solutions Corporation

444 West Lake Street, Suite 4460

Chicago, IL 60606

Attention: John Lavorato

Email: [\*\*\*]

or to such other address or to the attention of such Person or Persons as the recipient Party has specified by prior written notice to the sending Party (or in the case of counsel, to such other readily ascertainable business address as such counsel may hereafter maintain).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5<u>Governing Law</u>. This Agreement and the other documents, instruments and agreements specifically referred to herein or delivered pursuant hereto, and all suits, claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate hereto, or the negotiation, execution or performance hereof (including any suit, claim or cause of action based upon, arising out of or related to any representation or warranty made in connection with this Agreement or as an inducement to enter into this Agreement), shall be governed exclusively by the internal laws of the State of Delaware, without giving effect to any choice of law or conflict of laws rules, regulations or provisions (whether of the State of Delaware or any other jurisdiction) that would cause or otherwise result in the application of the laws of any jurisdiction other than the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6<u>Exclusive Jurisdiction; Service of Process; MUTUAL WAIVER OF JURY TRIAL</u>. Any Suit arising out of or relating to this Agreement or any transaction contemplated hereby or for recognition or enforcement of any judgment related thereto shall be brought exclusively in the Delaware Court of Chancery in New Castle County, or in the event (but only in the event) that such court does not have subject matter jurisdiction over such Suit, the United States District Court for the District of Delaware, or to the extent neither of such courts has subject matter jurisdiction over such Suit the Superior Court of the State of Delaware, and in each case, the appellate courts having jurisdiction of appeals in such courts (collectively, the "<u>Specified Courts</u>"), and each of the Parties hereby irrevocably submits to the exclusive jurisdiction of the Specified Courts for itself and with respect to its property, generally and unconditionally, for the purpose of any such Suit. Each Party irrevocably and unconditionally waives any objection to the laying of venue of any Suit arising out of or relating to this Agreement or the transactions contemplated hereby in the Specified Courts, and hereby irrevocably and unconditionally waives and agrees not to plead or claim in any Specified Court that any such Suit brought in any Specified Court has been brought in an inconvenient forum. The choice of venue set forth in this <u>Section 8.6</u> is intended by the Parties to be mandatory and not permissive in nature, thereby precluding the possibility of litigation between the Parties with respect to or arising out of this Agreement or the transactions contemplated hereby in any jurisdiction other than those specified in this <u>Section 8.6</u>. A final judgment in any such Suit may be enforced in other jurisdictions by Suit on the judgment or in any other manner provided by Law. Each Party further agrees that service of any process, summons, notice or document by U.S. registered mail to such Party's respective address set forth herein shall be effective service of process for any such action, suit or proceeding. EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF SUCH PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF. EACH PARTY FURTHER WAIVES ANY RIGHT TO SEEK TO CONSOLIDATE ANY SUCH SUIT OR OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER SUIT OR OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EACH PARTY FURTHER CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED OR WARRANTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 8.6</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7<u>Severability</u>. Any provision of this Agreement which is invalid or unenforceable in any jurisdiction shall be ineffective solely to the extent of such invalidity or unenforceability without invalidating or rendering unenforceable the remaining provisions hereof, and any such invalidity or unenforceability in any jurisdiction shall not, to the fullest extent permitted by law, invalidate or render unenforceable such provision in any other jurisdiction. Upon such determination that any term or other provision is invalid or unenforceable, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner so that the transactions contemplated hereby are fulfilled to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8<u>Amendments</u> <u>and Waivers</u>. Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by Madison and Madison Air, or in the case of a waiver, by the party against whom the waiver is to be effective. No failure or delay by any Party in exercising any right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9<u>Successors and Assigns</u>. This Agreement will be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns, but will not be assignable or delegable by any Party without the prior written consent of the other Parties, except that either Party may assign this Agreement without the other Party's consent a to any of its Subsidiaries, provided the assigning Party remains liable for the assignee's performance of this Agreement. Any assignment in violation of the foregoing will be null and void *ab initio* and of no force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10<u>Counterparts</u>. This Agreement may be executed in counterparts, and any Party may execute any such counterpart, each of which when executed and delivered shall be deemed to be an original and all of which counterparts taken together shall constitute but one and the same instrument. This Agreement shall become effective when each Party shall have received a counterpart hereof signed by the other Party. The Parties agree that the delivery of this Agreement and any other agreements and documents executed and delivered concurrently with the execution and delivery of this Agreement, may be effected by means of an exchange of facsimile signatures or other electronic delivery (including DocuSign).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11<u>Captions; Interpretation</u>. All captions contained in this Agreement are for convenience of reference only, do not form a part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement. Unless the context of this Agreement otherwise requires, (a) words in the singular or plural include the singular and plural, and pronouns stated in either the masculine, the feminine or neuter gender shall include the masculine, feminine and neuter, (b) the terms "hereof," "herein," "hereby," "hereto," and derivative or similar words refer to this entire Agreement including <u>Schedule A,</u> and (c) all references to Sections are to the Sections of this Agreement.

[Signature page follows]

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**IN WITNESS WHEREOF,** this Agreement has been duly executed by the Parties as of and on the date first set forth above.

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| **MADISON INDUSTRIES INTERNATIONAL HOLDINGS, LLC:** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **MADISON AIR SOLUTIONS CORPORATION:** |
| By: |
| Name: |
| Title: |

---

------

## Exhibit 10.29

**Exhibit 10.29**

**FORM OF GRANT AGREEMENT UNDER**

**THIRD AMENDED AND RESTATED**

**MADISON INDOOR AIR SOLUTIONS CORPORATION**

**EQUITY APPRECIATION PLAN**

To: Grant Date:

Dear [●]:

We are pleased to inform you that Madison Indoor Air Solutions Corporation (the "<u>Company</u>") has established the Third Amended and Restated Madison Air Solutions Corporation Equity Appreciation Plan, effective (the "<u>Plan</u>"), as a means of enabling you and other selected key employees of the Company to share in the future growth in the value of equity interests in the Company. All terms not otherwise defined herein will have the meaning ascribed to such terms in the Plan. This agreement will be referred to herein as this "<u>Agreement</u>" and will constitute your Grant Agreement for purposes of the Plan.

The Committee hereby grants you [●] EAR Units (your "<u>Award</u>").

Enclosed with this Agreement is a copy of the Plan, [together with the Global Appendix applicable to your Award,] which includes many terms and provisions relating to your Award, including without limitation, vesting provisions, settlement provisions, amendment provisions, other restrictions and limitations on your Award, and restrictive covenants that apply to any person who accepts EAR Units under the Plan. Accordingly, you should review the Plan carefully and consult with appropriate advisors so that you understand the Plan and your Award. Your Award will be treated as an "Other Stock-Based Award" for purposes of the Madison Air Solutions Corporation 2026 Omnibus Incentive Plan (the "<u>Omnibus Incentive Plan</u>") and a copy of the Omnibus Incentive Plan is also enclosed for your records.

This Agreement, and your rights with respect to your Award herein, are subject to the terms and provisions set forth in the Plan. If any questions or disputes arise regarding this Agreement or your Award, the terms of the Plan will govern.

Kindly sign the duplicate copy of this Agreement to acknowledge (i) your receipt of this Agreement and a copy of the Plan[, the Global Appendix] and the Omnibus Incentive Plan and (ii) your agreement to be bound by the provisions of the Plan, including without limitation, the restrictive covenants set forth in Article VII thereof (the "<u>Restrictive Covenants</u>") and the provisions of Section 8.6 thereof (the "<u>Dispute Resolution Covenants</u>"). If at any time you breach any of the provisions of Article VII of the Plan, in addition to all other remedies available to the Group Companies arising from such breach, your Award may be reduced, terminated, recaptured, or forfeited in its entirety, and you may be required to indemnify or reimburse the Company any liabilities, losses, damages, or costs suffered or incurred relating to such breach.

You hereby acknowledge and agree that you are not relying on (and will not at any time rely on) any communication (written or oral) of any Group Company, any of their affiliates or any of their respective directors, managers, officers, employees, agents, legal counsel, accountants, investment bankers, finders or other advisors or representatives (collectively, "<u>Company Parties</u>"), as investment advice or as a recommendation to accept your Award or regarding the terms of this Agreement, the Plan, the Omnibus Incentive Plan and your Award. You further acknowledge and agree that no Company Party has made, is making, or will make any representation or warranty

------

**Exhibit 10.29**

whatsoever to you except as may be expressly set forth in this Agreement or the Plan with regard to this Agreement, the Plan, the Omnibus Incentive Plan, or your Award, and that, to the extent that any Company Party has made or purported to make any such representation or warranty, they are all hereby disclaimed by the Company and waived by you. Without limiting the generality of the foregoing, you acknowledge that you, together with your advisors, have made your own investigation of the Company, this Agreement, the Plan, the Omnibus Incentive Plan, and your Award, and are not relying on any implied warranties or upon any representation or warranty whatsoever provided by any Company Party.

---

| |
|:---|
| **MADISON INDOOR AIR SOLUTIONS CORPORATION**,  |
| a Delaware corporation |
| By: |

---

The undersigned acknowledges receipt of a copy of this Agreement, the Plan[, the Global Appendix] and the Omnibus Incentive Plan. The undersigned agrees that your Award granted pursuant to this Agreement is subject to the terms and provisions of the Plan and the Omnibus Incentive Plan and the undersigned further agrees to be bound by all of the terms and provisions contained in the Plan, including without limitation, the Restrictive Covenants and the Dispute Resolution Covenants, that such Restrictive Covenants and Dispute Resolution Covenants are incorporated herein as if fully set forth in this Agreement.

---

| |
|:---|
| **Participant:** |
| Signature |
| Print Name |
| Date |
| Business email |

---

------

## Exhibit 10.30

**Exhibit 10.30**

**MADISON AIR SOLUTIONS CORPORATION**

**2026 Omnibus Incentive Plan**

**STOCK OPTION GRANT NOTICE**

Pursuant to the terms and conditions of the Madison Air Solutions Corporation 2026 Omnibus Incentive Plan, as amended, restated or otherwise modified from time to time (the "**<u>Plan</u>**"), Madison Air Solutions Corporation, a Delaware corporation (the "**<u>Company</u>**"), hereby grants to the individual listed below ("**<u>you</u>**" or the "**<u>Participant</u>**") the right and option to purchase all or any part of the number of Shares set forth below (the "**<u>Option</u>**"). This Option award (this "**<u>Award</u>**") is subject to the terms and conditions set forth herein and in the Stock Option Agreement attached hereto as <u>Exhibit A</u> (the "**<u>Agreement</u>**"), the restrictive covenants attached as <u>Exhibit B</u> (the "**<u>Restrictive Covenants</u>**<u>"</u>) and the Plan, each of which is incorporated herein by reference. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Type of Option:** | &nbsp;&nbsp;[Non-Qualified Stock Option][Incentive Stock Option] |
| &nbsp;&nbsp;**Participant:** | &nbsp;&nbsp;[●] |
| &nbsp;&nbsp;**Grant Date:** | &nbsp;&nbsp;[●] |
| &nbsp;&nbsp;**Total Number of Shares Subject to this Option:** | &nbsp;&nbsp;[●] Shares |
| &nbsp;&nbsp;**Exercise Price:** | &nbsp;&nbsp;$[●] per Share |
| &nbsp;&nbsp;**Expiration Date:** | &nbsp;&nbsp;[●] |
| &nbsp;&nbsp;**Vesting Schedule:** | &nbsp;&nbsp;Subject to <u>Sections 3</u> and <u>4</u> of the Agreement, the Plan and the other terms and conditions set forth herein, [●]. |

---

By your signature below, you agree to be bound by the terms and conditions of the Plan, the Agreement, this Stock Option Grant Notice (this "**<u>Grant Notice</u>**") and any such agreements (including, for the avoidance of doubt, any exhibits or attachments thereto) entered into in connection with this Grant Notice and the Agreement. You acknowledge that you have reviewed the Agreement, the Plan and this Grant Notice in their entirety and fully understand all provisions of the Agreement, the Plan and this Grant Notice and have had an opportunity to obtain the advice of counsel prior to executing this Grant Notice. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee regarding any questions or determinations arising under the Agreement, the Plan or this Grant Notice. This Grant Notice may be executed in two or more counterparts (including portable document format (.pdf) and facsimile counterparts), each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement.

Notwithstanding any provision of this Grant Notice or the Agreement, if you have not executed and delivered to the Company this Grant Notice within 90 days following the Grant Date, then this Award will terminate automatically without any further action by the Company and will be forfeited without further notice and at no cost to the Company.

***[Signature Page Follows]*** 

------

**IN WITNESS WHEREOF**, the Company has caused this Grant Notice to be executed by an officer thereunto duly authorized, and the Participant has executed this Grant Notice, effective for all purposes as provided above.

---

| |
|:---|
| **MADISON AIR SOLUTIONS CORPORATION** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **PARTICIPANT** |
| Name: [●] |

---

Signature Page to

Stock Option Grant Notice

------

**<u>EXHIBIT A</u>**

**STOCK OPTION AGREEMENT**

This Stock Option Agreement (together with the Grant Notice to which this Agreement is attached and <u>Exhibit B</u>, this "**<u>Agreement</u>**") is made as of the Grant Date set forth in the Grant Notice to which this Agreement is attached by and between Madison Air Solutions Corporation, a Delaware corporation (the "**<u>Company</u>**"), and [●] (the "**<u>Participant</u>**"). Capitalized terms used but not otherwise defined herein shall have the meanings specified in the Plan or the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Award</u>**. In consideration of the Participant's past and/or continued employment with, or service to, the Company or an Affiliate and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, effective as of the Grant Date, the Company hereby grants to the Participant the right and option to purchase all or any part of an aggregate of the number of Shares set forth in the Grant Notice on the terms and conditions set forth in the Grant Notice, this Agreement and the Plan, which is incorporated herein by reference as a part of this Agreement. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Exercise Price</u>**. The exercise price of each Share subject to this Option shall be the exercise price set forth in the Grant Notice (the "**<u>Exercise Price</u>**"), which has been determined to be not less than the Fair Market Value of a Share at the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Vesting</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise set forth in this Section, the Option shall vest in accordance with the vesting schedule set forth in the Grant Notice. Upon the Participant's Termination of Service prior to the Option vesting in full, the unvested portion of the Option (and all rights arising from such portion and from being a holder thereof) will terminate automatically without any further action by the Company and will be forfeited without further notice and at no cost to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in the Grant Notice, this Agreement or the Plan to the contrary, upon a Change in Control, any portion of this Option that remains outstanding and unvested shall become vested with respect to 100% of the Shares subject to this Option as of the date of such Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Exercise of Option</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the earlier expiration of this Option as provided herein, this Option may be exercised by (i) providing written notice to the Company in the form prescribed by the Committee from time to time at any time and from time to time after the Grant Date, which notice shall be delivered to the Company in the form, and in the manner, designated by the Committee from time to time, and (ii) paying the Exercise Price in full in a manner permitted by <u>Section 4(d)</u>; *provided*, *however*, that this Option shall not be exercisable for more than the percentage of the aggregate number of Shares subject to this Option with respect to which this

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Option has become vested and exercisable pursuant to the vesting schedule set forth in the Grant Notice or as provided in this <u>Section 4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Option may be exercised only while the Participant remains an employee or other service provider of the Company or an Affiliate and will terminate and cease to be exercisable upon the Participant's Termination of Service, except as otherwise provided pursuant to Section 6.8 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Option shall not be exercisable in any event after the Expiration Date set forth in the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Exercise Price for the Shares as to which this Option is exercised shall be paid in full at the time of exercise in cash (including check, bank draft or money order payable to the order of the Company or wire transfer of immediately available funds). If permitted by the Committee in its sole discretion, the Exercise Price for the Shares as to which this Option is exercised may be paid (i) by delivering or constructively tendering to the Company Shares having a Fair Market Value equal to the Exercise Price (provided such Shares used for this purpose must have been held by the Participant for such minimum period of time as may be established from time to time by the Committee to avoid adverse accounting consequences), (ii) through a broker-assisted "cashless exercise" in accordance with a Company-established policy or program for the same, (iii) by "net issuance exercise" pursuant to which the Company reduces the number of Shares otherwise deliverable upon exercise of this Option by a number of Shares with an aggregate Fair Market Value equal to the aggregate Exercise Price at the time of exercise or (iv) any combination of the foregoing. No fraction of a Share shall be issued by the Company upon exercise of an Option or accepted by the Company in payment of the exercise price thereof; rather, the Participant shall provide a cash payment for such amount as is necessary to effect the issuance and acceptance of only whole Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The holder of this Option shall not be, and shall not have any of the rights or privileges of, a stockholder of the Company in respect of any Shares purchasable upon the exercise of any part of this Option unless and until such Shares shall have been issued by the Company to such holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 4.3(b) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Restrictive Covenants</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant acknowledges and agrees that the grant of this Option further aligns the Participant's interests with the Company's long-term business interests, and as a condition to the Company's willingness to enter into this Agreement, the Participant agrees to abide by the terms set forth in <u>Exhibit B</u>, which <u>Exhibit B</u> is deemed to be part of this Agreement as if fully set forth herein. The Participant acknowledges and agrees that the Restrictive Covenants are reasonable and enforceable in all respects. By accepting this Award, the Participant agrees to be bound, and promises to abide, by the terms set forth in <u>Exhibit B</u> and expressly acknowledges and affirms that this Award would not be granted to the Participant if the Participant had not agreed to be bound by such provisions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any provision in this Agreement or the Plan to the contrary, in the event the Committee determines that the Participant has failed to abide by any of the terms set forth in <u>Exhibit B</u> or the provisions of any other confidentiality, non-disclosure, non-competition, non-solicitation, non-disparagement, property ownership, third-party information, or other restrictive covenant(s) in any other agreement by and between the Company or any Affiliate and the Participant, then, in addition to and without limiting the remedies set forth in <u>Exhibit B</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any portion of this Option that remains unexercised as of the date of such determination will terminate automatically without any further action by the Company and will be forfeited without further notice and at no cost to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Participant shall, (x) within 30 days following the Participant's receipt of a written notice from the Company, pay to the Company a cash amount equal to the Fair Market Value of any Shares previously received by the Participant pursuant to this Option as of the date of receipt of such Shares or (y) in the Committee's sole discretion, surrender all Shares previously received by the Participant pursuant to this Option, together with all distributions and dividends previously received by the Participant in respect of such Shares from the date of receipt of such Shares through such date of surrender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Tax Withholding</u>**. To the extent that the receipt, vesting or exercise of this Award results in compensation income or wages to the Participant for federal, state, local and/or foreign tax purposes, the Participant shall make arrangements satisfactory to the Company regarding the payment of any income tax, social insurance contribution or other applicable taxes that are required to be withheld in respect of this Award, which arrangements include the delivery of cash or cash equivalents, Shares (including previously owned Shares (which are not subject to any pledge or other security interest), net exercise, a broker-assisted sale, or other cashless withholding or reduction of the amount of shares otherwise issuable or delivered pursuant to this Award), other property, or any other legal consideration the Committee deems appropriate. If such tax obligations are satisfied through net exercise or the surrender of previously owned Shares, the maximum number of Shares that may be so withheld (or surrendered) shall be the number of Shares that have an aggregate Fair Market Value on the date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest withholding rates for federal, state, local and/or foreign tax purposes, including payroll taxes, that may be utilized without creating adverse accounting treatment for the Company with respect to this Award, as determined by the Committee. Any fraction of a Share required to satisfy such tax obligations shall be disregarded and the amount due shall be paid instead in cash to the Participant. The Participant acknowledges that there may be adverse tax consequences upon the receipt, vesting or exercise of this Award or disposition of the underlying shares and that the Participant has been advised, and hereby is advised, to consult a tax advisor. The Participant represents that the Participant is in no manner relying on the Board, the Committee, the Company or an Affiliate or any of their respective managers, directors, officers, employees or authorized representatives (including attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>No Right to Continued Employment, Service or Awards</u>**. Nothing in the adoption of the Plan, nor the award of this Option thereunder pursuant to the Grant Notice and this Agreement, shall confer upon the Participant the right to continued employment by, or a continued

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service relationship with, the Company or any Affiliate, or any other entity, or affect in any way the right of the Company or any such Affiliate, or any other entity to terminate such employment or other service relationship at any time. Unless otherwise provided in a written employment agreement or by applicable law, the Participant's employment by the Company, or any such Affiliate, or any other entity shall be on an at-will basis, and the employment relationship may be terminated at any time by either the Participant or the Company, or any such Affiliate, or other entity for any reason whatsoever, with or without cause or notice. Any question as to whether and when there has been a termination of such employment, and the cause of such termination, shall be determined by the Committee or its delegate, and such determination shall be final, conclusive and binding for all purposes. The grant of this Option is a one-time benefit that was made at the sole discretion of the Company and does not create any contractual or other right to receive a grant of Awards or benefits in the future in lieu of Awards in the future, including any adjustment to wages, overtime, benefits or other compensation. Any future Awards will be granted at the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Notices</u>**. All notices and other communications under this Agreement shall be in writing and shall be delivered to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

## If to the Company, unless otherwise designated by the Company in a written notice to the Participant (or other holder):
Madison Air Solutions Corporation<br>Attn: [_______]

[Street Address]

[City, State, Zip Code]

Email: [______]

If to the Participant, at the Participant's last known address on file with the Company.

Any notice that is delivered personally or by overnight courier or telecopier in the manner provided herein shall be deemed to have been duly given to the Participant when it is mailed by the Company or, if such notice is not mailed to the Participant, upon receipt by the Participant. Any notice that is addressed and mailed in the manner herein provided shall be conclusively presumed to have been given to the party to whom it is addressed at the close of business, local time of the recipient, on the fourth day after the day it is so placed in the mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Non-Transferability</u>**. During the lifetime of the Participant, this Option may not be sold, assigned, transferred, pledged, hypothecated, given away or in any other manner, directly or indirectly, disposed of or encumbered in any manner other than by will or the laws of descent and distribution, unless and until the Shares underlying the Option have been issued, and all restrictions applicable to such Shares have lapsed, and this Option shall be exercisable, during the Participant's lifetime, only by the Participant. Neither the Option nor any interest or right therein shall be liable for the debts, contracts or engagements of the Participant or the Participant's successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means, whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal

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or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Compliance with Applicable Law</u>**. Notwithstanding any provision of this Agreement to the contrary, the issuance of Shares hereunder will be subject to compliance with all applicable requirements of Applicable Law with respect to such securities and with the requirements of any stock exchange or market system upon which the Shares may then be listed. No Shares will be issued hereunder if such issuance would constitute a violation of any Applicable Law or regulation or the requirements of any stock exchange or market system upon which the Shares may then be listed. In addition, Shares will not be issued hereunder unless (a) a registration statement under the Securities Act is in effect at the time of such issuance with respect to the shares to be issued or (b) in the opinion of legal counsel to the Company, the Shares to be issued are permitted to be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act and applicable state and foreign law. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary for the lawful issuance and sale of any Shares hereunder will relieve the Company of any liability in respect of the failure to issue such Shares as to which such requisite authority has not been obtained. As a condition to any issuance of Shares hereunder, the Company may require the Participant to satisfy any requirements that may be necessary or appropriate to evidence compliance with any Applicable Law or regulation and to make any representation or warranty with respect to such compliance as may be requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Rights as a Stockholder</u>**. The Participant shall have no rights or privileges of a stockholder of the Company with respect to any Shares purchasable upon the exercise of any part of the Option unless and until the Participant has become the holder of record of such Shares and such Shares have been delivered to the Participant (including through electronic delivery to a brokerage account). No adjustments shall be made for dividends in cash or other property, distributions or other rights for which the record date is prior to the date of such issuance, recordation and delivery, except as otherwise specifically provided for in the Plan or this Agreement. Except as otherwise provided herein, after such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect to such Shares, including, without limitation, the right to receipt of dividends and distributions on such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Execution of Receipts and Releases</u>**. Any issuance or transfer of Shares or other property to the Participant or the Participant's legal representative, heir, legatee or distributee, in accordance with this Agreement shall be in full satisfaction of all claims of such Person hereunder. As a condition precedent to such payment or issuance, the Company may require the Participant or the Participant's legal representative, heir, legatee or distributee to execute (and not revoke within any time provided to do so) a release and receipt therefor in such form as the Company shall determine appropriate; *provided*, *however*, that any review period under such release will not modify the exercise period with respect to vested Option. The Participant's legal representative, heir, legatee or distributee shall also agree to be bound by the terms and conditions of the Plan, this Agreement, the Grant Notice and any such agreements (including, for the avoidance of doubt, any exhibits or attachments thereto) entered into in connection with the Grant Notice and this

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Agreement by executing and delivering to the Company any documents as the Company reasonably determines necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Legal and Equitable Remedies</u>**. The Participant acknowledges that a violation or attempted breach of any of the Participant's covenants and agreements in this Agreement will cause such damage as will be irreparable, the exact amount of which would be difficult to ascertain and for which there will be no adequate remedy at law, and accordingly, the parties hereto agree that the Company and its Affiliates shall be entitled as a matter of right to an injunction issued by any court of competent jurisdiction, restraining the Participant or the affiliates, partners or agents of the Participant from such breach or attempted violation of such covenants and agreements, as well as to recover from the Participant any and all costs and expenses sustained or incurred by the Company or any Affiliate in obtaining such an injunction, including reasonable attorneys' fees. The parties to this Agreement agree that no bond or other security shall be required in connection with such injunction. Any exercise by either of the parties to this Agreement of its rights pursuant to this <u>Section 13</u> shall be cumulative and in addition to any other remedies to which such party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Consent to Electronic Delivery; Electronic Signature</u>**. In lieu of receiving documents in paper format, the Participant agrees, to the fullest extent permitted by law, to accept electronic delivery of any documents that the Company may be required to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports and all other forms of communications) in connection with this Agreement and any other Award made or offered by the Company. Electronic delivery may be via a Company electronic mail system or by reference to a location on a Company intranet to which the Participant has access. The Participant hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may be required to deliver, and agrees that his, her or its electronic signature is the same as, and shall have the same force and effect as, his, her or its manual signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. <u>Agreement to Furnish Information; Undertaking</u>**. The Participant agrees to furnish to the Company all information requested by the Company to enable the Company and its Affiliates to comply with any reporting or other requirement imposed upon the Company by or under any applicable statute or regulation. The Participant hereby agrees to take whatever additional actions and execute whatever additional documents the Company may in its reasonable judgment deem necessary or advisable to effect any of the obligations or restrictions imposed on Participant pursuant to the express provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. <u>Entire Agreement; Amendment</u>**. This Agreement constitutes the entire agreement of the parties and their affiliates with regard to the subject matter hereof, and contains all the covenants, promises, representations, warranties and agreements among the parties and their affiliates with respect to this Option; *provided*¸ *however*, that (a) the terms of this Agreement shall not modify and shall be subject to the terms and conditions of any employment, consulting and/or severance agreement between the Company (or an Affiliate or other entity) and the Participant in effect as of the date a determination is to be made under this Agreement; and (b) the terms of <u>Exhibit B</u> are in addition to and complement (and do not replace or supersede) all other agreements and obligations between the Company or any Affiliate and the Participant with respect to

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confidentiality, non-disclosure, non-competition, non-solicitation, non-disparagement and other restrictive covenants. Without limiting the scope of the preceding sentence, except as provided therein, all prior understandings and agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and effect. The Committee may, in its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent with the Plan; *provided*, *however*, that except as otherwise provided in the Plan or this Agreement, any such amendment that materially reduces the rights of Participant shall be effective only if it is in writing and signed by both Participant and an authorized officer of the Company. Notwithstanding the foregoing, prior to an initial public offering, the Company may take any of the following actions (including with respect to the Shares issued under this Agreement) without the consent or authorization of the Participant or any other Person: (a) subdivide (by any split, recapitalization or otherwise) its outstanding Shares into a greater number of Shares, (b) combine (by reverse split, combination, or otherwise) its outstanding Shares into a lesser number of Shares, (c) make adjustments as determined by the Committee to prevent dilution or enlargement of the rights granted to, or available for, Participant under the Plan or this Agreement, and (d) provide for and issue separate classes or series of common stock (including to provide for specific voting powers, full or limited, or no voting powers, and such designations, preferences and other applicable rights and qualifications, limitations or restrictions as provided therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. <u>Severability and Waiver</u>**. If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of such provision shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall remain in full force and effect. The parties hereto further agree to use their commercially reasonable efforts to replace such void or unenforceable provision of this Agreement with a valid and enforceable provision that shall achieve, to the extent possible, the economic, business and other purposes of such void or unenforceable provision. Waiver by any party of any breach of this Agreement or failure to exercise any right hereunder shall not be deemed to be a waiver of any other breach or right. The failure of any party to take action by reason of such breach or to exercise any such right shall not deprive the party of the right to take action at any time while or after such breach or condition giving rise to such rights continues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. <u>Company Recoupment of Awards</u>**. The Participant's rights with respect to this Award shall in all events be subject to (a) any right that the Company may have under any Company recoupment policy or other agreement or arrangement with the Participant, and (b) any right or obligation that the Company may have regarding the clawback of "incentive-based compensation" under Section 10D of the Exchange Act and any applicable rules and regulations promulgated thereunder from time to time by the U.S. Securities and Exchange Commission or any other Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. <u>Governing Law</u>**. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED THEREIN, EXCLUSIVE OF THE CONFLICT OF LAWS PROVISIONS OF DELAWARE LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. <u>Further Action</u>**. The parties hereto shall execute and deliver all documents, provide all information, and take or refrain from taking such actions as may be necessary or appropriate, in the reasonable opinion of the Company, to achieve the purposes of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. <u>Conformity to Securities Laws.</u>** Participant acknowledges that this Agreement is intended to conform to the extent necessary with all Applicable Laws, including the provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated thereunder by the Securities and Exchange Commission and state securities laws and regulations. Notwithstanding anything herein to the contrary, this Option shall be administered, granted and exercised only in such a manner as to conform to Applicable Law. To the extent permitted by Applicable Law and the Plan, this Agreement shall be deemed amended to the extent necessary to conform to Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. <u>Successors and Assigns</u>**. The Company may assign any of its rights and obligations under this Agreement without the Participant's consent. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein and in the Plan, this Agreement will be binding upon the Participant and the Participant's heirs, beneficiaries, executors, administrators and the Person(s) to whom this Option or the Shares purchasable upon exercise of any part of this Option may be transferred by will or the laws of descent or distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23. <u>Headings; References; Interpretation</u>**. Headings are for convenience only and are not deemed to be part of this Agreement. The words "hereof," "herein" and "hereunder" and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole, including <u>Exhibit B</u> attached hereto, and not to any particular provision of this Agreement. All references herein to Sections and <u>Exhibit B</u> shall, unless the context requires a different construction, be deemed to be references to the Sections and <u>Exhibit B</u> of this Agreement. The word "or" as used herein is not exclusive and is deemed to have the meaning "and/or." All references to "including" shall be construed as meaning "including without limitation." Unless the context requires otherwise, all references herein to a law, agreement, instrument or other document shall be deemed to refer to such law, agreement, instrument or other document as amended, supplemented, modified and restated from time to time to the extent permitted by the provisions thereof. All references to "dollars" or "$" in this Agreement refer to United States dollars. Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice versa. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against any party hereto, whether under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by each of the parties hereto and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24. <u>Counterparts</u>**. The Grant Notice may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. Delivery of an executed counterpart of the Grant Notice by facsimile or portable document format (.pdf) attachment to electronic mail shall be effective as delivery of a manually executed counterpart of the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25. <u>Section 409A</u>**. This Option is not intended to constitute "nonqualified deferred compensation" within the meaning of Section 409A. However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the Committee determines that this Option (or any portion thereof) may be subject to Section 409A, the Committee shall have

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the right in its sole discretion (without any obligation to do so or to indemnify Participant or any other Person for failure to do so) to adopt such amendments to the Plan, the Grant Notice or this Agreement, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Committee determines are necessary or appropriate for this Option either to be exempt from the application of Section 409A or to comply with the requirements of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26. <u>[Incentive Stock Options</u>**. The Participant acknowledges that to the extent the aggregate Fair Market Value of Shares (determined as of the time the option with respect to the Shares is granted) with respect to which Incentive Stock Options, including this Option (if applicable), are exercisable for the first time by the Participant during any calendar year exceeds $100,000 or if for any other reason such Incentive Stock Options do not qualify or cease to qualify for treatment as "incentive stock options" under Section 422 of the Code, such Incentive Stock Options shall be treated as Non-Qualified Stock Options. The Participant further acknowledges that the rule set forth in the preceding sentence shall be applied by taking the Option and other stock options into account in the order in which they were granted, as determined under Section 422(d) of the Code and the Treasury Regulations thereunder. The Participant also acknowledges that an Incentive Stock Option exercised more than three months after the Participant's Termination of Service, other than by reason of death or Disability, will be taxed as a Non-Qualified Stock Option. If this Option is designated as an Incentive Stock Option, the Participant shall give prompt written notice to the Company of any disposition or other transfer of any Shares acquired under this Agreement if such disposition or transfer is made (a) within two years from the Grant Date or (b) within one year after the transfer of such Shares to the Participant. Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by the Participant in such disposition or other transfer.]

[Remainder of Page Intentionally Blank]

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## Exhibit 10.31

**Exhibit 10.31**

**SIXTH AMENDMENT**

**TO CREDIT AND GUARANTY AGREEMENT**

**THIS SIXTH AMENDMENT AND JOINDER AGREEMENT TO CREDIT AND**

**GUARANTY AGREEMENT** (this "**Amendment**") is dated as of March 20, 2026 and is entered into by **MADISON IAQ LLC**, a Delaware limited liability company (the "**Borrower**"), each other Credit Party, **WELLS FARGO BANK, NATIONAL ASSOCIATION**, as Administrative Agent ("**Wells Fargo**" and, in such capacity, "**Administrative Agent**"), the 2026 Incremental Revolving Lenders (as defined below) and the other Consenting Lenders (as defined below) party hereto and is made with reference to that certain Credit and Guaranty Agreement, dated as of June 21, 2021 (as supplemented by that certain Joinder Agreement No. 1, dated as of July 26, 2021, as amended by that certain First Amendment to Credit and Guaranty Agreement, dated as of June 16, 2023, as amended by that certain Second Amendment to Credit and Guaranty Agreement, dated as of June 5, 2024, as amended by that certain Third Amendment to Credit and Guaranty Agreement, dated as of January 15, 2025, as amended by that certain Fourth Amendment and Joinder Agreement to Credit and Guaranty Agreement, dated as of May 6, 2025, as amended by that certain Fifth Amendment to Credit and Guaranty Agreement, dated as of November 6, 2025, and as may be further amended, amended and restated, supplemented or otherwise modified prior to the date hereof, the "**Credit Agreement**"; as amended pursuant to this Amendment, the "**Amended Credit Agreement**"). Unless otherwise defined herein, capitalized terms used herein shall have the respective meanings ascribed thereto in the Amended Credit Agreement.

W I T N E S S E T H:

**WHEREAS,** pursuant to and in accordance with Section 2.24 of the Credit Agreement, (i) the Borrower has requested New Incremental Revolving Loan Commitments in an aggregate principal amount of $1,300,000,000.00 (such New Incremental Revolving Loan Commitments, the "**2026 Incremental Revolving Commitments**", and the loans funded thereunder, the "**2026 Incremental Revolving Loans**") from the Revolving Lenders set forth in Appendix A-2 attached hereto under the caption "2026 Incremental Revolving Commitments" (such lenders, the "**2026 Incremental Revolving Lenders**") and (ii) the 2026 Incremental Revolving Lenders and the Administrative Agent have agreed, upon the terms and subject to the conditions set forth herein, that the 2026 Incremental Revolving Lenders will provide Revolving Commitments to the Borrower in the form of 2026 Incremental Revolving Commitments to (a) replace the Revolving Commitments outstanding under the Credit Agreement immediately prior to the effectiveness hereof (the "**Existing Revolving Commitments**") and (b) make 2026 Incremental Revolving Loans to refinance any Revolving Loans outstanding under the Credit Agreement immediately prior to the effectiveness hereof (the "**Existing Revolving Loans**"), and thereafter, from time to time subject to the terms and conditions of the Amended Credit Agreement (this clause (b), together with clause (a), the "**RCF Refinancing**");

**WHEREAS**, Goldman Sachs Bank USA ("**Goldman**") desires to resign as Administrative Agent and Collateral Agent under the Credit Agreement in accordance with Section 9.7 of the Credit Agreement effective as of immediately after the effectiveness of this Amendment, and the Lenders party hereto, constituting Requisite Lenders at such time (the "**Consenting Lenders**"), and the Borrower desires to appoint Wells Fargo to act as successor Administrative Agent and successor Collateral Agent under the Amended Credit Agreement and the other Credit Documents effective as of immediately after the effectiveness of this Amendment (the "**Agency Assignment**");

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**WHEREAS**, the Predecessor Agent (as defined below), the Successor Agent (as defined below), the Borrower and certain of the other Credit Parties have entered into an Agency Assignment Agreement dated as of the date hereof (the "**Agency Assignment Agreement**") pursuant to which Goldman (in its

capacity as Administrative Agent and Collateral Agent immediately prior to the effectiveness of the resignation and appointment provided for therein, the "**Predecessor Agent**") shall resign as, and Wells Fargo (in its capacity as Administrative Agent and Collateral Agent immediately after the effectiveness of the resignation and appointment provided for therein, the "**Successor Agent**") shall succeed to and become, the Administrative Agent and Collateral Agent under the Amended Credit Agreement and the other Credit Documents;

**WHEREAS,** the Administrative Agent, the 2026 Incremental Revolving Lenders and the other Consenting Lenders are willing, on the terms and subject to the conditions set forth below, to enter into the amendments, modifications and agreements set forth in this Amendment and to give effect to the RCF Refinancing, the Agency Assignment and the amendments contemplated hereby (collectively, the "**Transactions**");

**NOW, THEREFORE**, in consideration of the premises and the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Revolving Incremental Joinder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each 2026 Incremental Revolving Lender acknowledges and agrees that, from and after the Sixth Amendment Effective Date (as defined below), such 2026 Incremental Revolving Lender commits to provide its 2026 Incremental Revolving Commitment as set forth on <u>Appendix</u> <u>A-2</u> attached hereto on the terms and subject to the conditions set forth herein, and shall be a "Secured Party", "Revolving Lender" and "Lender" under, and for all purposes of, the Amended Credit Agreement and the other Credit Documents, and shall be subject to and bound by the terms thereof, and shall perform all the obligations of and shall have all the rights of a Lender thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(i) Each of the 2026 Incremental Revolving Commitments shall be deemed to be a "Revolving Commitment" and (ii) the Revolving Loans made from time to time under the 2026 Incremental Revolving Commitments shall be 2026 Incremental Revolving Loans and shall be deemed to be "Revolving Loans" and "Loans".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each 2026 Incremental Revolving Lender party hereto, as to itself, hereby agrees to waive any indemnity claim for breakage costs payable pursuant to Section 2.18(c) of the Amended Credit Agreement in connection with the prepayment or replacement of Existing Revolving Loans contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Requisite Lender Determination</u>. Each Lender party hereto agrees that, for the purpose of determining the Requisite Lenders both prior to and after giving effect to the Transactions, it is consenting to the amendments set forth herein with respect to all of its Loans and Commitments outstanding under the Credit Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Amendments</u>. Upon the occurrence of the Sixth Amendment Effective Date (as defined below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the underlined text (indicated textually in the same manner as the following example: <u>underlined text</u>) as set forth in the pages of the Amended Credit Agreement attached as <u>Exhibit A</u> hereto, except that the

Appendices, Schedules and Exhibits to the Credit Agreement not amended pursuant to the terms of this Amendment shall remain in effect without any amendment or modification thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Credit Agreement is hereby amended by inserting thereto <u>Appendix A-2</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Credit Agreement is hereby amended by inserting thereto <u>Appendix A-3</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Credit Agreement is hereby amended by inserting thereto <u>Appendix B</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Credit Agreement is hereby amended by inserting thereto <u>Exhibits A</u> through <u>M</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Agency Assignment</u>. The Consenting Lenders hereby (a) appoint Wells Fargo, as the Administrative Agent and Collateral Agent under the Amended Credit Agreement and the other Credit Documents; and (b) authorize and direct Wells Fargo to enter into this Agreement and the Agency Assignment Agreement in its capacity as Successor Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Representations and Warranties</u>. In order to induce the other parties hereto to enter into this Amendment in the manner provided herein, each Credit Party which is a party hereto represents and warrants to the other parties hereto that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)each of the representations and warranties of the Borrower and each other Credit Party contained in Section 4 of the Credit Agreement and in the other Credit Documents are true and correct in all material respects on and as of the date hereof to the same extent as though made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties are true and correct in all material respects on and as of such earlier date; provided that in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; 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;(b)as of the date hereof and immediately after giving effect to this Amendment and the 2026 Incremental Revolving Commitments, no Default or Event of Default has occurred or is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Conditions to Effectiveness</u>. The effectiveness of this Amendment is subject to the satisfaction or waiver of the following conditions (the time at which all such conditions are so satisfied or waived is referred to

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herein as the "**Sixth Amendment Effective Date**"); <u>provided</u> that the condition set forth in <u>Section 6(n)</u> below may be waived by the Borrower and the Administrative Agent in their sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Administrative Agent shall have received executed counterparts of this Amendment duly executed by the Borrower, each other Credit Party, the Administrative Agent, each 2026 Incremental Revolving Lender and each other Consenting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(i) All fees required to be paid on the Sixth Amendment Effective Date pursuant to this Amendment, the Engagement Letter dated February 17, 2026 by and among the Borrower and Wells Fargo Securities, LLC, the fee letters dated as of the date hereof (the "**Fee Letters**") and the Credit Agreement shall have been paid or will be paid substantially concurrently with the

effectiveness of this Amendment on the Sixth Amendment Effective Date and (ii) the Administrative Agent shall have received evidence satisfactory to it that, substantially concurrently with the effectiveness of this Amendment on the Sixth Amendment Effective Date, all accrued and unpaid interest and fees (if any) on the Existing Revolving Loans outstanding immediately prior to the Sixth Amendment Effective Date shall have been paid to the Administrative Agent for the benefit of the applicable Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Specified IPO shall have closed. "**Specified IPO**" means an initial public offering of Equity Interests of Madison Air Solutions Corporation, an indirect parent holding company of the Borrower, pursuant to an effective registration statement under the Securities Act, that results in such Equity Interests being listed on a national securities exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Administrative Agent shall have received (i) a fully executed and delivered Funding Notice for the 2026 Incremental Revolving Loans (if any) to be funded on the Sixth Amendment Effective Date and (ii) a written notice of prepayment of the Initial Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)(i) Substantially simultaneously with the effectiveness of this Amendment and the 2026 Incremental Revolving Commitments on the Sixth Amendment Effective Date, (x) the aggregate principal amount of Existing Revolving Loans, if any, shall have been repaid in full with the proceeds of 2026 Incremental Revolving Loans and (y) the Existing Revolving Commitments shall have been irrevocably terminated in full; (ii) (x) substantially all the Specified IPO proceeds, net of expenses and related items, have been used to prepay the Initial Term Loans in part or in full and (y) all accrued and unpaid interest and fees (if any) on the Term Loans shall have been paid to the Predecessor Agent for the benefit of the applicable Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Each of the representations and warranties of the Borrower and each other Credit Party contained in <u>Section 5</u> hereof, Section 4 of the Credit Agreement and in the other Credit Documents shall be true and correct in all material respects on and as of the Sixth Amendment Effective Date to the same extent as though made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date; provided that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)No event shall have occurred and be continuing or would immediately result from the consummation of this Amendment that would constitute an Event of Default or a Default.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The Administrative Agent shall have received a certificate of the Borrower and each Guarantor (signed by a person authorized by the resolution referred to in clause (iii) of paragraph (i) below) as of the Sixth Amendment Effective Date certifying that each copy document specified in paragraph (i) below relating to it is correct and complete, and the original of such copy document is in full force and effect and has not been amended or superseded as at a date no earlier than the Sixth Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Administrative Agent and the Joint Lead Arrangers (as defined below) shall have received, in respect of each Credit Party, (i) a copy of each Organizational Document, and, to the extent applicable, certified as of the Sixth Amendment Effective Date or a recent date prior thereto by the appropriate Governmental Authority; (ii) signature and incumbency certificates of the officers of such Credit Party; (iii) resolutions of the board of directors or similar governing body of such Credit Party approving and authorizing the execution, delivery and performance of this

Amendment and the other documentation contemplated hereby, certified as of the Sixth Amendment Effective Date by its secretary or an assistant secretary or other Authorized Officer as being in full force and effect without modification or amendment; (iv) a good standing certificate (to the extent applicable in the relevant jurisdiction) from the applicable Governmental Authority of such Credit Party's jurisdiction of incorporation, organization or formation, each dated within 30 days of the Sixth Amendment Effective Date; and (v) signature and incumbency certificates of one or more Authorized Officers of the Borrower who are authorized to execute Funding Notices delivered under the Amended Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)The Administrative Agent shall have received a Solvency Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)The Administrative Agent shall have received a certificate of the Borrower signed by an Authorized Officer thereof, certifying that as of the Sixth Amendment Effective Date the conditions specified in paragraphs (c), (f) and (g) of this <u>Section 6</u> have been satisfied or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)The Administrative Agent shall have received, on behalf of itself and the Lenders, a customary opinion of Kirkland & Ellis LLP, special counsel for the Credit Parties, in connection with this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)At least three Business Days prior to the Sixth Amendment Effective Date, the Lenders party hereto shall have received (i) all documentation and other information required by bank regulatory authorities under applicable "know-your-customer" and anti-money laundering rules and regulations, including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001) the "PATRIOT Act") and (ii) to the extent the Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, a certification regarding beneficial ownership in relation to the Borrower as required by the Beneficial Ownership Regulation, in each case, to the extent such documentation, information or certification was requested no less than 10 Business Days prior to the Sixth Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)The Sixth Amendment Effective Date shall not occur prior to the date that is 30 days after the date the condition in <u>Section 6(e)(ii)(x)</u> above is satisfied or waived.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Acknowledgment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Credit Party hereby confirms that each Credit Document to which it is a party or otherwise bound and all Collateral encumbered thereby will continue to guarantee or secure, as the case may be, to the fullest extent possible in accordance with the Credit Documents the payment and performance of all Obligations (including all Obligations in respect of the 2026 Incremental Revolving Loans) under each of the Credit Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Credit Party hereby acknowledges and agrees that each of the Credit Documents to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Credit Party hereby acknowledges that it has reviewed the terms and provisions of this Amendment and consents to the amendments of the Credit Agreement effected pursuant to this Amendment (including the provision of the 2026 Incremental Revolving Commitments and 2026 Incremental Revolving Loans made by the 2026 Incremental Revolving

Lenders) and acknowledges and agrees that each 2026 Incremental Revolving Lender (and any assignee thereof) is a "Lender" and a "Secured Party" for all purposes under the Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>GOVERNING LAW; WAIVER OF JURY TRIAL</u>. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Jurisdiction; Waiver of Jury Trial</u>. The provisions of Section 10.15 and 10.16 of the Credit Agreement pertaining to consent to jurisdiction, service of process, and waiver of jury trial are hereby incorporated by reference herein, mutatis mutandis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Electronic Signature; Counterparts</u>. This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or by email as a ".pdf" or ".tif" attachment shall be effective as delivery of a manually executed counterpart of this Amendment.

This Amendment may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same instrument. Any signature to this Amendment may be delivered by facsimile, electronic mail (including pdf) or any electronic signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signature and Records Act or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law.

For the avoidance of doubt, the foregoing also applies to any amendment, extension or renewal of this Amendment.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Effects on Credit Documents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as specifically amended herein, the Credit Agreement shall continue to be in full force and effect and is hereby in all respects ratified and confirmed. Except as otherwise expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Secured Party or any Agent under any of the Credit Documents, nor constitute a waiver of any provision of the Credit Documents. This Amendment shall constitute a "Credit Document" for all purposes of the Credit Agreement and the other Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrower (on behalf of itself and each Guarantor) hereby (i) ratifies, confirms and reaffirms its liabilities, its payment and performance obligations (contingent or otherwise) and its agreements under the Amended Credit Agreement and the other Credit Documents and (ii) acknowledges, ratifies and confirms that such liabilities, obligations and agreements constitute valid and existing Obligations under the Amended Credit Agreement, in each case, to the extent the Borrower or such Guarantor is a party thereto. In addition, the Borrower (on behalf of itself and each Guarantor) hereby ratifies, confirms and reaffirms (i) the liens and security interests granted, created, confirmed and perfected under the Collateral Documents and any other Credit Documents and (ii) that each of the Collateral Documents to which it is a party remains in full force and effect notwithstanding the effectiveness of this Amendment. Without limiting the generality of the foregoing, the Borrower further agrees (A) that any reference to "Obligations" contained in any Collateral Documents shall include, without limitation, the "Obligations" as such term is defined in the Amended Credit Agreement and (B) that the related guarantees, grants and confirmations of security contained in such Collateral Documents shall include and extend to such Obligations. This Amendment shall not constitute a modification of the Credit Agreement, except as specified under <u>Section 4</u> hereof, or a course of dealing with any Agent or any Lender at variance with the Credit Agreement such as to require further notice by any Agent or any Lender to require strict compliance with the terms of the Credit Agreement and the other Credit Documents in the future, except as expressly set forth herein. This Amendment, together with the Fee Letters, contains the entire agreement among the Borrower, the Administrative Agent, the 2026 Incremental Revolving Lenders and the Consenting Lenders contemplated by this Amendment. The Borrower does not have any knowledge of any challenge to any Agent's or any Lender's claims arising under the Credit Documents or the effectiveness of the Credit Documents. The Administrative Agent and the Lenders reserve all rights, privileges and remedies under the Credit Documents. Nothing in this Amendment is intended, or shall be construed, to constitute a novation or an accord and satisfaction of any of the Obligations or to modify, affect or impair the perfection, priority or continuation of the security interests in, security titles to or other Liens on any Collateral for the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Expenses</u>. The Borrower agrees to pay or reimburse the Administrative Agent and the other Agents for all reasonable and out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, syndication, administration and execution of this Amendment and the related Credit Documents, including the reasonable fees, disbursements and other charges of counsel, in accordance with Section 10.2 of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Severability</u>. If any provision of this Amendment is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions of this Amendment shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Headings</u>. Section headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or to be taken into consideration in interpreting, this Amendment.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Conflicts</u>. In the event of any conflict between the terms of this Amendment and the terms of the Credit Agreement or any of the other Credit Documents, the terms of this Amendment shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Agreements and Acknowledgments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Administrative Agent hereby consents to waive all notice requirements pursuant to Sections 2.24 and 2.13(b) of the Credit Agreement in connection with the requesting and funding of the 2026 Incremental Revolving Loans (if any) and the termination of the Existing Revolving Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Amendment constitutes a notice to the Administrative Agent and Joinder Agreement for purposes of Section 2.24 of the Credit Agreement, and a notice for purposes of Section 2.13(b) of the Credit Agreement. The Borrower hereby requests the immediate termination of all Existing Revolving Commitments in full effect as of the Sixth Amendment Effective Date, subject to the conditions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Bookrunners; Other Agents; Joint Lead Arrangers and Managers</u>. The Borrower hereby appoints Wells Fargo Securities, LLC, Barclays Bank PLC, Citibank, N.A., Goldman Sachs Bank USA, Sumitomo Mitsui Banking Corporation, BofA Securities, Inc., CIBC World Markets Corp., Banco Santander, S.A., New York Branch, U.S. Bank National Association, Capital One, National Association, Fifth Third Bank, National Association, PNC Bank, National Association and Truist Securities, Inc. as joint lead arrangers in connection with this Amendment (in such capacities, collectively, the "**Joint Lead Arrangers**"). The Joint Lead Arrangers shall have no right, power, obligation, liability, responsibility or duty under this Amendment other than those applicable to all Lenders as such (solely to the extent a Joint Lead Arranger is also a Lender). Without limiting the foregoing, the Joint Lead Arrangers so identified shall not have or be deemed to have any fiduciary relationship with any Lender, Holdings, the Borrower or any other Credit Party. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding to enter into this Amendment or in taking or not taking action hereunder. The Joint Lead Arrangers shall be entitled to the benefits of Section 9 of the Amended Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Termination</u>. This Amendment shall terminate on the date that is 75 days after the date hereof unless the Sixth Amendment Effective Date, on the terms and subject to the conditions contained herein, has occurred on or before such date unless extended by the Borrower and the 2026 Incremental Revolving Lenders in their sole discretion.

*[SIGNATURE PAGES FOLLOW]*

------

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective proper and duly authorized officers as of the day and year first written above.

---

| | | |
|:---|:---|:---|
| **MADISON IAQ LLC,** | **MADISON IAQ LLC,** | **MADISON IAQ LLC,** |
| as the Borrower | as the Borrower | as the Borrower |
| By: | /s/ JJ Foley | /s/ JJ Foley |
|  | Name: | JJ Foley |
|  | Title: | President |

---

[Signature Page to Sixth Amendment and Joinder Agreement to Credit Agreement]

------

---

| | |
|:---|:---|
| **NORTEK INTERNATIONAL, INC.** | **NORTEK INTERNATIONAL, INC.** |
| **ACOUSTIFLO, LTD.** | **ACOUSTIFLO, LTD.** |
| **MADISON IAQ II LLC**  | **MADISON IAQ II LLC**  |
| **LG DELTA LLC** | **LG DELTA LLC** |
| **NEVADA HOLDCO CORP.** | **NEVADA HOLDCO CORP.** |
| **BNSS LP LLC** | **BNSS LP LLC** |
| By: | /s/ JJ Foley  |
|  | JJ Foley |
|  | President |
| **NORTEK GLOBAL HVAC LATIN AMERICA,** | **NORTEK GLOBAL HVAC LATIN AMERICA,** |
| **INC.** | **INC.** |
| **NORTEK AIR SOLUTIONS, LLC** | **NORTEK AIR SOLUTIONS, LLC** |
| **BAFCO GLOBAL, LLC** | **BAFCO GLOBAL, LLC** |
| **DELTA T, LLC** | **DELTA T, LLC** |
| **BROAN-NUTONE LLC** | **BROAN-NUTONE LLC** |
| **ZEPHYR VENTILATION, LLC** | **ZEPHYR VENTILATION, LLC** |
| **BIG ASS HOLDING, LLC** | **BIG ASS HOLDING, LLC** |
| **REZNOR LLC** | **REZNOR LLC** |
| **NOVELTECH, INC.** | **NOVELTECH, INC.** |
| **NOVELAIRE TECHNOLOGIES, L.L.C.** | **NOVELAIRE TECHNOLOGIES, L.L.C.** |
| **NORTEK, INC.** | **NORTEK, INC.** |
| **DRI-STEEM CORPORATION** | **DRI-STEEM CORPORATION** |
| **EWC CONTROLS, LLC** | **EWC CONTROLS, LLC** |
| **RESEARCH PRODUCTS CORPORATION** | **RESEARCH PRODUCTS CORPORATION** |
| By: | /s/ JJ Foley  |
|  | JJ Foley |
|  | President |

---

[Signature Page to Sixth Amendment and Joinder Agreement to Credit Agreement]

------

---

| | |
|:---|:---|
| **THERMA-STOR HOLDINGS II** | **THERMA-STOR HOLDINGS II** |
| **LLC THERMA-STOR LLC** | **LLC THERMA-STOR LLC** |
| **SPECIFIED AIR HOLDINGS LLC** | **SPECIFIED AIR HOLDINGS LLC** |
| **CONTROLLED ENVIRONMENTS** | **CONTROLLED ENVIRONMENTS** |
| **HOLDINGS II LLC** | **HOLDINGS II LLC** |
| **CONTROLLED ENVIRONMENTS**  | **CONTROLLED ENVIRONMENTS**  |
| **HOLDINGS LLC** | **HOLDINGS LLC** |
| **STERIL-AIRE LLC** | **STERIL-AIRE LLC** |
| **AIRXCHANGE, INC.** | **AIRXCHANGE, INC.** |
| **UNITED COOLAIR LLC** | **UNITED COOLAIR LLC** |
| **UV RESOURCES, LLC** | **UV RESOURCES, LLC** |
| **SPECIFIED AIR SOLUTIONS HOLDINGS,** | **SPECIFIED AIR SOLUTIONS HOLDINGS,** |
| **LLC** | **LLC** |
| **ROBERTS-GORDON LLC** | **ROBERTS-GORDON LLC** |
| **RAPID ENGINEERING LLC** | **RAPID ENGINEERING LLC** |
| **ADDISON HVAC LLC** | **ADDISON HVAC LLC** |
| **DEHUMIDIFIED AIR SOLUTIONS** | **DEHUMIDIFIED AIR SOLUTIONS** |
| **CORPORATION LLC** | **CORPORATION LLC** |
| **POOLPAK ZHONGSHAN HOLDINGS, LLC**  | **POOLPAK ZHONGSHAN HOLDINGS, LLC**  |
| **HEATEX, INC.** | **HEATEX, INC.** |
| By: | /s/ Mike Kenning |
|  | Mike Kenning |
|  | Vice President and Treasurer |

---

[Signature Page to Sixth Amendment and Joinder Agreement to Credit Agreement]

------

---

| | | |
|:---|:---|:---|
| CONSENTED TO AND AGREED: | CONSENTED TO AND AGREED: | CONSENTED TO AND AGREED: |
| **WELLS FARGO BANK, NATIONAL ASSOCIATION**, as | **WELLS FARGO BANK, NATIONAL ASSOCIATION**, as | **WELLS FARGO BANK, NATIONAL ASSOCIATION**, as |
| Administrative Agent, a 2026 Incremental Revolving Lender,  | Administrative Agent, a 2026 Incremental Revolving Lender,  | Administrative Agent, a 2026 Incremental Revolving Lender,  |
| Issuing Bank and a Consenting Lender | Issuing Bank and a Consenting Lender | Issuing Bank and a Consenting Lender |
| By: | /s/ Heather Hoopingarner | /s/ Heather Hoopingarner |
|  | Name: | Heather Hoopingarner  |
|  | Title: | Executive Director |

---

[Signature Page to Sixth Amendment and Joinder Agreement to Credit Agreement]

------

[Additional Consenting Lender Signature Pages

on File with the Administrative Agent]

[Signature Page to Sixth Amendment and Joinder Agreement to Credit Agreement]

Restricted - External

------

**Exhibit A**

REVOLVING CREDIT FACILITY CUSIP: 55759VAC2

INITIAL TERM LOAN FACILITY CUSIP: 55759VAB4

2025 INCREMENTAL TERM LOAN FACILITY CUSIP: 55759VAD0

DEAL CUSIP: 55759VAA6

2025 REPRICED INCREMENTAL TERM LOAN FACILITY CUSIP: 55759VAE8

**CREDIT AND GUARANTY AGREEMENT**

**dated as of June 21, 2021**

**as supplemented by the Joinder Agreement No. 1 to Credit and Guaranty Agreement, dated as of July 26, 2021, the First Amendment to Credit and Guaranty Agreement, dated as of June 16, 2023, the Second Amendment to Credit and Guaranty Agreement, dated as of June 5, 2024, the Third Amendment to Credit and Guaranty Agreement, dated as of January 15, 2025, the Fourth Amendment and Joinder Agreement to Credit and Guaranty Agreement, dated as of May 6, 2025 and, the Fifth Amendment to Credit and Guaranty Agreement, dated as of November 6, 2025 <u>and</u> <u>the Sixth Amendment and Joinder Agreement to Credit and Guaranty Agreement, dated as of the</u> <u>Sixth Amendment Effective Date</u>**

**among**

**MADISON IAQ LLC, as Borrower, MADISON IAQ II LLC, as Holdings, CERTAIN SUBSIDIARIES OF MADISON IAQ LLC, as Guarantors, VARIOUS LENDERS, GOLDMAN SACHS BANK USA<u>WELLS FARGO SECURITIES, LLC</u>**

**and**

**<u>BARCLAYS BANK PLC,</u>** 

**CITIBANK, N.A., CIBC <u>GOLDMAN SACHS</u> BANK USA, <u>SUMITOMO MITSUI BANKING CORPORATION,</u>**

**<u>BOFA SECURITIES, INC.,</u>**

**CIBC WORLD MARKETS CORP., BARCLAYS BANK PLC,** 

**BOFA SECURITIES, INC.,** 

**HSBC SECURITIES (USA) INC.,** 

**MUFG UNION BANK, N.A, <u>BANCO SANTANDER, S.A., NEW YORK BRANCH,</u>**

**<u>U.S. BANK NATIONAL ASSOCIATION,</u>**

**CAPITAL ONE, NATIONAL ASSOCIATION, GOLUB CAPITAL LLC** 

**AND** 

**STIFEL NICOLAUS AND COMPANY, INCORPORATED,**

------

**<u>FIFTH THIRD BANK, NATIONAL ASSOCIATION,</u>**

**<u>PNC BANK, NATIONAL ASSOCIATION</u>**

**<u>AND</u>**

**<u>TRUIST SECURITIES, INC.,</u>**

**as Joint Lead Arrangers and Joint Lead Bookrunners, and**

**GOLDMAN SACHS<u>WELLS FARGO</u> BANK USA<u>, NATIONAL ASSOCIATION</u>, as Administrative Agent and Collateral Agent**

------

# **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| SECTION 1. DEFINITIONS AND INTERPRETATION | SECTION 1. DEFINITIONS AND INTERPRETATION | 2 |
| 1.1. | Definitions | 2 |
| 1.2. | Accounting Terms | 84**<u>83</u>** |
| 1.3. | Interpretation, Etc. | 84**<u>83</u>** |
| 1.4. | Rates | 85**<u>83</u>** |
| 1.5. | Limited Condition Transactions | 85**<u>84</u>** |
| 1.6. | References to Agreements, Laws, Etc. | 86**<u>85</u>** |
| 1.7. | Compliance with Certain Sections | 86**<u>85</u>** |
| 1.8. | Divisions | 87**<u>85</u>** |
| **1.9.** | **Exchange Rates; Currency Equivalents.** | **86** |
| **1.10.** | **Additional Alternative Currencies.** | **<u>86</u>** |
| 1.9**<u>1.11</u>**. | Cashless Settlement | 87**<u>88</u>** |
| SECTION 2. LOANS AND LETTERS OF CREDIT | SECTION 2. LOANS AND LETTERS OF CREDIT | 87**<u>88</u>** |
| 2.1. | Term Loans | 87**<u>88</u>** |
| 2.2. | Revolving Loans | 88**<u>89</u>** |
| 2.3. | [Reserved] | 90**<u>90</u>** |
| 2.4. | Issuance of Letters of Credit and Bank Guarantees and Purchase of Participations Therein | 90**<u>90</u>** |
| 2.5. | Pro Rata Shares; Availability of Funds | 95**<u>95</u>** |
| 2.6. | Use of Proceeds | 96**<u>96</u>** |
| 2.7. | Evidence of Debt; Register; Lenders' Books and Records; Notes | 96**<u>96</u>** |
| 2.8. | Interest on Loans | 97**<u>97</u>** |
| 2.9. | Conversion/Continuation | 100**<u>99</u>** |
| 2.10. | Default Interest | 101**<u>100</u>** |
| 2.11. | Fees | 101**<u>101</u>** |
| 2.12. | Scheduled Payments | 102**<u>102</u>** |
| 2.13. | Voluntary Prepayments | 103**<u>103</u>** |
| 2.14. | Mandatory Prepayments | 105**<u>105</u>** |
| 2.15. | Application of Prepayments/Reductions | 108**<u>107</u>** |
| 2.16. | General Provisions Regarding Payments | 111**<u>110</u>** |
| 2.17. | Ratable Sharing | 112**<u>111</u>** |
| 2.18. | Making or Maintaining Term SOFR Rate Loans **<u>and Term CORRA Loans</u>** | 113**<u>112</u>** |
| 2.19. | Increased Costs; Capital Adequacy | 115**<u>115</u>** |
| 2.20. | Taxes; Withholding, Etc. | 117**<u>117</u>** |
| 2.21. | Obligation to Mitigate | 121**<u>120</u>** |
| 2.22. | Defaulting Lenders | 122**<u>121</u>** |
| 2.23. | Removal or Replacement of a Lender | 125**<u>124</u>** |
| 2.24. | Incremental Facilities | 126**<u>125</u>** |
| 2.25. | Extensions of Loans | 131**<u>130</u>** |
| 2.26. | [Reserved] | 136**<u>134</u>** |
| 2.27. | Currency Equivalents **<u>Alternative Currencies</u>** | 136**<u>134</u>** |
| 2.28. | Alternate Rate of Interest | 136**<u>134</u>** |

---

i

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| | | |
|:---|:---|:---|
| SECTION 3. CONDITIONS PRECEDENT | SECTION 3. CONDITIONS PRECEDENT | 137**<u>136</u>** |
| 3.1. | Effective Date | 137**<u>136</u>** |
| 3.2. | Conditions to Each Credit Extension | 141**139** |
| SECTION 4. REPRESENTATIONS AND WARRANTIES | SECTION 4. REPRESENTATIONS AND WARRANTIES | 142**<u>140</u>** |
| 4.1. | Organization; Requisite Power and Authority; Qualification | 142**<u>141</u>** |
| 4.2. | Subsidiaries | 143**<u>141</u>** |
| 4.3. | Due Authorization | 143**<u>141</u>** |
| 4.4. | No Conflict | 143**<u>141</u>** |
| 4.5. | Governmental and Third Party Consents | 143**<u>141</u>** |
| 4.6. | Binding Obligation | 143**<u>141</u>** |
| 4.7. | Historical Financial Statements | 143**<u>141</u>** |
| 4.8. | [Reserved] | 144**<u>142</u>** |
| 4.9. | No Material Adverse Effect | 144**<u>142</u>** |
| 4.10. | Adverse Proceedings, Etc. | 144**<u>142</u>** |
| 4.11. | Payment of Taxes | 144**<u>142</u>** |
| 4.12. | Properties | 144**<u>142</u>** |
| 4.13. | Environmental Matters | 145**<u>143</u>** |
| 4.14. | Governmental Regulation | 145**<u>143</u>** |
| 4.15. | Federal Reserve Regulations; Exchange Act | 145**<u>143</u>** |
| 4.16. | [Reserved] | 145**<u>143</u>** |
| 4.17. | Employee Benefit Plans | 145**<u>143</u>** |
| 4.18. | [Reserved] | 146**<u>144</u>** |
| 4.19. | Solvency | 146**<u>144</u>** |
| 4.20. | [Reserved] | 146**<u>144</u>** |
| 4.21. | Disclosure | 146**<u>144</u>** |
| 4.22. | Compliance with Statutes, etc. | 146**<u>144</u>** |
| 4.23. | Use of Proceeds | 147**<u>145</u>** |
| 4.24. | Collateral Documents | 147**<u>145</u>** |
| 4.25. | [Reserved] | 147**<u>145</u>** |
| 4.26. | Intellectual Property | 147**145** |
| SECTION 5. AFFIRMATIVE COVENANTS | SECTION 5. AFFIRMATIVE COVENANTS | 148**<u>146</u>** |
| 5.1. | Financial Statements and Other Reports | 148**<u>146</u>** |
| 5.2. | Existence | 151**<u>149</u>** |
| 5.3. | Payment of Taxes | 151**<u>149</u>** |
| 5.4. | Maintenance of Properties | 151**<u>149</u>** |
| 5.5. | Insurance | 152**<u>149</u>** |
| 5.6. | Books and Records; Inspections | 152**<u>150</u>** |
| 5.7. | [Reserved] | 153**<u>150</u>** |
| 5.8. | Compliance with Laws | 153**<u>150</u>** |
| 5.9. | [Reserved] | 153**<u>150</u>** |
| 5.10. | Additional Guarantors and Grantors | 153**<u>150</u>** |
| 5.11. | Additional Material Real Estate Assets | 154**<u>151</u>** |
| 5.12. | Further Assurances | 155**<u>152</u>** |
| 5.13. | Maintenance of Ratings | 155**<u>152</u>** |
| 5.14. | Designation of Subsidiaries | 155**<u>152</u>** |
| 5.15. | Post-Closing Deliverables | 155**<u>152</u>** |

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ii

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| | | |
|:---|:---|:---|
| 5.16. | Use of Proceeds | 155**<u>152</u>** |
| 5.17. | ERISA | 156**<u>153</u>** |
| 5.18. | Conduct of Business | 156**<u>153</u>** |
| 5.19. | Fiscal Year | 156**<u>153</u>** |
| 5.20. | Transactions with Shareholders and Affiliates | 156**153** |
| SECTION 6. NEGATIVE COVENANTS | SECTION 6. NEGATIVE COVENANTS | 157**<u>154</u>** |
| 6.1. | Indebtedness | 157**<u>154</u>** |
| 6.2. | Liens | 163**<u>159</u>** |
| 6.3. | [Reserved] | 167**<u>162</u>** |
| 6.4. | Restricted Junior Payments | 167**<u>163</u>** |
| 6.5. | Restrictions on Subsidiary Distributions | 170**<u>165</u>** |
| 6.6. | Investments | 171**<u>166</u>** |
| 6.7. | Financial Covenant | 174**<u>169</u>** |
| 6.8. | Fundamental Changes; Disposition of Assets; Acquisitions | 174**<u>169</u>** |
| 6.9. | Disposal of Subsidiary Interests | 177**<u>172</u>** |
| 6.10. | Sales and Lease-Backs | 177**<u>172</u>** |
| 6.11. | Permitted Activities | 177**<u>172</u>** |
| SECTION 7. GUARANTY | SECTION 7. GUARANTY | 178**<u>173</u>** |
| 7.1. | Guaranty of the Obligations | 178**<u>173</u>** |
| 7.2. | Contribution by Guarantors | 179**<u>173</u>** |
| 7.3. | Payment by Guarantors | 179**<u>174</u>** |
| 7.4. | Liability of Guarantors Absolute | 180**<u>174</u>** |
| 7.5. | Waivers by Guarantors | 182**<u>176</u>** |
| 7.6. | Guarantors' Rights of Subrogation, Contribution, Etc. | 182**<u>176</u>** |
| 7.7. | Subordination of Other Obligations | 183**<u>177</u>** |
| 7.8. | Continuing Guaranty | 183**<u>177</u>** |
| 7.9. | Authority of Guarantors or Borrower | 183**<u>177</u>** |
| 7.10. | Financial Condition of Borrower | 183**<u>177</u>** |
| 7.11. | Bankruptcy, Etc. | 184**<u>178</u>** |
| 7.12. | Discharge of Guaranty Upon Sale of Guarantor | 185**<u>178</u>** |
| 7.13. | Keepwell | 185**178** |
| SECTION 8. EVENTS OF DEFAULT | SECTION 8. EVENTS OF DEFAULT | 185**<u>179</u>** |
| 8.1. | Events of Default | 185**<u>179</u>** |
| 8.2. | Borrower's Right to Cure | 189**<u>182</u>** |
| 8.3. | Expired Default; Default Cure; Judicial Extension; Net Short Lenders | 190**183** |
| SECTION 9. AGENTS | SECTION 9. AGENTS | 194**<u>187</u>** |
| 9.1. | Appointment of Agents | 194**<u>187</u>** |
| 9.2. | Powers and Duties | 194**<u>187</u>** |
| 9.3. | General Immunity | 195**<u>188</u>** |
| 9.4. | Agents Entitled to Act as Lender | 197**<u>190</u>** |
| 9.5. | Lenders' Representations, Warranties and Acknowledgment | 197**<u>190</u>** |
| 9.6. | Right to Indemnity | 197**<u>191</u>** |
| 9.7. | Successor Administrative Agent and Collateral Agent | 198**<u>191</u>** |
| **9.8.** | **Exclusive Right to Enforce Rights and Remedies.** | **193** |
| 9.8**<u>9.9</u>**. | Collateral Documents and Guaranty | 200**<u>194</u>** |
| 9.9**<u>9.10</u>**. | Withholding Taxes | 202**<u>196</u>** |

---

iii

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---

| | | |
|:---|:---|:---|
| 9.10**<u>9.11.</u>** | Administrative Agent May File Bankruptcy Disclosure and Proofs of Claim | 202**<u>196</u>** |
| 9.11**<u>9.12.</u>** | Certain ERISA Matters | 203**<u>197</u>** |
| 9.12**<u>9.13.</u>** | Acknowledgement Regarding any Supported QFCs | 205**<u>198</u>** |
| 9.13**<u>9.14.</u>** | Erroneous Payment | 206**<u>199</u>** |
| **<u>9.15.</u>** | **Non-Reliance on Administrative Agent and Other Lenders.** | **201** |
| **<u>9.16.</u>** | **No Other Duties, Etc.** | **202** |
| SECTION 10. MISCELLANEOUS | SECTION 10. MISCELLANEOUS | 208**<u>202</u>** |
| 10.1. | Notices | 208**<u>202</u>** |
| 10.2. | Expenses | 210**<u>204</u>** |
| 10.3. | Indemnity | 211**<u>204</u>** |
| 10.4. | Set-Off | 212**<u>205</u>** |
| 10.5. | Amendments and Waivers | 212**<u>205</u>** |
| 10.6. | Successors and Assigns; Participations | 215**<u>208</u>** |
| 10.7. | Independence of Covenants | 224**<u>215</u>** |
| 10.8. | Survival of Representations, Warranties and Agreements | 224**<u>215</u>** |
| 10.9. | No Waiver; Remedies Cumulative | 224**<u>215</u>** |
| 10.10. | Marshalling; Payments Set Aside | 224**<u>216</u>** |
| 10.11. | Severability | 225**<u>216</u>** |
| 10.12. | Obligations Several; Independent Nature of Lenders' Rights | 225**<u>216</u>** |
| 10.13. | Headings | 225**<u>216</u>** |
| 10.14. | APPLICABLE LAW | 225**<u>216</u>** |
| 10.15. | CONSENT TO JURISDICTION | 225**<u>217</u>** |
| 10.16. | WAIVER OF JURY TRIAL | 226**<u>217</u>** |
| 10.17. | Confidentiality | 226**<u>218</u>** |
| 10.18. | Usury Savings Clause | 228**<u>219</u>** |
| 10.19. | Effectiveness; Counterparts | 228**<u>219</u>** |
| 10.20. | Entire Agreement | 228**<u>219</u>** |
| 10.21. | PATRIOT Act | 228**<u>219</u>** |
| 10.22. | Electronic Execution of Assignments and Certain Other Documents | 229**<u>220</u>** |
| 10.23. | No Fiduciary Duty | 229**<u>220</u>** |
| 10.24. | Intercreditor Agreement | 229**<u>220</u>** |
| 10.25. | Acknowledgement and Consent to Bail-In of Affected Financial Institutions | 230**<u>222</u>** |

---

iv

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---

| | | |
|:---|:---|:---|
| APPENDICES: | A-1 | Term Loan Commitments |
|  | A-2 | Revolving Commitments and Letter of Credit Commitments |
|  | A-3 | Existing Letters of Credit |
|  | B | Notice Addresses |

---

---

| | | |
|:---|:---|:---|
| SCHEDULES: | 4.2 | Subsidiaries |
|  | 4.12 | Real Estate Assets  |
|  | 5.14 | Unrestricted Subsidiaries  |
|  | 5.15 | Post-Closing Deliverables  |
|  | 5.20 | Certain Affiliate Transactions  |
|  | 6.1 | Certain Indebtedness |
|  | 6.2 | Certain Liens |
|  | 6.5 | Certain Restrictions on Subsidiary Distributions  |
|  | 6.6 | Certain Investments |

---

---

| | | |
|:---|:---|:---|
| **EXHIBITS:** | A-1 | Funding Notice |
|  | A-2 | Conversion/Continuation Notice |
|  | A-3 | Issuance Notice |
|  | B-1 | Term Loan Note |
|  | B-2 | Revolving Loan Note |
|  | C | Compliance Certificate |
|  | D | Assignment Agreement |
|  | E | Certificate re Non-Bank Status |
|  | F-1 | Effective Date Certificate |
|  | F-2 | Solvency Certificate |
|  | G | Counterpart Agreement |
|  | H | Pledge and Security Agreement |
|  | I | Mortgage |
|  | J | Intercompany Note |
|  | K | Joinder Agreement |
|  | L | Modified Dutch Auction Procedures |
|  | M-1 | Form of U.S. Tax Compliance Certificate for Foreign Lenders that are not Partnerships |
|  | M-2 | Form of U.S. Tax Compliance Certificate for Foreign Participants that are not Partnerships |
|  | M-3 | Form of U.S. Tax Compliance Certificate for Foreign Participants that are Partnerships |
|  | M-4 | Form of U.S. Tax Compliance Certificate for Foreign Lenders that are Partnerships |

---

v

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# CREDIT AND GUARANTY AGREEMENT
This **CREDIT AND GUARANTY AGREEMENT**, dated as of June 21, 2021, is entered into by and among **MADISON IAQ LLC**, a Delaware limited liability company (the "**Borrower**"), **CERTAIN SUBSIDIARIES OF BORROWER**, as Guarantors, **MADISON IAQ II LLC**, a Delaware limited liability company ("**Holdings**"), the Lenders party hereto from time to time, **GOLDMAN SACHS BANK USA** ("**Goldman Sachs<u>WELLS FARGO BANK,</u> <u>NATIONAL ASSOCIATION ("Wells Fargo</u>**"), as Administrative Agent (together with its permitted successors in such capacity, "**Administrative Agent**") and as Collateral Agent (together with its permitted successor in such capacity, "**Collateral Agent**").

# RECITALS:
**WHEREAS**, capitalized terms used in these recitals shall have the respective meanings set forth for such terms in <u>Section 1.1</u> hereof;

**WHEREAS**, pursuant to that certain Share Purchase Agreement, dated as of April 18, 2021, by and between Nevada UK Holding Limited, a private limited company incorporated in England and Wales, Nevada Holdco Corp., a Delaware corporation (the "**Target**"), the Borrower and Madison Industries US Holdings Corporation (for the limited purposes set forth therein) (as amended, restated, supplemented or as otherwise modified from time to time as not prohibited hereunder, together with all exhibits, annexes, schedules and disclosure letters thereto, collectively, the "**Acquisition Agreement**"), the Borrower, a subsidiary of Madison Industries US Holdings Corporation, intends to purchase (the "**Acquisition**") the Shares (as defined in the Acquisition Agreement) from Nevada UK Holding Limited and thereby acquire all the outstanding equity interests of the Target;

**WHEREAS**, the Borrower will issue (x) senior unsecured notes due 2029 pursuant to Rule 144A private placement under the Securities Act of 1933, as amended and the Senior Unsecured Notes Indenture generating aggregate gross proceeds of up to $1,035,000,000 (the "**Senior Unsecured Notes**") and (y) senior secured notes due 2028 pursuant to Rule 144A private placement under the Securities Act of 1933, as amended and the Senior Secured Notes Indenture generating aggregate gross proceeds of up to $700,000,000 (the "**Senior Secured Notes**");

**WHEREAS**, in connection with the foregoing, all amounts outstanding (other than contingent obligations) under (i) that certain Credit Agreement, dated as of December 19, 2018, among Specified Air Solutions Holdings, LLC, each borrower and loan party party thereto, the various financial institutions party thereto as lenders and CIBC Bank USA as administrative agent and (ii) that certain Amended and Restated Credit Agreement, dated as of September 9, 2020, by and among Therma-Stor LLC, each borrower and loan party party thereto, the various financial institutions party thereto as lenders and CIBC Bank USA as administrative agent (the "**Existing Credit Agreements**") will be repaid and all commitments and obligations in respect thereof will be terminated and all liens and guarantees in respect of the foregoing will be released (or arrangements for such termination and release reasonably satisfactory to the Administrative Agent will be made) (collectively, the "**Refinancing**" and, together with the Acquisition and the transactions described above, the "**Transactions**");

**WHEREAS**, in connection with the foregoing, (i) the Borrower has requested and the Lenders have agreed to extend credit in the form of (a) an initial senior secured first lien term loan facility to the Borrower on the Effective Date in an aggregate principal amount not to exceed $1,825,000,000 and (b) a senior secured first lien revolving credit facility made available to the Borrower at any time and from time to time prior to the Revolving Commitment Termination Date in Dollars and Alternative Currencies, in an aggregate principal

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amount at any time outstanding not in excess of $200,000,000 less the aggregate Letter of Credit Usage at such time and (ii) the Borrower has requested the Issuing Banks to issue Letters of Credit at any time and from time to time prior to the Revolving Commitment Termination Date, in Dollars and Alternative Currencies, in an aggregate stated amount at any time outstanding not in excess of the Letter of Credit Sublimit;

**WHEREAS**, on the Effective Date, the proceeds of the Initial Term Loans will be used by the Borrower, together with (i) the proceeds of the Senior Unsecured Notes and Senior Secured Notes, (ii) up to $25,000,000 of the proceeds of the Revolving Loans, (iii) the proceeds of the Equity Contribution and (iv) cash on hand of the Borrower and its Subsidiaries, to effect the Acquisition, to consummate the Refinancing and to pay the Transaction Costs;

**WHEREAS**, the Lenders and the Issuing Banks are willing to make available to the Borrower the Credit Facilities upon the terms and subject to the conditions set forth herein.

**NOW**, **THEREFORE**, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

# SECTION 1. DEFINITIONS AND INTERPRETATION
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** **Definitions**. The following terms used herein, including in the preamble, recitals, exhibits and schedules hereto, shall have the following meanings:

"**2025 Incremental Revolving Commitment**" means the commitment of a Lender to make or otherwise fund a 2025 Incremental Revolving Loan and "**2025 Incremental Revolving Commitments**" means such commitments of all Lenders in the aggregate. The amount of each Lender's 2025 Incremental Revolving Commitment, if any, is set forth on Appendix A-2 to the Fourth Amendment, subject to any adjustment or reduction pursuant to the terms and conditions hereof and thereof. The aggregate amount of the 2025 Incremental Revolving Commitments as of the Fourth Amendment Effective Date is $340,000,000. **<u>The</u> <u>aggregate amount of the 2025 Incremental Revolving Commitments immediately after</u> <u>giving effect to the Sixth Amendment Effective Date is $0.</u>**

"**2025 Incremental Revolving Lender**" means any Lender that holds a 2025 Incremental Revolving Commitment and/or a 2025 Incremental Revolving Loan outstanding hereunder.

"**2025 Incremental Revolving Loans**" means the New Incremental Revolving Loans implemented pursuant to the Fourth Amendment on the Fourth Amendment Effective Date. **<u>The aggregate amount of the 2025 Incremental Revolving Loans immediately after</u> <u>giving effect to the Sixth Amendment Effective Date is $0.</u>**

"**2025 Incremental Term Lender**" means any Lender that holds a 2025 Incremental Term Loan and/or a 2025 Incremental Term Loan Commitment outstanding hereunder.

"**2025 Incremental Term Loan Commitment**" means the commitment of a Lender to make or otherwise fund a 2025 Incremental Term Loan and "**2025 Incremental Term Loan Commitments**" means such commitments of all Lenders in the aggregate. The amount of each Lender's 2025 Incremental Term Loan Commitment, if any, is set forth on the Fourth Amendment, subject to any adjustment or reduction pursuant to the terms and conditions hereof and thereof. The aggregate amount of the 2025 Incremental Term Loan Commitments as of the Fourth Amendment Effective Date is $1,750,000,000. The aggregate amount of the 2025 Incremental Term Loan Commitments as of the Fifth Amendment Effective Date is $0.

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**<u>"2025 Incremental Term Loan Installment" as defined in Section 2.12(b).</u>**

"**2025 Incremental Term Loans**" means the New Term Loans made on the Fourth Amendment Effective Date. The aggregate amount of the 2025 Incremental Term Loans immediately after giving effect to the Fifth Amendment Effective Date is $0.

"**2025 Repriced Incremental Term Loan Commitments**" means the commitment of a Lender to make or otherwise fund a 2025 Repriced Incremental Term Loan on the Fifth Amendment Effective Date and "2025 Repriced Incremental Term Loan Commitments" means such commitments of all Lenders in the aggregate. The amount of each Lender's 2025 Repriced Incremental Term Loan Commitment, if any, is set forth on the Fifth Amendment, subject to any adjustment or reduction pursuant to the terms and conditions hereof and thereof. The aggregate amount of the 2025 Repriced Incremental Term Loan Commitments as of the Fifth Amendment Effective Date is $1,595,625,000.

**"2025 Repriced Incremental Term Loan Installment"** as defined in <u>Section 2.12</u>.

"**2025 Repriced Incremental Term Loans**" means the New Term Loans made on the Fifth Amendment Effective Date. The aggregate amount of the 2025 Repriced Incremental Term Loans immediately after giving effect to the Fifth Amendment Effective Date is $1,595,625,000.

**<u>"2026 Incremental Revolving Commitment" means the commitment of a</u> <u>Lender to make or otherwise fund a 2026 Incremental Revolving Loan and "2026</u> <u>Incremental Revolving Commitments" means such commitments of all Lenders in the</u> <u>aggregate. The amount of each Lender's 2026 Incremental Revolving Commitment, if any,</u> <u>is set forth on Appendix A-2 to the Sixth Amendment, subject to any adjustment or</u> <u>reduction pursuant to the terms and conditions hereof and thereof. The aggregate amount</u> <u>of the 2026 Incremental Revolving Commitments as of the Sixth Amendment Effective</u> <u>Date is $1,300,000,000.</u>**

**<u>"2026 Incremental Revolving Lender" means any Lender that holds a 2026</u> <u>Incremental Revolving Commitment and/or a 2026 Incremental Revolving Loan</u> <u>outstanding hereunder.</u>**

**<u>"2026 Incremental Revolving Loans" means the New Incremental Revolving</u> <u>Loans implemented pursuant to the Sixth Amendment on the Sixth Amendment Effective</u> <u>Date.</u>**

"**Acceptable Intercreditor Agreement**" means (i) the Intercreditor Agreement or (ii) an intercreditor agreement in form and substance reasonably acceptable to the Administrative Agent.

"**Acquisition**" as defined in the recitals hereto. "**Acquisition Agreement**" as defined in the recitals hereto.

"**Acquisition Consideration**" means the purchase consideration for any Permitted Acquisition and all other payments by the Borrower or any of its Subsidiaries in exchange for, or as part of, or in connection with, any Permitted Acquisition, whether paid in cash or by exchange of Equity Interests (of the Borrower) or of properties or otherwise and whether payable at or prior to the consummation of such Permitted Acquisition or deferred for payment at any future time, whether or not any such future payment is subject to the occurrence of any contingency (<u>provided</u> that if such contingency does not ultimately occur, such future payment shall be disregarded for purposes of calculating the "Acquisition Consideration"), and includes any and all payments representing the purchase price and any assumptions of Indebtedness, "earn-outs" and other agreements to make any payment the amount of which is, or the terms of payment of which are, in any respect subject to or contingent upon the revenues, income, cash flow or profits (or the like) of any person or business as recorded in accordance with GAAP.

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"**Acquisition Costs**" means the fees, costs and expenses payable by the Borrower or any of its Subsidiaries in connection with the Acquisition.

"**Additional Permitted Debt**" means Indebtedness of the Borrower or any other Credit Party consisting of the issuance of senior secured first lien or junior lien loans or notes, subordinated loans or notes or senior unsecured loans or notes, in each case in respect of the issuance of notes, issued in a public offering, Rule 144A or other private placement or bridge financing in lieu of the foregoing, or secured or unsecured "mezzanine" debt, secured by the Collateral (if at all) on a *pari passu* basis with the Obligations, which Indebtedness is made in lieu of New Incremental Revolving Loan Commitments, New Term Loan Commitments and/or New Term Loans pursuant to an indenture, loan agreement, credit agreement, note purchase agreement or otherwise; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the aggregate principal amount of all Additional Permitted Debt issued pursuant to this Agreement shall not, together with any New Incremental Revolving Loan Commitments, New Term Loan Commitments and/or New Term Loans issued prior to or substantially simultaneously with such Additional Permitted Debt, exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)the Available Incremental Amount *plus*,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)with respect to any unsecured Additional Permitted Debt, an additional amount at any time such that, after giving effect to the incurrence of such amount (but excluding any concurrent incurrence of Indebtedness pursuant to the Fixed Incremental Amount or the Revolving Loans), (1) the Interest Coverage Ratio as of the last day of the most recently ended Test Period is either (x) not less than 2.00:1.00 or (y) not less than the Interest Coverage Ratio immediately prior to such incurrence or (2) the Total Net Leverage Ratio as of the last day of the most recently ended Test Period does not exceed either (x) 6.30:1.00 or (y) the Total Net Leverage Ratio immediately prior to such incurrence, in each case, calculated on a Pro Forma Basis,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)except with respect to the Inside Maturity Exception, such Additional Permitted Debt secured on a *pari passu* basis with the Obligations shall not have a weighted average life to maturity shorter than that remaining of the Term Loans and shall mature no earlier than the final Maturity Date of the Term Loans; <u>provided</u>, that in the case of unsecured, subordinated or junior secured Indebtedness, such Additional Permitted Debt shall mature no earlier than 91 days after the final Maturity Date of the Term Loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)such Additional Permitted Debt shall not be subject to any Guaranty by any affiliate of a Credit Party unless such Person also Guaranties the Obligations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)such Additional Permitted Debt will not be secured by any Collateral that does not secure the Term Loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)if such Additional Permitted Debt is Qualified Term Loans, such Additional Permitted Debt shall be subject to the MFN Provision,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)all Additional Permitted Debt that is secured shall be subject to an Acceptable Intercreditor Agreement, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)the terms of such Additional Permitted Debt shall (x) reflect market terms at the time of incurrence or issuance thereof (as determined by the Borrower and the lenders or financing sources providing such Additional Permitted Debt), it being understood that no financial maintenance covenant shall be added for the benefit of any such Additional Permitted Debt unless such financial maintenance covenant is also

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added for the benefit of the Revolving Loans remaining outstanding after the issuance or incurrence of such Additional Permitted Debt or (y) be reasonably satisfactory to the Administrative Agent (it being understood that (1) to the extent that any financial maintenance covenant is added for the benefit of any such Additional Permitted Debt, no consent shall be required by the Administrative Agent or any of the Lenders if such financial maintenance covenant is also added for the benefit of the remaining outstanding Revolving Loans and (2) no consent shall be required by the Administrative Agent or any of the Lenders if any covenants are only applicable after the Latest Maturity Date).

"**Adjusted Term SOFR Rate**" means, for any Interest Rate Determination Date with respect to an Interest Period for a Term SOFR Rate Loan, an interest rate per annum equal to (a) the Term SOFR Rate, *plus* (b) the Term SOFR Adjustment.

Notwithstanding the foregoing, (x) the Adjusted Term SOFR Rate (or any alternate or successor benchmark rate of interest (including, without limitation, Daily Simple SOFR)) shall at no time be less than (i) 0.00% *per annum* with respect to any Revolving Loan and (ii) 0.50% per annum with respect to any Initial Term Loan, 2025 Incremental Term Loan or 2025 Repriced Incremental Term Loan, (y) on and after the Second Amendment Effective Date, the Adjusted Term SOFR Rate with respect to any Initial Term Loan will not include the Term SOFR Adjustment and (z) the Adjusted Term SOFR Rate with respect to any 2025 Incremental Term Loan or 2025 Repriced Incremental Term Loan will not include the Term SOFR Adjustment.

"**Administrative Agent**" as defined in the preamble hereto.

"**Adverse Proceeding**" means any action, suit, proceeding, hearing (in each case, whether administrative, judicial or otherwise), governmental investigation or arbitration (whether or not purportedly on behalf of the Borrower or any of its Subsidiaries) at law or in equity, or before or by any Governmental Authority, domestic or foreign (including any Environmental Claims), whether pending or, to the knowledge of the Borrower or any of its Subsidiaries, threatened in writing against or affecting the Borrower or any of its Subsidiaries or any property of the Borrower or any of its Subsidiaries.

"**Affected Financial Institution**" means (i) any EEA Financial Institution or (ii) any UK Financial Institution.

"**Affected Lender**" as defined in <u>Section 2.18(b)</u>. "**Affected Loans**" as defined in <u>Section 2.18(b)</u>.

"**Affiliate**" means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, that Person. For the purposes of this definition, "control" (including, with correlative meanings, the terms "controlling," "controlled by" and "under common control with"), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities or by contract or otherwise.

"**Affiliate Assignment Agreement**" means an Affiliate Assignment and Assumption Agreement substantially in the form of <u>Annex C</u> to <u>Exhibit L</u>, with such amendments or modifications as may be approved by Administrative Agent and the Borrower (such consent not to be unreasonably withheld or delayed).

"**Agent**" means each of (i) Administrative Agent, (ii) Collateral Agent, and (iii) any other Person appointed under the Credit Documents to serve in an agent or similar capacity, including, without limitation, any Auction Manager.

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"**Agent Affiliates**" as defined in <u>Section 10.1(b)(iii)</u>. "**Aggregate Amounts Due**" as defined in <u>Section 2.17</u>.

"**Aggregate Payments**" as defined in <u>Section 7.2</u>.

"**Agreement**" means this Credit and Guaranty Agreement, dated as of June 21, 2021, as it may be amended, restated, supplemented or otherwise modified from time to time.

"**All-in Yield**" means, as to any Indebtedness, the effective yield on such Indebtedness in the reasonable determination of the Administrative Agent and the Borrower and consistent with generally accepted financial practices, taking into account the applicable interest rate margins, any interest rate floors (the effect of which floors shall be determined in a manner set forth in the proviso below), or similar devices and all fees, including upfront or similar fees or original issue discount (amortized over the shorter of (i) the remaining weighted average life to maturity of such Indebtedness and (ii) the four years following the date of incurrence thereof) payable generally to Lenders or other institutions providing such Indebtedness in connection with the initial primary syndication thereof, but excluding any arrangement, structuring, ticking, or other similar fees payable in connection therewith that are not generally shared with the relevant Lenders and, if applicable, consent fees for an amendment paid generally to consenting Lenders; <u>provided</u> that with respect to any Indebtedness that includes a "Term SOFR floor", "SOFR floor" or "ABR floor," (a) to the extent that the Adjusted Term SOFR Rate (with an Interest Period of three months) or ABR (without giving effect to any floors in such definitions), as applicable, on the date that the All-in Yield is being calculated is less than such floor, the amount of such difference shall be deemed added to the interest rate margin for such Indebtedness for the purpose of calculating the All-in Yield and (b) to the extent that the Adjusted Term SOFR Rate (with an Interest Period of three months) or ABR (without giving effect to any floors in such definitions), as applicable, on the date that the All-in Yield is being calculated is greater than such floor, then the floor shall be disregarded in calculating the All-in Yield.

"**Alternative Currency**" means any currency agreed to by (i) the Administrative Agent, acting on behalf of the Requisite Revolving Lenders, (ii) the Borrower, (iii) in the case of any Revolving Loan denominated in an Alternative Currency, each Revolving Lender and (iv) in the case of any Letter of Credit or any Bank Guarantee denominated in an Alternative Currency, the applicable Issuing Bank and each Revolving Lender; provided that each such currency is a lawful currency that is**<u>each of (a) Canadian Dollars and (b) each other currency (other than</u> <u>Dollars and Canadian Dollars) that is approved in accordance with Section 1.10, in each</u> <u>case to the extent such currencies are (i)</u>** readily available, **<u>and</u>** freely transferable and able to be converted**<u>convertible</u>** into Dollars. **<u>and (ii) for which no central bank or other</u> <u>governmental authorization in the country of issue of such currency is required to give</u> <u>authorization for the use of such currency by any Lender for making Loans unless such</u> <u>authorization has been obtained and remains in full force and effect.</u>**

**<u>"Alternative Currency Equivalent" means, subject to Section 1.9, for any</u> <u>amount, at the time of determination thereof, with respect to any amount expressed in</u> <u>Dollars, the equivalent of such amount thereof in the applicable Alternative Currency as</u> <u>determined by the Administrative Agent in its sole discretion by reference to the most</u> <u>recent Spot Rate (as determined as of the most recent Revaluation Date) for the purchase</u> <u>of such Alternative Currency with Dollars.</u>**

"**Anti-Corruption Laws**" as defined in <u>Section 4.22(b)</u>.

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**"Applicable Asset Sale Percentage"** means, initially, 100%; provided, that if, as of the last day of the most recently ended Test Period, the First Lien Net Leverage Ratio on a Pro Forma Basis (determined for any such period by reference to the Compliance Certificate delivered pursuant to <u>Section 5.1(d)</u> calculating the First Lien Net Leverage Ratio on a Pro Forma Basis as of the last day of such Test Period) shall be less than 4.20:1.00 but greater than or equal to 3.70:1.00, 50%; provided, further, that if, as of the last day of the most recently ended Test Period, the First Lien Net Leverage Ratio on a Pro Forma Basis (determined for any such period by reference to the Compliance Certificate delivered pursuant to <u>Section 5.1(d)</u> calculating the First Lien Net Leverage Ratio on a Pro Forma Basis as of the last day of such Test Period) shall be less than 3.70:1.00, 0%. To the extent not required to prepay the Term Loans pursuant to <u>Section 2.14(a)</u>, such amounts retained by the Borrower or Restricted Subsidiary, the "**Retained Asset Sale Proceeds**".

**"Applicable ECF Percentage"** means, initially, 50%; <u>provided</u>, that if, as of the last day of the most recently ended Fiscal Year, the First Lien Net Leverage Ratio on a Pro Forma Basis (determined for any such period by reference to the Compliance Certificate delivered pursuant to <u>Section 5.1(d)</u> calculating the First Lien Net Leverage Ratio on a Pro Forma Basis as of the last day of such Fiscal Year) shall be less than 4.20:1.00 but greater than or equal to 3.70:1.00, 25%; <u>provided</u>, <u>further</u>, that if, as of the last day of the most recently ended Fiscal Year, the First Lien Net Leverage Ratio on a Pro Forma Basis (determined for any such period by reference to the Compliance Certificate delivered pursuant to <u>Section 5.1(d)</u> calculating the First Lien Net Leverage Ratio on a Pro Forma Basis as of the last day of such Fiscal Year) shall be less than 3.70:1.00, 0%.

"**Applicable Margin**" means,

&nbsp;&nbsp;&nbsp;&nbsp;&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)with respect to the Initial Term Loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(I)</u>prior to the Second Amendment Effective Date, (a) until the delivery of the financial statements and the related Compliance Certificate for the first full Fiscal Quarter commencing on or after the Effective Date pursuant to <u>Section 5.1</u>, 3.25% for Term SOFR Rate Loans and 2.25% for Base Rate Loans and (b) thereafter, the percentages per annum set forth in the table below based upon the First Lien Net Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to <u>Section 5.1(d)</u>:

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| | | | |
|:---|:---|:---|:---|
| **Pricing Level** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**First Lien Net Leverage Ratio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Term SOFR <u>Rate</u> Loans** | **Base Rate Loans** |
| I | &nbsp;&nbsp;greater than 3.60:1.00 | 3.25% | 2.25% |
| II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;less than or equal to 3.60:1.00 | 3.00% | 2.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(II)</u>on and after the Second Amendment Effective Date and until the Third Amendment Effective Date, 2.75% for Term SOFR Rate Loans and 1.75% for Base Rate Loans; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)if the Borrower receives a Debt Rating by Moody's that is lower than "B2" (stable outlook) (such rating, the "**Moody's Threshold Debt Rating**") or by S&P that is lower than "B" (stable outlook) (such rating, the "**S&P Threshold Debt Rating**" and together with the Moody's Threshold Debt Rating, the "**Threshold Debt Ratings**" and upon the occurrence of either the Moody's Threshold Debt Rating or the S&P Threshold Debt Rating, such event a "**Debt Ratings Event**"), then the Applicable Margin will be (1) with respect to Term SOFR Rate Loans, 3.00% and (2) with respect to Base Rate Loans, 2.00%;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)a Debt Ratings Event shall become effective as of the first Business Day immediately following the public announcement of a change in the Debt Rating to satisfy either the Moody's Threshold Debt Rating or S&P Threshold Debt Rating, and a Debt Ratings Event shall cease to be continuing immediately if either the Moody's Threshold Debt Rating or the S&P Threshold Debt Rating cease to apply; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)for the avoidance of doubt, the Administrative Agent shall not be deemed to have knowledge or notice of any Debt Ratings Event, unless the Administrative Agent shall have received written notice from the Borrower or a Lender of the announcement of such Debt Rating to satisfy either the Moody's Threshold Debt Rating or the S&P Threshold Debt Rating.

Notwithstanding anything in this clause (i)(II) of the definition of "Applicable Margin" to the contrary, if the rating system of Moody's or S&P shall change, or if any such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower, the Administrative Agent and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Margin shall be determined by reference to such Applicable Margin most recently in effect prior to such change or cessation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(III)</u>on and after the Third Amendment Effective Date, 2.50% for Term SOFR Rate Loans and 1.50% for Base Rate Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)with respect to the 2025 Incremental Term Loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(I)</u>until the delivery of the financial statements and the related Compliance Certificate for the first full Fiscal Quarter commencing on or after the Fourth Amendment Effective Date pursuant to <u>Section 5.1</u>, 3.25% for Term SOFR Rate Loans and 2.25% for Base Rate Loans 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;<u>(II)</u>thereafter until the Fifth Amendment Effective Date, the percentages per annum set forth in the table below based upon the First Lien Net Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to <u>Section 5.1(d)</u>:

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| | | | |
|:---|:---|:---|:---|
| **Pricing Level** | **First Lien Net Leverage Ratio** | **Term SOFR <u>Rate</u> Loans** | **Base Rate Loans** |
| I | &nbsp;&nbsp;greater than 4.50:1.00 | 3.25% | 2.25% |
| II | less than or equal to 4.50:1.00 | 3.00% | 2.00% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)with respect to the 2025 Repriced Incremental Term Loans, 2.75% for Term SOFR Rate Loans and 1.75% for Base Rate Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)with respect to the Initial Revolving Loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(I)</u>until the delivery of the financial statements and the related Compliance Certificate for the first full Fiscal Quarter commencing on or after the Effective Date pursuant to <u>Section 5.1</u>, 3.25% for Term SOFR **<u>Rate</u>** Loans and 2.25% for Base Rate Loans and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(II)</u>thereafter, the percentages per annum set forth in the table below based upon the First Lien Net Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to <u>Section 5.1(d)</u>:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pricing Level** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**First Lien Net Leverage Ratio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Term SOFR <u>Rate</u> Loans** | **Base Rate Loans** |
| I | &nbsp;&nbsp;greater than 3.80:1.00 | 3.25% | 2.25% |
| <br>II | &nbsp;&nbsp;&nbsp;less than or equal to 3.80:1.00 but greater<br>than 3.30:1.00 | <br>3.00% | <br>2.00% |
| III | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;less than or equal to 3.30:1.00 | 2.75% | 1.75% |

---

In addition, the Applicable Margin for Initial Revolving Loans shall be reduced by an additional 0.25% upon consummation of a Qualified IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)with respect to the 2025 Incremental Revolving Loans, 2.50% for Term SOFR Rate Loans and 1.50% for Base Rate Loans.

In addition, the Applicable Margin for 2025 Incremental Revolving Loans shall be reduced by an additional 0.25% upon consummation of a Qualified IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)**<u>with respect to the 2026 Incremental Revolving Loans,</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(I)</u>**<u>until the delivery of the financial statements and the related Compliance</u> <u>Certificate pursuant to Section 5.1 for the first full Fiscal Quarter commencing on</u> <u>or after the Sixth Amendment Effective Date, 2.00% for Term SOFR Rate Loans,</u> <u>2.00% for Term CORRA Loans and 1.00% for Base Rate Loans and</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(II)</u>**<u>thereafter, the percentages per annum set forth in the table below based</u> <u>upon the First Lien Net Leverage Ratio as set forth in the most recent Compliance</u> <u>Certificate received by the Administrative Agent pursuant to Section 5.1(d):</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Pricing</u> <u>Level</u>** | **<u>First Lien Net Leverage</u> <u>Ratio</u>** | **<u>Term SOFR</u> <u>Rate Loans</u>** | **<u>Term CORRA</u> <u>Loans</u>** | **<u>Base Rate Loans</u>** |
| **<u>I</u>** | **<u>greater than 2.50:1.00</u>** | **<u>2.25%</u>** | **<u>2.25%</u>** | **<u>1.25%</u>** |
| <br>**<u>II</u>** | **<u>less than or equal to</u> <u>2.50:1.00 but greater</u>**<br>**<u>than 1.50:1.00</u>** | <br>**<u>2.00%</u>** | <br>**<u>2.00%</u>** | <br>**<u>1.00%</u>** |
| **<u>III</u>** | **<u>less than or equal to</u> <u>1.50:1.00</u>** | **<u>1.75%</u>** | **<u>1.75%</u>** | **<u>0.75%</u>** |

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Any increase or decrease in the Applicable Margin resulting from a change in the First Lien Net Leverage Ratio shall become effective as of the first Business Day immediately following the date on which the applicable Compliance Certificate is received by the Administrative Agent pursuant to <u>Section 5.1(d)</u>.

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**<u>"Applicable Period" as defined in the definition of "Applicable Revolving</u> <u>Commitment Fee Percentage".</u>**

"**Applicable Reserve Requirement**" means, at any time, for any Term SOFR **<u>Rate</u>** Loan, the maximum rate, expressed as a decimal, at which reserves (including any basic marginal, special, supplemental, emergency or other reserves) are required to be maintained with respect thereto against "Eurocurrency liabilities" (as such term is defined in Regulation D) under regulations issued from time to time by the Board of Governors or other applicable banking regulator. Without limiting the effect of the foregoing, the Applicable Reserve Requirement shall reflect any other reserves required to be maintained by such member banks with respect to (i) any category of liabilities which includes deposits by reference to which the applicable Adjusted Term SOFR Rate or any other interest rate of a Loan is to be determined, or (ii) any category of extensions of credit or other assets which include Term SOFR **<u>Rate</u>** Loans. A Term SOFR **<u>Rate</u>** Loan shall be deemed to constitute Eurocurrency liabilities and as such shall be deemed subject to reserve requirements without benefits of credit for proration, exceptions or offsets that may be available from time to time to the applicable Lender. The rate of interest on Term SOFR **<u>Rate</u>** Loans shall be adjusted automatically on and as of the effective date of any change in the Applicable Reserve Requirement.

"**Applicable Revolving Commitment Fee Percentage**" means,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)from the Effective Date until the date of delivery of the Compliance Certificate and the financial statements for the period ending September 30, 2021, a percentage, *per annum*, determined by reference to the following table as if the First Lien Net Leverage Ratio then in effect on a Pro Forma Basis were greater than 4.70:1.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)thereafter **<u>and prior to the Sixth Amendment Effective Date</u>**, a percentage, *per annum*, determined by reference to the First Lien Net Leverage Ratio in effect on a Pro Forma Basis from time to time as set forth below:

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| | | |
|:---|:---|:---|
| **Pricing Level** | **First Lien Net Leverage Ratio** | **Applicable Revolving <br>Commitment Fee Percentage** |
| I | greater than 4.20:1.00 | 0.50% |
| II | less than or equal to 4.20:1.00 but <br>greater than 3.70:1.00 | 0.375% |
| III | less than or equal to 3.70:1.00 | 0.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** **<u>On and after the Sixth Amendment Effective Date, until the delivery</u> <u>of the financial statements and the related Compliance Certificate for the first full Fiscal</u> <u>Quarter commencing on or after the Sixth Amendment Effective Date, 0.25% and</u> <u>thereafter, the percentages per annum set forth in the</u>**

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**<u>table below based upon the First</u> <u>Lien Net Leverage Ratio as set forth in the most recent Compliance Certificate received by</u> <u>the Administrative Agent:</u>**

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| | | |
|:---|:---|:---|
| **<u>Pricing Level</u>** | **<u>First Lien Net Leverage Ratio</u>** | **<u>Applicable Revolving</u> <u>Commitment Fee Percentage</u>** |
| **<u>I</u>** | **<u>greater than 2.50:1.00</u>** | **<u>0.30%</u>** |
| **<u>II</u>** | **<u>less than or equal to 2.50:1.00</u> <u>but greater than 1.50:1.00</u>** | **<u>0.25%</u>** |
| **<u>III</u>** | **<u>less than or equal to 1.50:1.00</u>** | **<u>0.20%</u>** |

---

No change in the Applicable Revolving Commitment Fee Percentage shall be effective until one Business Day after the date on which Administrative Agent shall have received the applicable financial statements and a Compliance Certificate pursuant to <u>Section 5.1(d)</u> calculating the First Lien Net Leverage Ratio on a Pro Forma Basis. At any time the Borrower has not submitted to Administrative Agent the applicable information as and when required under <u>Section 5.1(d)</u>, the Applicable Revolving Commitment Fee Percentage shall be determined as if the First Lien Net Leverage Ratio on a Pro Forma Basis were in excess of 4.70**<u>2.50</u>**:1.00. Within one Business Day of receipt of the applicable information under <u>Section 5.1(d)</u>, Administrative Agent shall give each Lender facsimile or telephonic notice (confirmed in writing) of the Applicable Revolving Commitment Fee Percentage in effect from such date. In the event that any financial statement or certificate delivered pursuant to <u>Section 5.1(d)</u> is shown to be inaccurate (at a time when this Agreement is in effect and before the Obligations have been Paid in Full), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Revolving Commitment Fee Percentage for any period (an "**Applicable Period**") than the Applicable Revolving Commitment Fee Percentage applied for such Applicable Period, then (x) the Borrower shall immediately deliver to Administrative Agent a correct certificate required by <u>Section 5.1(d)</u> for such Applicable Period, (y) the Applicable Revolving Commitment Fee Percentage shall be determined as if the First Lien Net Leverage Ratio on a Pro Forma Basis were in excess of 4.70**<u>2.50</u>**:1.00 and (z) the Borrower shall promptly pay to Administrative Agent the accrued additional fee owing as a result of such increased Applicable Revolving Commitment Fee Percentage for such Applicable Period. Nothing in this paragraph shall limit the right of Administrative Agent or any Lender under <u>Section 2.10</u> or <u>Section 8</u>.

**<u>"Applicable Time" means, with respect to any Loans and Letters of Credit</u> <u>and payments in any Alternative Currency, the local time in the place of settlement for</u> <u>such Alternative Currency as may be determined by the Administrative Agent or the</u> <u>applicable Issuing Bank (with notice to the Administrative Agent), as the case may be, to be</u> <u>necessary for timely settlement on the relevant date in accordance with normal banking</u> <u>procedures in the place of payment.</u>**

"**Approved Commercial Bank**" means a commercial bank with a consolidated combined capital and surplus of at least $5,000,000,000.

"**Approved Electronic Communications**" means any notice, demand, communication, information, document or other material that any Credit Party provides to Administrative Agent pursuant to any Credit Document or the transactions contemplated therein which is distributed to Agents, Lenders or Issuing Bank by means of electronic communications pursuant to <u>Section 10.1(b)</u>.

"**Arrangers**" as defined in <u>Section 9.1</u>.

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**"Article 55 BRRD"** means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.

"**Asset Sale**" means a voluntary sale, lease or sub-lease (as lessor or sublessor), sale and leaseback, assignment, conveyance, exclusive license (as licensor or sublicensor), transfer or other disposition to, or any exchange of property with, any Person (other than the Borrower or any Guarantor), in one transaction or a series of transactions, of all or any part of the Borrower's or any of its Subsidiaries' businesses, assets or properties of any kind, whether real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter acquired, leased or licensed, including the Equity Interests of any of the Borrower's Subsidiaries, other than (i) inventory (or other assets) sold, leased or licensed out in the ordinary course of business (excluding any such sales, leases or licenses out by operations or divisions discontinued or to be discontinued), and (ii) sales, leases or licenses out of other assets for aggregate consideration of less than $10,000,000 with respect to any transaction or series of related transactions and less than $20,000,000 in the aggregate during any Fiscal Year and (iii) the issuance or sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary.

"**Assignment Agreement**" means, as applicable, (a) an Assignment and Assumption Agreement substantially in the form of <u>Exhibit D</u>, with such amendments or modifications as may be approved by Administrative Agent or (b) an Affiliate Assignment Agreement.

"**Assignment Effective Date**" as defined in <u>Section 10.6(b)</u>.

"**Attributable Indebtedness**" means, when used with respect to any Sale and Leaseback Transaction permitted by <u>Section 6.10</u>, as at the time of determination, the present value (discounted at a rate equivalent to the Borrower's then-current weighted average cost of funds for borrowed money as at the time of determination, compounded on a semi-annual basis) of the total obligations of the lessee for rental payments during the remaining term of the lease included in any such Sale and Leaseback Transaction.

"**Auction**" as defined in <u>Section 10.6(i)</u>.

"**Auction Manager**" means the Administrative Agent or any of its Affiliates acting as an arranger in connection with any repurchases pursuant to <u>Section 10.6(i)</u> or <u>Section 10.6(j)</u>.

"**Authorized Officer**" means, as applied to any Person, any individual holding the position of chairman of the board (if an officer), chief executive officer, president, vice president (or the equivalent thereof), chief financial officer (or the equivalent thereof or treasurer of such Person); <u>provided</u> that the secretary or assistant secretary or any other Authorized Officer of such Person shall have delivered an incumbency certificate to Administrative Agent as to the authority of such Authorized Officer.

"**Available Incremental Amount**" means an amount not in excess of the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)(x) the greater of $542,000,000 (or, with respect to amounts established in an Alternative Currency, the Dollar Amount**<u>Equivalent</u>** equivalent thereof) and 100% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period of the Borrower and its Restricted Subsidiaries on a Pro Forma Basis *plus* (y) amounts not to exceed the unused portion of the General Debt Basket at the time of incurrence (which such amounts shall reduce the amount of the General Debt Basket); *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)all voluntary prepayments, prepayments utilizing the yank-a-bank provisions (including, without limitation, <u>Section 2.23</u>) and debt buybacks (including, without limitation, pursuant to <u>Section 10.6(i)</u>; *provided* that, in the case of any purchases at or below par, the amount of such purchase shall be deemed to be

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the face amount of such Loans) of the Initial Term Loans, any New Term Loans and any Additional Permitted Debt and any permanent commitment reductions of the Revolving Commitments and any New Revolving Loan Commitments (in each case, only to the extent such loans or commitments are secured on a pari passu basis with the Term Loans and except to the extent funded with proceeds of long-term Indebtedness) (this clause (II) together with clause (I), the "**Fixed Incremental Amount**"); plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III)an additional amount at any time such that, after giving effect to the incurrence of such amount (but excluding any concurrent incurrence of Indebtedness pursuant to the Fixed Incremental Amount or the Revolving Loans):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)if such New Loans or Additional Permitted Debt, as applicable, are secured on a pari passu basis with the Term Loans, the First Lien Net Leverage Ratio does not exceed either (1) 4.70:1.00 or (2) in connection with a Permitted Acquisition or Investment, the First Lien Net Leverage Ratio immediately prior to such Permitted Acquisition or Investment (the "**First Lien Net Leverage Incremental Ratio Test**"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)if such New Loans or Additional Permitted Debt, as applicable, are secured on a basis junior to the Term Loans, the Secured Net Leverage Ratio does not exceed either (1) 4.70:1.00 or (2) in connection with a Permitted Acquisition or Investment, the Secured Net Leverage Ratio immediately prior to such Permitted Acquisition or Investment (the "**Secured Net Leverage Incremental Ratio Test**"), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)if such New Loans or Additional Permitted Debt, as applicable, are incurred on an unsecured basis, the Total Net Leverage Ratio does not exceed either (1) 6.30:1.00 or (2) in connection with a Permitted Acquisition or Investment, the Total Net Leverage Ratio immediately prior to such Permitted Acquisition or Investment (the "**Total Net Leverage Incremental Ratio Test**" and together with the First Lien Net Leverage Incremental Ratio Test and the Secured Net Leverage Incremental Ratio Test, the "**Incremental Ratio Tests**"),

in each case, as on the date of incurrence of such New Loans or Additional Permitted Debt, as applicable, and as determined on a Pro Forma Basis as of the last day of the most recently ended Test Period, as if any New Term Loans and New Revolving Loan Commitments, as applicable, had been outstanding on the last day of such Fiscal Quarter most recently ended, in each case excluding the cash proceeds of any such New Term Loans and New Revolving Loans and, with respect to any New Revolving Loan Commitments, assuming a borrowing**<u>Borrowing</u>** of the maximum amount of Loans available thereunder; provided, further, if amounts incurred under clause (III) above are incurred concurrently with the incurrence of New Loans or Additional Permitted Debt, as applicable, in reliance on clause (I) and/or clause (II) above, the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio or the Total Net Leverage Ratio, as applicable, shall be permitted to exceed 4.70:1.00, 4.70:1.00 or 6.30:1.00, respectively, to the extent of such amounts incurred in reliance on clause (I) and/or clause (II) above, (it being understood that (x) if the applicable Incremental Ratio Test is met, then, at the election of the Borrower, any New Loans or Additional Permitted Debt, as applicable, may be incurred under clause (III) above regardless of whether there is capacity under clause (I) and/or clause (II) above, (y) loans may be incurred under clauses (I), (II) or (III) above and proceeds from any such incurrence under such clauses may be utilized, in a single transaction, by first calculating the incurrence under clause (III) above and then calculating the incurrence under clause (I) and/or clause (II) above and (z) any portion of any New Loans or Additional Permitted Debt, as applicable, incurred in reliance on clause (I) or clause (II) above shall be reclassified, as the Borrower may elect from time to time, as incurred under clause (III) above if the

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Borrower is able to meet the applicable Incremental Ratio Test under clause (III) at such time on a Pro Forma Basis).

"**Available Tenor**" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to <u>Section 2.28(d)</u>.

"**Bail-In Action**" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"**Bail-In Legislation**" means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule from time to time and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"**Bank Guarantee**" means a bank guarantee or indemnity in a form agreed between the Borrower and the Issuing Bank (acting reasonably) issued or to be issued by Issuing Bank pursuant to this Agreement; <u>provided</u> that, notwithstanding anything to the contrary herein, Barclays Bank PLC shall not be required to provide a Bank Guarantee.

"**Bankruptcy Code**" means Title 11 of the United States Code entitled "Bank-ruptcy," as now and hereafter in effect, or any successor statute.

"**Base Rate**" means, for any day, a rate *per annum* equal to the greatest of (i) the Prime Rate in effect on such day, (i) the Federal Funds Effective Rate in effect on such day <u>plus</u> ½ of 1% and (i) the sum of (a) the Adjusted Term SOFR Rate (after giving effect to any Adjusted Term SOFR Rate "floor") that would be payable on such day for a Term SOFR **<u>Rate</u>** Loan with a one-month interest period *plus* (b) 1%. Any change in the Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective on the effective day of such change in the Prime Rate or the Federal Funds Effective Rate, respectively.

"**Base Rate Loan**" means a Loan bearing interest at a rate determined by reference to the Base Rate. All Base Rate Loans shall be denominated in Dollars.

"**Benchmark**" means, initially, **<u>with respect to any (a) Obligations, interest,</u> <u>fees, commissions or other amounts denominated in, or calculated with respect to, Dollars,</u>** Term SOFR **<u>Reference Rate</u>**; <u>provided</u> that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to **<u>the</u>** Term SOFR **<u>Reference Rate</u>** or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Section 2.28(a)</u>. **<u>and (b) Obligations, interest, fees, commissions or other amounts</u> <u>denominated in, or calculated with respect to, Canadian Dollars, the Term CORRA</u> <u>Reference Rate; provided that if a Benchmark Transition Event has occurred with respect</u> <u>to the Term CORRA Reference Rate or then-current Benchmark for Canadian Dollars,</u> <u>then "Benchmark" means, with respect to such</u>** 

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**<u>Obligations, interest, fees, commissions or</u> <u>other amounts, the applicable Benchmark Replacement to the extent that such Benchmark</u> <u>Replacement has replaced such prior benchmark rate pursuant to Section 2.28(a).</u>**

"**Benchmark Replacement**" means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the sum of: (i) Daily Simple SOFR and (ii) the related Benchmark Replacement Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (x) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (y) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated syndicated credit facilities at such time and (ii) the related Benchmark Replacement Adjustment.

If the Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Credit Documents.

"**Benchmark Replacement Adjustment**" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)for purposes of clauses (a) and (b) of the definition of "Benchmark Replacement," the first alternative set forth in the order below that can be determined by the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)for purposes of clause (b) of the definition of "Benchmark Replacement," the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or

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determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities;

<u>provided</u> that, in the case of clause (a) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion.

"**Benchmark Replacement Conforming Changes**" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "ABR," the definition of "Business Day," the definition of "Interest Period," timing and frequency of determining rates and making payments of interest, timing of borrowing**<u>Borrowing</u>** requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Credit Documents).

"**Benchmark Replacement Date**" means the earliest to occur of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)in the case of clause (a) or (b) of the definition of "Benchmark Transition Event," the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)in the case of clause (c) of the definition of "Benchmark Transition Event," the date of the public statement or publication of information referenced therein.

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"**Benchmark Transition Event**" means the occurrence of one or more of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"**Benchmark Unavailability Period**" means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with <u>Section 2.28</u> and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with <u>Section 2.28</u>.

"**Beneficial Ownership Certification**" shall have the meaning provided in <u>Section 3.1(n)</u>.

"**Beneficial Ownership Regulation**" means 31 C.F.R. § 1010.230.

"**Beneficiary**" means each Agent, Issuing Bank, Lender, Lender Counterparty and Cash Management Bank.

**<u>"Benefit Plan</u>**<u>" has the meaning specified in Section</u> **<u>9.12.</u>**

**<u>"BHC Act Affiliate" has the meaning specified in Section 9.13(b).</u>**

"**Board of Governors**" means the Board of Governors of the United States Federal Reserve System, or any successor thereto.

"**Bookrunner**" as defined in <u>Section 9.1</u>. "**Borrower**" as defined in the preamble hereto.

"**Borrowing**" means Loans of the same Class and Type of Loan, made, converted, or continued on the same date, and, in the case of Term SOFR **<u>Rate</u>** Loans, as to which a single Interest Period is in effect.

"**Business Day**" means (i) any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the State of New York or is a day on which banking institutions located in such state are authorized or required by law or other governmental action to close and**,** (ii) if such day relates to any interest rate settings as to a Term SOFR Rate Loan, Letter of Credit or Bank Guarantee denominated in Dollars, any

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fundings, settlements, payments and disbursements in Dollars in respect of any such Term SOFR Rate Loan, Letter of Credit or Bank Guarantee, or any other dealings in Dollars to be carried out pursuant to this Agreement in respect of any such Term SOFR Rate Loan, Letter of Credit or Bank Guarantee, any such day described in clause (i) above that is also a U.S. Government Securities Business Day. **<u>and (iii) if</u> <u>such day relates to any interest rate settings as to a Term CORRA Loan, Letter of Credit</u> <u>or Bank Guarantee denominated in Canadian Dollars, any fundings, settlements, payments</u> <u>and disbursements in Canadian Dollars in respect of any such Term CORRA Loan, Letter</u> <u>of Credit or Bank Guarantee, or any other dealings in Canadian Dollars to be carried out</u> <u>pursuant to this Agreement in respect of any such Term CORRA Loan, Letter of Credit or</u> <u>Bank Guarantee, any such day except for (x) a Saturday, (y) a Sunday or (z) a day on</u> <u>which banks are closed for general business in Toronto.</u>**

**<u>"Canadian Dollar" means the lawful currency of Canada.</u>**

**<u>"CanDeal" as defined in the definition of "Term CORRA Administrator".</u>** 

"**Capital Expenditure**" means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities and including in all events all amounts expended or capitalized under Capital Leases) by the Borrower and the Restricted Subsidiaries during such period that, in conformity with GAAP, are or are required to be included as additions during such period to property, plant, or equipment reflected in the consolidated balance sheet of the Borrower and the Restricted Subsidiaries (including Capitalized Software Expenditures, website development costs, website content development costs, customer acquisition costs and incentive payments, conversion costs, and contract acquisition costs).

"**Capital Lease**" means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee that, in conformity with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person.

"**Capitalized Software Expenditures**" means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by the Borrower and the Restricted Subsidiaries during such period in respect of purchased software or internally developed software and software enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet of the Borrower and the Restricted Subsidiaries.

"**Cash**" means money, currency or a credit balance in any demand or Deposit Account.

"**Cash Collateralize**" means, in respect of an Obligation, to provide and pledge (as a first priority perfected security interest) cash collateral in Dollars (or, with respect to any Obligations in an Alternative Currency, the Dollar Amount**<u>Equivalent</u>** equivalent), at a location and pursuant to documentation in form and substance reasonably satisfactory to Administrative Agent and the Issuing Bank (and "**Cash Collateralization**" has a corresponding meaning). "**Cash Collateral**" shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

"**Cash Equivalents**" means, as at any date of determination, any of the following: (x) marketable securities (a) issued or directly and unconditionally guaranteed as to interest and principal by the United States Government or (b) issued by any agency or instrumentality of the United States the obligations of which are backed by the full faith and credit of the United States, in each case maturing within one year after such date; (1) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within one year after such date and

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having, at the time of the acquisition thereof, a rating of at least A-2 from S&P or at least P-2 from Moody's; (1) commercial paper maturing no more than 365 days from the date of acquisition thereof and having, at the time of the acquisition thereof, a rating of at least A-2 from S&P or at least P-2 from Moody's; (1) certificates of deposit or bankers' acceptances maturing within 365 days after such date and issued or accepted by any Lender or by any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia that (a) is at least "adequately capitalized" (as defined in the regulations of its primary Federal banking regulator) and (b) has Tier 1 capital (as defined in such regulations) of not less than $500,000,000; (1) repurchase obligations of any Lender or any commercial bank satisfying the requirements of clause (iv) of this definition, having a term of not more than 30 days with respect to securities of the types described in clauses (i) and (iv); (1) securities with maturities of three months or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least P-2 by Moody's or at least A-2 by S&P; (1) shares of any money market mutual fund that (a) has at least 90% of its assets invested continuously in the types of investments referred to in clauses (i) through (iv) above and (b) has the highest rating obtainable from either S&P or Moody's; and (viii) in the case of any Foreign Subsidiary, (a) such local currencies in those countries in which such Foreign Subsidiary transacts business from time to time in the ordinary course of business and (b) investments of comparable tenor and credit quality to those described in the foregoing clauses (i) through (vii) customarily utilized in countries in which such Foreign Subsidiary operates for short term cash management purposes.

"**Cash Management Agreement**" means any agreement or arrangement to provide Cash Management Services.

"**Cash Management Bank**" means any Person that is the Administrative Agent, an Agent, a Lender or an Affiliate thereof that provides Cash Management Services, whether or not such Person subsequently ceases to be the Administrative Agent, an Agent, a Lender or an Affiliate thereof.

"**Cash Management Obligations**" means obligations owed by any Credit Party or any subsidiary of a Credit Party to any Cash Management Bank in respect of or in connection with any Cash Management Services and for each Cash Management Bank is designated by such Cash Management Bank and the Borrower in writing to the Administrative Agent as "Cash Management Obligations".

"**Cash Management Services**" means any agreement or arrangement to provide cash management services, including treasury, depository, overdraft, credit card processing, credit or debit card, purchase card, electronic funds transfer and other cash management arrangements.

**<u>"Cause of Action" means any action, claim, cause of action, controversy,</u> <u>demand, right, action, lien, indemnity, interest, guaranty, suit, obligation, liability, damage,</u> <u>judgment, account, defense, offset, power, privilege, and license of any kind or character</u> <u>whatsoever, whether known, unknown, contingent or non-contingent, matured or</u> <u>unmatured, suspected or unsuspected, liquidated or unliquidated, dispute or undisputed,</u> <u>secured or unsecured, assertable directly or derivatively, whether arising before, on, or</u> <u>after the Effective Date, in contract or in tort, in law (whether local, state, or federal U.S.</u> <u>or non-U.S. law) or in equity, or pursuant to any other theory of local, state, or federal U.S.</u> <u>or non-U.S. law. For the avoidance of doubt, "Cause of Action" includes: (a) any right of</u> <u>setoff, counterclaim, or recoupment and any claim for breach of contract or for breach of</u> <u>duties imposed by law or in equity; (b) any claim based on or relating to, or in any manner</u> <u>arising from, in whole or in part, tort, breach of contract, breach of fiduciary duty,</u> <u>fraudulent transfer or fraudulent conveyance or voidable transaction</u>** 

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**<u>law, violation of</u> <u>local, state, or federal or non-U.S. law or breach of any duty imposed by law or in equity,</u> <u>including securities laws, negligence, and gross negligence; (c) any claim pursuant to</u> <u>section 362 or chapter 5 of the title 11 of the United States Code or similar local, state, or</u> <u>federal U.S. or non-U.S. law; (d) any claim or defense including fraud, mistake, duress, and</u> <u>usury, and any other defenses set forth in section 558 of title 11 of the United States Code; (e) any state or foreign law pertaining to actual or constructive fraudulent transfer,</u> <u>fraudulent conveyance, or similar claim; and (f) any "lender liability" or equitable</u> <u>subordination claims or defenses.</u>**

"**Certificate re Non-Bank Status**" means a certificate substantially in the form of <u>Exhibit E</u>.

"**CFC**" means a direct or indirect Subsidiary of the Borrower that is a "controlled foreign corporation" within the meaning of Section 957 of the Internal Revenue Code.

"**CFC Holding Company**" means a direct or indirect Domestic Subsidiary of the Borrower substantially all of the assets of which consist (directly or indirectly) of Equity Interests and/or Indebtedness of one or more Foreign Subsidiaries that are CFCs.

"**Change of Control**" means, (i) at any time prior to consummation of a Qualified IPO, Madison shall cease to beneficially own and control, directly or indirectly, at least 50% on a fully diluted basis of the economic and voting interests in the Equity Interests of the Borrower; or (y) at any time on or after consummation of a Qualified IPO any Person or "group" (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act) other than Madison (a)(x) shall have acquired beneficial ownership or control, directly or indirectly, of 35% or more on a fully diluted basis of the voting and economic interests in the Equity Interests of the Borrower or (y) shall have acquired beneficial ownership or control, of voting and economic interests in the Equity Interests of the Borrower in excess of those interests owned and controlled, directly or indirectly, by Madison at such time or (b) shall have obtained the power (whether or not exercised) to elect a majority of the members of the board of directors (or similar governing body) of the Borrower. Notwithstanding the foregoing, a passive holding company or special purpose acquisition vehicle shall not be considered a "Person" for purposes of this definition and instead the equityholders of such passive holding company or special purpose acquisition vehicle shall be considered for purposes of the foregoing.

**"CIBC World Markets"** has the meaning specified in Section 9.1.

"**Class**" means (i) with respect to Lenders, each of the following classes of Lenders: (a) Lenders having Initial Term Loan Exposure, (b) Lenders having Revolving Exposure, and (c) Lenders having New Term Loan Exposure of each applicable Series and (ii) with respect to Loans, each of the following classes of Loans: (a) Initial Loans, (b) Revolving Loans and (c) each Series of New Term Loans. Any Loans or Commitments of one or more Lenders with the same rights and obligations (other than with respect to fees paid to Lenders as consideration for consenting to an amendment under this Agreement) as the Loans or Commitments of any other Lender shall be construed to be in the same Class as such Loans or Commitments with such same rights and obligations.

"**Collateral**" means, collectively, all of the real, personal and mixed property (including Equity Interests) in which Liens are purported to be granted pursuant to the Collateral Documents as security for the Obligations, which, for the avoidance of doubt, shall exclude all Excluded Collateral.

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"**Collateral Agent**" as defined in the preamble hereto.

"**Collateral Documents**" means the Pledge and Security Agreement, the Mortgages, the Intellectual Property Security Agreements, each Acceptable Intercreditor Agreement and all other instruments, documents and agreements delivered by or on behalf of any Credit Party pursuant to this Agreement or any of the other Credit Documents in order to grant to, or perfect in favor of, Collateral Agent, for the benefit of Secured Parties, a Lien on any real, personal or mixed property of that Credit Party as security for the Obligations.

"**Collateral Questionnaire**" means a certificate in form reasonably satisfactory to Collateral Agent that provides information with respect to the personal or mixed property of each Credit Party.

"**Commitment**" means any Revolving Commitment or Term Loan Commitment.

"**Commitment Letter**" means the Amended and Restated Commitment Letter dated as of May 11, 2021 among Goldman Sachs, each Arranger and the Borrower.

"**Commodity Exchange Act**" means the Commodity Exchange Act (7 U.S.C. § 1 <u>et seq</u>.), as amended from time to time, and any successor statute.

"**Company Representations**" means the representations and warranties made by the Target pursuant to Article III of the Acquisition Agreement as are material to the interests of the Lenders, but only to the extent that the Purchaser (as defined in the Acquisition Agreement) (or one of its Affiliates) has the right (taking into account any applicable cure provisions) to terminate its (or their) obligations under the Acquisition Agreement (or otherwise decline to consummate the Acquisition without any liability) as a result of a breach of such representations and warranties in the Acquisition Agreement.

"**Compliance Certificate**" means a Compliance Certificate substantially in the form of <u>Exhibit C</u>.

"**Consolidated Adjusted EBITDA**" means, with respect to any Person for any period, the Consolidated Net Income of such Person for such period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)increased (without duplication) by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any fees, costs, expenses or charges (other than Consolidated Depreciation and Amortization Expense) related to any actual, proposed or contemplated Equity Offering (including any expense relating to enhanced accounting functions or other transactions costs associated with becoming a public company), Investment, acquisition, disposition, recapitalization or the incurrence of Indebtedness permitted to be incurred by this Agreement (including a refinancing thereof) (whether or not successful), including (i) such fees, expenses or charges related to the offering of the Senior Unsecured Notes, the Senior Secured Notes, this Agreement and any other Credit Facilities and (ii) any amendment, waiver or other modification of the Senior Unsecured Notes, the Senior Secured Notes, this Agreement and any other Credit Facilities or any Equity Offering, in each case, whether or not consummated, to the extent the same were deducted (and not added back) in computing Consolidated Net Income; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)provision for taxes based on income or profits, revenue or capital, including, without limitation, federal, state, provincial, territorial, local, foreign, unitary, excise, property, franchise and similar taxes and foreign withholding and similar taxes of such Person paid or accrued during such period, including (i) any penalties and interest relating to any tax examinations (including, without limitation, any additions to such taxes, and any penalties and interest with respect thereto) and (ii) the allocated portion of such taxes (as determined by

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the Borrower in good faith) to be paid by the Credit Parties as part of any group tax return, deducted (and not added back) in computing Consolidated Net Income; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any other non-cash charges, write-downs, expenses, losses or items reducing Consolidated Net Income for such period including any impairment charges or the impact of purchase accounting (<u>provided</u> that if any such non-cash charge, write-down or item to the extent it represents an accrual or reserve for a cash expenditure for a future period then the cash payment in such future period shall be subtracted from Consolidated Adjusted EBITDA when paid); *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)(i) the amount of any restructuring charge, reserve, integration cost or other business optimization expense or cost (including charges directly related to the implementation of cost-savings initiatives) that is deducted (and not added back) in such period in computing Consolidated Net Income, including any one-time costs incurred in connection with acquisitions or divestitures after the Effective Date, including, without limitation, those related to any severance, retention, signing bonuses, relocation, recruiting and other employee related costs, future lease commitments, lease exit costs and costs related to the opening and closure and/or consolidation of facilities and to exiting lines of business and (ii) fees, costs and expenses associated with acquisition related litigation and settlements thereof; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)any net loss included in the Consolidated Net Income attributable to non-controlling interests pursuant to the application of Accounting Standards Codification Topic 810-10-45 ("**Topic 810**"); *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the amount of (i) board of director fees, management, monitoring, advisory, consulting, refinancing, subsequent transaction, advisory and exit fees (including termination fees) and related indemnities and expenses paid or accrued in such period to any member of the board of directors of the Borrower, Madison or any Affiliate of Madison to the extent permitted under <u>Section 5.20</u> and (ii) non-operating expenses incurred pursuant to the Management Services Agreement; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)net realized losses from Obligations under Hedge Agreements or embedded derivatives that require similar accounting treatment and the application of Accounting Standard Codification Topic 815 ("**Topic 815**") and related pronouncements; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated Adjusted EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated Adjusted EBITDA pursuant to <u>clause (2)</u> below for any previous period and not added back; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&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)any costs or expense incurred by the Borrower or a Restricted Subsidiary pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement, any severance agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are either (i) relating to any EAR or (ii) funded with cash proceeds contributed to the capital of the Borrower or net cash proceeds of an issuance of Equity Interests (other than Disqualified Equity Interests) of the Borrower solely to the extent that such net cash proceeds are excluded from the calculation of Cumulative Amount; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)any net pension or other post-employment benefit costs representing amortization of unrecognized prior service costs, actuarial losses, including amortization of such amounts arising in prior periods, amortization of the unrecognized net obligation (and loss or cost) existing at the date of the initial application of Accounting Standards Codification Topic 715, and any other items of a similar nature; *plus*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)the amount of loss or discount on sale of receivables and related assets to the Receivables Subsidiary in connection with a Permitted Receivables Financing; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)earn-out and contingent consideration obligations (including to the extent accounted for as bonuses or otherwise) and adjustments thereof and purchase price adjustments, in each case in connection with acquisitions or an Investment (including obligations under earn-outs existing on the Effective Date); *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)the amount of "run rate" cost savings (including, without limitation, cost savings with respect to salary, benefit and other direct savings resulting from workforce reductions and facility, benefit, insurance and procurement savings), operating expense reductions (including, without limitation, reductions with respect to facility closures and delivery fleet consolidation), other operating improvements and initiatives and synergies projected by the Borrower in good faith to be reasonably anticipated to be realizable or a plan for realization shall have been established within twenty four (24) months of the date of determination to take such action (which will be added to Consolidated Adjusted EBITDA as so projected until fully realized and calculated on a pro forma basis as though such cost savings (including, without limitation, cost savings with respect to salary, benefit and other direct savings resulting from workforce reductions and facility, benefit, insurance and procurement savings), operating expense reductions (including, without limitation, reductions with respect to facility closures and delivery fleet consolidation), other operating improvements and initiatives and synergies had been realized on the first day of such period), net of the amount of actual benefits realized during such period from such actions; <u>provided</u> that all steps have been taken, or are reasonably expected to be taken, in good faith, for realizing such cost savings and such cost savings are reasonably identifiable and factually supportable (in the good faith determination of the Borrower); *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Consolidated Cash Interest Expense of such Person for such period (including (x) net losses on any Obligations under Hedge Agreements or other derivative instruments entered into for the purpose of hedging interest rate, currency or commodities risk,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)bank fees and (z) costs of surety bonds in connection with financing activities, *plus* amounts excluded from the definition of "Consolidated Interest Expense"), to the extent the same were deducted (and not added back) in calculating such Consolidated Net Income; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)(x) Consolidated Depreciation and Amortization Expense and (y) lease expenses as defined under Accounting Standards Board ASC 842 *Leases*, in each case of such Person for such period to the extent the same were deducted (and not added back) in computing Consolidated Net Income; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)the amount of any minority interest expense consisting of Subsidiary income attributable to minority equity interests of third parties in any non-wholly owned Subsidiary; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)realized foreign exchange losses resulting from the impact of foreign currency changes on the valuation of assets or liabilities on the balance sheet of the Borrower and its Restricted Subsidiaries; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)the amount of expenses relating to payments made to option holders of the Borrower or any parent entity in connection with, or as a result of, any distribution being made to equityholders of such Person or its parent entities, which payments are being made to compensate such option holders as though they were equityholders at the time of, and entitled to share in, such distribution, in each case to the extent permitted under this Agreement; *plus*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)losses, expenses or charges (including all fees and expenses or charges related thereto) (i) from abandoned, closed, disposed or discontinued operations and any losses on disposal of abandoned, closed or discontinued operations and (ii) attributable to business dispositions or asset dispositions (other than in the ordinary course of business) as determined in good faith; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)Public Company Costs; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)cost related to the implementation of operational and reporting systems and technology initiatives; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)[reserved]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)adjustments and addbacks reflected in either (x) the Investors' financial model delivered to the Administrative Agent by Madison or the Borrower and dated as of March 26, 2021, (y) the management presentation and confidential information memorandum provided by the Target or (z) (1) the Quality of Earnings Report delivered to Goldman Sachs on or prior to April 5, 2021 and (2) any quality of earnings report from a nationally or regionally recognized accounting firm delivered to the Administrative Agent in connection with any Permitted Acquisition or similar investment (together with any updates or modifications thereto reasonably agreed to between the Borrower and the Administrative Agent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)decreased (without duplication) by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)non-cash gains increasing Consolidated Net Income of such Person for such period, excluding any non-cash gains to the extent they represent the reversal of an accrual or reserve for a potential cash item that reduced Consolidated Adjusted EBITDA in any prior period; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any net income included in Consolidated Net Income attributable to non-controlling interests pursuant to the application of Topic 810.

Notwithstanding anything to the contrary herein, it is agreed that for any period that includes the Fiscal Quarters ended June 30, 2020, September 30, 2020, December 31, 202 or March 31, 2021, (i) Consolidated Adjusted EBITDA for the Fiscal Quarter ended June 30, 2020 shall be deemed to be $104,500,000.00, (ii) Consolidated Adjusted EBITDA for the Fiscal Quarter ended September 30, 2020 shall be deemed to be $142,200,000.00, (iii) Consolidated Adjusted EBITDA for the Fiscal Quarter ended December 31, 2020 shall be deemed to be $148,900,000,00 and (iv) Consolidated Adjusted EBITDA for the Fiscal Quarter ended March 31, 2021 shall be deemed to be $146,700,000.00, in each case, as adjusted on a Pro Forma Basis; <u>provided</u>, that for the period commencing on April 1, 2021 and ending on the Effective Date, Consolidated Adjusted EBITDA for such period shall be adjusted in a manner consistent with the adjustments to Consolidated Adjusted EBITDA reflected in Consolidated Adjusted EBITDA for the Fiscal Quarters of June 30, 2020 through March 31, 2021 set forth above.

"**Consolidated Capital Expenditures**" means, for any period, the aggregate of all expenditures of the Borrower and its Subsidiaries during such period determined on a consolidated basis that, in accordance with GAAP, are or should be included in "purchase of property and equipment" or similar items, or which should otherwise be capitalized, reflected in the consolidated statement of cash flows of the Borrower and its Subsidiaries; <u>provided</u> that Consolidated Capital Expenditures shall not include any expenditures (i) for replacements and substitutions for fixed assets, capital assets or equipment to the extent made with Net

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Insurance/Condemnation Proceeds invested pursuant to <u>Section 2.14(b)</u> or with Net Asset Sale Proceeds invested pursuant to <u>Section 2.14(a)</u> or (ii) which constitute a Permitted Acquisition permitted under <u>Section 6.8</u>.

"**Consolidated Cash Interest Expense**" means the amount payable as cash interest expense (including that attributable to Capital Leases), net of cash interest income of the Borrower and its Restricted Subsidiaries, with respect to all outstanding Indebtedness of the Borrower and its Restricted Subsidiaries, including all cash fees accruing on the outstanding balance of letter of credit and bankers' acceptance financing and net cash costs (less net cash payments) under Hedge Agreements, but excluding, in each case, for the avoidance of doubt, (a) any non-cash interest expense and any capitalized interest, whether paid or accrued, (b) the amortization of original issue discount resulting from the issuance of indebtedness at less than par, (c) deferred financing costs, debt issuance costs, commissions, fees (including amendment and contract fees) and expenses and, in each case, the amortization and write-off thereof and any amounts of non-cash interest, (d) any expenses resulting from discounting of indebtedness in connection with the application of recapitalization accounting or purchase accounting, (e) penalties or interest related to taxes and any other amounts of non-cash interest resulting from the effects of acquisition method accounting or pushdown accounting, (f) the accretion or accrual of, or accrued interest on, discounted liabilities during such period, (g) non-cash interest expense attributable to the movement of the mark-to-market valuation of obligations under swap contracts, Hedge Agreements or other derivative instruments pursuant to Accounting Standards Codification 815 – "Derivatives and Hedging", (h) any one-time cash costs associated with breakage in respect of Hedge Agreements for interest rates, (i) any payments with respect to premiums, breakage costs of any Indebtedness or other penalties, (j) all non-recurring interest expense consisting of liquidated damages for failure to timely comply with registration rights obligations, all as calculated on a consolidated basis in accordance with GAAP, (k) expensing of bridge, arrangement, amendment, structuring, commitment, consent or other financing fees, (l) cash fees in connection with the issuance, amendment, fronting or replacement of letter of credit and bankers' acceptance financing, (m) any "additional interest" owing pursuant to a registration of rights agreement, (n) annual agency fees paid to an administrative agent, collateral agent or similar agent under any credit facility, debt facility or other documents and (o) costs associated with obtaining Hedge Agreements. For purposes of this definition, interest in respect of any Capital Lease shall be deemed to accrue at an interest rate reasonably determined by the Borrower to be the rate of interest implicit in such Capital Lease in accordance with GAAP.

"**Consolidated Current Assets**" means, as at any date of determination, the total assets of a Person and its Restricted Subsidiaries on a consolidated basis that may properly be classified as current assets in conformity with GAAP, excluding (i) Cash and Cash Equivalents, (ii) amounts related to current or deferred taxes and (iii) interest related accounts.

"**Consolidated Current Liabilities**" means, as at any date of determination, the total liabilities of a Person and its Restricted Subsidiaries on a consolidated basis that may properly be classified as current liabilities in conformity with GAAP, excluding (i) the current portion of long-term debt, (ii) deferred revenue accounts, (iii) interest related accounts, (iv) accruals for current or deferred taxes, (v) revolving loans, letter of credit and bank guarantee obligations under this Agreement or any other revolving credit facility, (vi) liabilities in respect of unpaid earn-outs and any other acquisition related obligations and (vii) deferred management fees, expenses and other payments due under the Management Services Agreement.

"**Consolidated Depreciation and Amortization Expense**" means, with respect to any Person for any period, the total amount of depreciation and amortization expense, including amortization or write-off of (i) intangibles and non-cash organization costs, (ii) deferred financing and debt issuance fees, costs or expenses, (iii) capitalized expenditures, customer acquisition costs and incentive payments, conversion costs and contract acquisition costs, the amortization of original issue discount resulting from the issuance of Indebtedness at less

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than par and amortization of favorable or unfavorable lease assets or liabilities, of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP and any write-down of assets or asset value carried on the balance sheet and (iv) capitalized fees related to any Permitted Receivables Financing, of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP and any write-down of assets or asset value carried on the balance sheet.

"**Consolidated Excess Cash Flow**" means, for any period, an amount (if positive) equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the sum, without duplication, of the amounts for such period of (a) Consolidated Net Income, *plus*, (b) to the extent reducing Consolidated Net Income, the sum, without duplication, of amounts for non-cash charges reducing Consolidated Net Income, including for depreciation and amortization (excluding any such non-cash charge to the extent that it represents an accrual or reserve for potential cash charge in any future period or amortization of a prepaid cash gain that was paid in a prior period), *plus* (c) the Consolidated Working Capital Adjustment, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)at the option of the Borrower, the sum, without duplication, of the following amounts, in each case to the extent such amounts were not financed with the proceeds received from the issuance or incurrence of long-term Indebtedness (other than revolving Indebtedness) of the Borrower or the Restricted Subsidiaries (unless such Indebtedness has been repaid) and other than intercompany loans made to effect the underlying transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the amounts paid in cash for such period of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)without duplication to any amounts deducted pursuant to <u>Section 2.14(d)(ii)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)scheduled repayments of Indebtedness for borrowed money (excluding repayments of Revolving Loans except to the extent the Revolving Commitments are permanently reduced in connection with such repayments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)mandatory prepayments of Indebtedness for borrowed money (excluding mandatory prepayments of Revolving Loans except to the extent the Revolving Commitments are permanently reduced in connection with such prepayments) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)scheduled repayments of obligations under Capital Leases (excluding any interest expense portion thereof),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Consolidated Capital Expenditures 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;(3)Permitted Acquisitions and other Investments made during such period in accordance with this Agreement (to the extent such Permitted Acquisitions and Investments were made in cash) *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(1) other non-cash gains increasing Consolidated Net Income for such period (excluding any such non-cash gain to the extent it represents the reversal of an accrual or reserve for potential cash gain in any prior period) and (2) all cash expenses, charges and losses excluded in calculating Consolidated Net Income for such period pursuant to the definition thereof *plus*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)payments paid in cash by the Borrower and the Restricted Subsidiaries during such period in respect of purchase price holdbacks, earn-outs and other contingent obligations and long-term liabilities of the Borrower and the Restricted Subsidiaries other than Indebtedness *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the amount of Restricted Junior Payments paid in cash during such period (on a consolidated basis) by the Borrower and the Restricted Subsidiaries *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the aggregate amount of expenditures (1) actually made by the Borrower and the Restricted Subsidiaries in cash during such period (including expenditures for the payment of financing fees) to the extent that such expenditures are not expensed during such period or are not deducted in calculating Consolidated Net Income or (2) paid in cash by the Borrower or a Restricted Subsidiary during such period that is reimbursable by a seller or other transaction party in a Permitted Acquisition or other Investment permitted hereunder but which has not been so reimbursed as of the end of such period to the extent the same is not deducted in determining the Consolidated Net Income for such period *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the aggregate amount of any premium, make-whole, or penalty payments actually paid in cash by the Borrower and the Restricted Subsidiaries during such period that are made in connection with any prepayment of Indebtedness to the extent that such payments are not deducted in calculating Consolidated Net Income *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)without duplication of amounts deducted from Consolidated Excess Cash Flow in other periods, and at the option of the Borrower, (1) the aggregate consideration required to be paid in cash by the Borrower or any of its Restricted Subsidiaries pursuant to binding agreements and letters of intent (the "**Contract Consideration**") entered into prior to or during such period and (2) any planned cash expenditures by the Borrower or any of its Restricted Subsidiaries (the "**Planned Expenditures**"), in the case of each of clauses (1) and (2), relating to Permitted Acquisitions (or Investments similar to those made for Permitted Acquisitions), Consolidated Capital Expenditures, Restricted Junior Payments and any scheduled payment of Indebtedness that was permitted by the terms of this Agreement to be incurred and paid or permitted tax distributions, in each case, to be consummated or made, as applicable, during the period of four consecutive Fiscal Quarters of the Borrower following the end of such period (except to the extent financed with any of the proceeds received from the issuance or incurrence of long-term Indebtedness (unless repaid); <u>provided</u> that to the extent that the aggregate amount of cash actually utilized to finance such Permitted Acquisitions (or Investments similar to those made for Permitted Acquisitions), Consolidated Capital Expenditures, Restricted Junior Payments, any scheduled payment of Indebtedness that was permitted by the terms of this Agreement to be incurred and paid or permitted tax distributions, in each case, to be consummated or made, as applicable during such following period of four consecutive Fiscal Quarters is less than the Contract Consideration and Planned Expenditures, the amount of such shortfall shall be added to the calculation of Consolidated Excess Cash Flow, at the end of such period of four consecutive Fiscal Quarters, plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)the amount of taxes (including penalties and interest) paid in cash or tax reserves set aside or payable (without duplication) in such period to the extent they exceed the amount of tax expense deducted in determining Consolidated Net Income for such period *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&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)cash expenditures in respect of Hedge Agreements during such Fiscal Year to the extent not deducted in arriving at such Consolidated Net Income.

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As used in this clause (ii), "scheduled repayments of Indebtedness" does not include (x) voluntary prepayments of Indebtedness for borrowed money, (y) repurchases of Term Loans pursuant to <u>Section 10.6(i)</u> and (z) repayments of Loans made with the cash proceeds of any Refinancing Indebtedness.

"**Consolidated First Lien Net Debt**" means, as at any date of determination, Consolidated Total Debt *minus* the sum of (i) the portion of Indebtedness of the Borrower and its Restricted Subsidiaries included in Consolidated Total Debt that is not secured by any Lien on property or assets of the Borrower or any Restricted Subsidiary and (ii) the portion of Indebtedness of the Borrower and its Restricted Subsidiaries included in Consolidated Total Debt that is secured by Liens on property or assets of the Borrower or any Restricted Subsidiary, which Liens are expressly subordinated or junior to the Liens securing the Obligations.

"**Consolidated Interest Expense**" means, for any period, total interest expense (including that portion attributable to Capital Leases in accordance with GAAP and capitalized interest) of the Borrower and its Restricted Subsidiaries on a consolidated basis with respect to all outstanding Indebtedness of the Borrower and its Restricted Subsidiaries, including all commissions, discounts and other fees and charges owed with respect to letters of credit, bank guarantees and net costs under Interest Rate Agreements, but excluding, however, any amount not payable in Cash and any amounts referred to in <u>Section 2.11(d)</u> payable on or before the Effective Date.

"**Consolidated Net Income**" means, with respect to any Person for any period, the net income (loss) of such Person and its Restricted Subsidiaries for such period determined on a consolidated basis on the basis of GAAP before any reduction in respect of preferred stock dividends; *provided*, *however*, that there will not be included in such Consolidated Net Income:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any extraordinary, exceptional, unusual or nonrecurring, loss, charge or expense, including Transaction Costs or any charges, expenses or reserves in respect of any restructuring, redundancy or severance expense or relocation costs, integration and facilities' opening costs and other business optimization expenses and operating improvements (including related to new product introductions), systems development and establishment costs, restructuring charges, accruals or reserves (including restructuring and integration costs related to acquisitions after the Effective Date and adjustments to existing reserves), whether or not classified as restructuring expense on the consolidated financial statements, signing costs, retention or completion bonuses, transition costs, costs related to closure/consolidation of facilities, internal costs in respect of strategic initiatives and curtailments or modifications to pension and post-retirement employee benefit plans (including any settlement of pension liabilities), contract terminations and professional and consulting fees incurred with any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the cumulative effect of a change in accounting principles, including any impact resulting from an election by the Borrower to apply the International Financial Reporting Standards at any time following the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any costs associated with the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any fees and expenses (including any transaction or retention bonus or similar payment) incurred during such period, or any amortization thereof for such period, in connection with any acquisition, Investment, asset disposition, issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction or amendment or modification of any debt instrument (in each case, including any such transaction consummated prior to the Effective Date and any such transaction undertaken but not completed) and any charges or non-recurring merger costs incurred during such period as a result of any such transaction, in each case whether

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or not successful (including, for avoidance of doubt, the effects of expensing all transaction-related expenses in accordance with Financial Accounting Standards Codification No. 805 and gains or losses associated with Financial Accounting Standards Codification No. 460);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)all deferred financing costs written off and premiums paid or other expenses incurred directly in connection with any early extinguishment of Indebtedness and any net gain (loss) from any write-off or forgiveness of Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)accruals and reserves that are established or adjusted (including any adjustment of estimated payouts on existing earn-outs) that are so required to be established as a result of the Transactions in accordance with GAAP, or changes as a result of adoption or modification of accounting policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)any (i) non-cash compensation charge or expense arising from any grant of stock, stock options or other equity based awards and any non-cash deemed finance charges in respect of any pension liabilities or other provisions or on the re-valuation of any benefit plan obligation and (ii) income (loss) attributable to deferred compensation plans or trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)any net income (loss) of any Person if such Person is not a Restricted Subsidiary (including any net income (loss) from investments recorded in such Person under equity method accounting), except that the Borrower's equity in the net income of any such Person for such period will be included in such Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents actually distributed or that (as reasonably determined by an Authorized Officer of the Borrower) could have been distributed by such Person during such period to the Borrower or a Restricted Subsidiary as a dividend or other distribution or return on investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)any gain (or loss), together with any related provisions for taxes on any such gain (or the tax effect of any such loss), realized upon the sale or other disposition of any asset (including pursuant to any Sale and Leaseback Transaction) or disposed or discontinued operations of the Borrower or any Restricted Subsidiary which is not sold or otherwise disposed of in the ordinary course of business (as determined in good faith by an Authorized Officer or the board of directors of the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)any unrealized gains or losses in respect of any Obligations under Hedge Agreements or any ineffectiveness recognized in earnings related to qualifying hedge transactions or the fair value of changes therein recognized in earnings for derivatives that do not qualify as hedge transactions, in each case, in respect of any Obligations under Hedge Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)any unrealized foreign currency translation increases or decreases or transaction gains or losses in respect of Indebtedness of any Person denominated in a currency other than the functional currency of such Person, including those related to currency remeasurements of Indebtedness (including any net loss or gain resulting from Obligations under Hedge Agreements for currency exchange risk) or other obligations of the Borrower or any Restricted Subsidiary owing to the Borrower or any Restricted Subsidiary and any unrealized foreign exchange gains or losses relating to translation of assets and liabilities denominated in foreign currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)any unrealized or realized gain or loss due solely to fluctuations in currency values and the related tax effects, determined in accordance with GAAP;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)any purchase accounting effects, including, but not limited to, adjustments to inventory, property and equipment, software and other intangible assets and deferred revenue in component amounts required or permitted by GAAP and related authoritative pronouncements (including the effects of such adjustments pushed down to the Borrower and the Restricted Subsidiaries), as a result of any consummated acquisition (including the Transactions), or the amortization or write-off of any amounts thereof (including any write-off of in process research and development);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)any goodwill or other intangible asset impairment charge, write-off or write-down and the amortization of intangibles arising pursuant to GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)any after-tax effect of income (loss) from the early extinguishment or cancellation of Indebtedness or any Obligations under Hedge Agreements or other derivative instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)any net unrealized gains and losses resulting from Obligations under Hedge Agreements or embedded derivatives that require similar accounting treatment and the application of Topic 815 and related pronouncements or mark to market movement of other financial instruments pursuant to Accounting Standards Codification 825 and related pronouncements; 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;(xviii)any non-cash expenses, accruals or reserves related to adjustments to historical tax exposures and any deferred tax expense associated with tax deductions or net operating losses arising as a result of the Transactions, or the release of any valuation allowances related to such item.

In addition, to the extent not already included in the Consolidated Net Income of such Person and its Restricted Subsidiaries, notwithstanding anything to the contrary in the foregoing, Consolidated Net Income shall include (i) any expenses and charges that are reimbursed by indemnification or other reimbursement provisions in connection with any investment or any sale, conveyance, transfer or other disposition of assets permitted hereunder, or, so long as the Borrower has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed and only to the extent that such amount is (A) not denied by the applicable payor in writing within 180 days and (B) in fact reimbursed within 365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days) and (ii) to the extent covered by insurance (including business interruption insurance) and actually reimbursed, or, so long as the Borrower has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (A) not denied by the applicable carrier in writing within 180 days and (B) in fact reimbursed within 365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with respect to liability or casualty events or business interruption.

"**Consolidated Secured Debt**" means, as at any date of determination, Consolidated Total Debt *minus* the portion of Indebtedness of the Borrower and its Restricted Subsidiaries included in Consolidated Total Debt that is not secured by any Lien on property or assets of the Borrower or any Restricted Subsidiary.

"**Consolidated Total Assets**" means, as of any date of determination, the amount that would, in conformity with GAAP, be set forth opposite the caption "total assets" (or any like caption) on a consolidated balance sheet of the Borrower and the Restricted Subsidiaries at such date.

"**Consolidated Total Debt**" means, as at any date of determination, (i) the aggregate principal amount of Indebtedness for borrowed money (excluding intercompany Indebtedness and Subordinated Indebtedness) minus (1) the aggregate amount of Unrestricted Cash and Cash Equivalents included in the

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consolidated balance sheet of the Borrower and its Restricted Subsidiaries as of the end of the most recent fiscal period for which internal financial statements of the Borrower are available (provided that the cash proceeds of any proposed incurrence of Indebtedness shall not be included in this clause (ii) for purposes of calculating the "Secured Net Leverage Ratio", "Total Net Leverage Ratio" or "First Lien Net Leverage Ratio," as applicable), on a Pro Forma Basis. For the avoidance of doubt, "Consolidated Total Debt" shall exclude Indebtedness in respect of any Permitted Receivables Financing.

"**Consolidated Working Capital**" means, as at any date of determination, the excess of Consolidated Current Assets of the Borrower and its Restricted Subsidiaries over Consolidated Current Liabilities of the Borrower and its Restricted Subsidiaries.

"**Consolidated Working Capital Adjustment**" means, for any period on a consolidated basis, the amount (which may be a negative number) by which Consolidated

Working Capital as of the beginning of such period exceeds (or is less than) Consolidated Working Capital as of the end of such period. In calculating the Consolidated Working Capital Adjustment there shall be excluded the effect of reclassification during such period of current assets to long-term assets and current liabilities to long-term liabilities and the effect of any Permitted Acquisition, the designation of any Unrestricted Subsidiary as a Restricted Subsidiary or any Restricted Subsidiary as an Unrestricted Subsidiary during such period; <u>provided</u> that (i) there shall be included with respect to any Permitted Acquisition during such period an amount (which may be a negative number) by which the Consolidated Working Capital acquired in such Permitted Acquisition as at the time of such acquisition exceeds (or is less than) Consolidated Working Capital at the end of such period and (ii) there shall be included with respect to any Unrestricted Subsidiary that is designated as a Restricted Subsidiary during such period an amount (which may be a negative number) by which the Consolidated Working Capital gained in such designation as at the time of such designation exceeds (or is less than) Consolidated Working Capital at the end of such period.

**<u>"Contract Consideration" shall have the meaning assigned to such term in</u> <u>clause (ii)(g) of the definition of "Consolidated Excess Cash Flow".</u>**

"**Contractual Obligation**" means, as applied to any Person, any provision of any Security issued by that Person or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject.

"**Contributing Guarantors**" as defined in <u>Section 7.2</u>.

"**Contribution Debt Basket**" has the meaning specified in <u>Section 6.1(cc)</u>.

"**Conversion/Continuation Date**" means the effective date of a continuation or conversion, as the case may be, as set forth in the applicable Conversion/Continuation Notice.

"**Conversion/Continuation Notice**" means a Conversion/Continuation Notice substantially in the form of <u>Exhibit A-2</u>.

**<u>"CORRA" means a rate equal to the Canadian Overnight Repo Rate</u> <u>Average, as administered and published by the CORRA Administrator.</u>**

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**<u>"CORRA Administrator" means the Bank of Canada (or any successor</u> <u>administrator of the Term CORRA Reference Rate).</u>**

"**Corresponding Tenor**" with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

"**Counterpart Agreement**" means a Counterpart Agreement substantially in the form of <u>Exhibit G</u> delivered by a Credit Party pursuant to Section 5.10.

"**Covered Party**" has the meaning specified in <u>Section</u> <u>9.12(b)</u>**<u>9.13(b)</u>**.

"**Credit Date**" means the date of a Credit Extension.

"**Credit Document**" means any of this Agreement, the Intercreditor Agreement, the Notes, if any, the Collateral Documents, any documents or certificates executed by the Borrower in favor of Issuing Bank relating to Letters of Credit or Bank Guarantees, as applicable, and all other documents, certificates, instruments or agreements agreed in writing by the Borrower and the Administrative Agent or Collateral Agent to be a Credit Document; <u>provided</u> that in no event shall Cash Management Agreements and Hedge Agreements be Credit Documents.

"**Credit Extension**" means the making of a Loan or the issuing of a Letter of Credit or a Bank Guarantee.

"**Credit Facilities**" means, collectively, each category of Commitments and each extension of credit hereunder.

"**Credit Party**" means each Person (other than any Agent, Issuing Bank or any Lender or any other representative thereof) from time to time party to a Credit Document as the Borrower or Guarantor.

"**Cumulative Amount**" means at any time (the "**Cumulative Amount Reference Time**"), an amount (which shall not be less than zero) equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the greater of (x) $275,000,000 and (y) 50% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)(x) the cumulative amount of Consolidated Excess Cash Flow of the Borrower and its Subsidiaries for all Fiscal Years completed after the Effective Date (commencing with the Fiscal Year ending December 31, 2022) and prior to the Cumulative Amount Reference Time, *minus* (y) the portion of such Consolidated Excess Cash Flow that has been (or is required to be) applied after the Effective Date and prior to the Cumulative Amount Reference Time to the prepayment of Term Loans in accordance with <u>Section 2.14(d)</u> (for the avoidance of doubt, after giving effect to <u>Sections 2.15(c)</u> and <u>(d)</u>); *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)100% of the aggregate net cash proceeds and the fair market value of marketable securities or other property received by the Borrower since immediately after the Effective Date (other than net cash proceeds from Specified Equity Contributions or to the extent such net cash proceeds (i) have been used to incur Indebtedness pursuant to the Contribution Debt Basket or (ii) are contributed by a Restricted Subsidiary) from the issuance or sale of (x) Equity Interests of the Borrower, including retired Equity Interests, but excluding cash proceeds and the fair market value of marketable securities or other property received from the sale of Equity Interests to any

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employee, director, manager or consultant of the Borrower, any parent entity of the Borrower and the Borrower's Subsidiaries after the Effective Date to the extent such amounts have been applied to Restricted Junior Payments made in accordance with <u>Section 6.4(j)</u> or (y) Indebtedness of the Borrower or a Restricted Subsidiary that has been converted into or exchanged for such Equity Interests of the Borrower or any parent entity of the Borrower; provided that this clause (iii) shall not include the proceeds from (a) Equity Interests or Indebtedness that has been converted or exchanged for Equity Interests of the Borrower sold to a Restricted Subsidiary or the Borrower, as the case may be or (b) Disqualified Equity Interests or Indebtedness that has been converted or exchanged into Disqualified Equity Interests, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)100% of the aggregate amount of cash and the fair market value of marketable securities or other property contributed to the capital of the Borrower following the Effective Date (other than net cash proceeds from Specified Equity Contributions or to the extent such net cash proceeds (i) have been used to incur Indebtedness, Disqualified Equity Interests or preferred stock pursuant to the Contribution Debt Basket or (ii) are contributed by a Restricted Subsidiary), *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)100% of the aggregate amount received in cash and the fair market value of marketable securities or other property received by means of (A) the sale or other disposition (other than to the Borrower or a Restricted Subsidiary) of Investments made by the Borrower and the Restricted Subsidiaries and repurchases and redemptions of such Investments from the Borrower and the Restricted Subsidiaries and repayments of loans or advances, and releases of guarantees, which constitute Investments made by the Borrower or the Restricted Subsidiaries, in each case, after the Effective Date; or (B) the sale (other than to the Borrower or a Restricted Subsidiary) of the stock of an Unrestricted Subsidiary or a distribution from an Unrestricted Subsidiary (other than, in each case, to the extent the Investment in such Unrestricted Subsidiary was made by the Borrower or a Restricted Subsidiary pursuant to the Unrestricted Subsidiaries Investment Basket at the time made or to the extent such Investment constituted an Investment permitted under <u>Section 6.6</u>) or a distribution or dividend from an Unrestricted Subsidiary after the Effective Date; <u>provided</u> that any increase in the Cumulative Amount pursuant to this <u>clause (v)</u> shall not exceed the amount of the initial amount of the Cumulative Amount utilized to finance any such Investment or any Investment in any such Unrestricted Subsidiary, *plu*s

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary after the Effective Date, the fair market value of the Investment in such Unrestricted Subsidiary at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary, other than to the extent the Investment in such Unrestricted Subsidiary was made by the Borrower or a Restricted Subsidiary pursuant to the Unrestricted Subsidiaries Investment Basket at the time made or to the extent such Investment constituted an Investment permitted under <u>Section 6.6</u>; <u>provided</u> that, following such redesignation, such Restricted Subsidiary may not be subsequently redesignated as an Unrestricted Subsidiary; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)Declined Proceeds and Retained Asset Sale Proceeds, in each case, since the Effective Date; *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)the aggregate amount of any Investments made pursuant to <u>Section 6.6(l)</u>, any Permitted Acquisitions made pursuant to <u>Section 6.8(h)</u> and any Restricted Junior Payment made pursuant to <u>Section 6.4(f)</u>, in each case, during the period commencing on the Effective Date and ending on or prior to the Cumulative Amount Reference Time (and, for purposes of this clause (viii), without taking account of the intended usage of the Cumulative Amount at such Cumulative Amount Reference Time);

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<u>provided</u>, that, for the avoidance of doubt, it is understood and agreed that (x) to the extent proceeds of the Borrower are used hereunder for a single ultimate purpose but could qualify or be classified as permitted for multiple purposes and/or under multiple baskets or provisions of this Agreement, the aggregate impact on the Cumulative Amount or any other basket or provision hereunder shall be a decrease under the Cumulative Amount or any other basket or provision hereunder of the actual dollars used and shall not be double-counted with respect to amounts available to be utilized under the Cumulative Amount or any other basket or provision hereunder and (y) for purposes of determining compliance with the use of the Cumulative Amount or any other basket or provision of this Agreement, in the event that proceeds or a transaction meets the criteria of more than one of the categories under the Cumulative Amount or any other basket or provision hereunder, the Borrower, in its sole discretion, may classify or reclassify (or later divide, classify or reclassify) such item and shall only be required to include such items in one such category for purposes of compliance hereunder.

**<u>Notwithstanding anything herein to the contrary, the aggregate net cash proceeds and fair</u> <u>market value of marketable securities or other property received by, or contributed to the</u> <u>capital of, the Borrower in connection with the Specified IPO shall not increase the</u> <u>Cumulative Amount.</u>**

**<u>"Cumulative Amount Reference Time" as defined in the definition of</u> <u>"Cumulative Amount".</u>**

"**Cumulative Equity Amount**" means at any time (the "**Cumulative Equity Amount Reference Time**"), an amount (which shall not be less than zero) equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the amount of any cash capital contributions or Net Equity Proceeds from the sale or issuance of any common Equity Interests received or made by the Borrower and Not Otherwise Applied during the period from and including the Business Day immediately following the Effective Date through and including the Cumulative Equity Amount Reference Time; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)without duplication of (iii) below, in the event that the Cumulative Equity Amount has been reduced as a result of an Investment made pursuant to <u>Section 6.6(m)</u>, to the extent such amount is not already included in Consolidated Excess Cash Flow for purposes of clause (i) of the definition of "Cumulative Amount," an amount equal to, in each case during the period from and including the Business Day immediately following the Effective Date through and including the Cumulative Equity Amount Reference Time, the aggregate amount received by the Borrower or any Restricted Subsidiary of the Borrower in Cash and Cash Equivalents from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the sale (other than to the Borrower or any such Restricted Subsidiary) of any such Investment, (2) any dividend, redemption, return of capital or other distribution received in respect of any such Investment, or (3) interest, returns of principal, repayments and similar payments received in respect of any such Investment, to the extent not exceeding the fair market value of such Investment at the time originally made; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)in the event that the Cumulative Equity Amount has been reduced as a result of an Investment made pursuant to <u>Section 6.6(m)</u> in connection with the designation of a Restricted Subsidiary as an Unrestricted Subsidiary, in the event any such Unrestricted Subsidiary has been re-designated as a Restricted Subsidiary or has been merged, consolidated or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Borrower

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or a Restricted Subsidiary, to the extent such amount is not already included in Consolidated Excess Cash Flow for purposes of clause (i) of the definition of "Cumulative Amount," an amount equal to the fair market value of the Investments of the Borrower and the Restricted Subsidiaries in such Unrestricted Subsidiary at the time of such merger, consolidation, amalgamation, transfer, conveyance or liquidation, as applicable, to the extent not exceeding the fair market value of such Investment at the time originally made, in each case during the period from and including the Business Day immediately following the Effective Date through and including the Cumulative Equity Amount Reference Time; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the amount of any Indebtedness incurred, or Disqualified Equity Interests of the Borrower and/or any Restricted Subsidiary issued subsequent to the Effective Date that has been converted into non-Disqualified Equity Interests during the period from and including the Business Day immediately following the Effective Date through and including the Cumulative Equity Amount Reference Time; *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the aggregate amount of any Investments made pursuant to <u>Section 6.6(m)</u>, any Permitted Acquisitions made pursuant to <u>Section 6.8(i)</u> and any Restricted Junior Payment made pursuant to <u>Section 6.4(g)</u>, in each case, during the period commencing on the Effective Date and ending on or prior to the Cumulative Equity Amount Reference Time (and, for purposes of this clause (v), without taking account of the intended usage of the Cumulative Equity Amount at such Cumulative Equity Amount Reference Time);

<u>provided</u>, that, for the avoidance of doubt, it is understood and agreed that (x) to the extent proceeds of the Borrower are used hereunder for a single ultimate purpose but could qualify or be classified as permitted for multiple purposes and/or under multiple baskets or provisions of this Agreement, the aggregate impact on the Cumulative Equity Amount or any other basket or provision hereunder shall be a decrease under the Cumulative Equity Amount or any other basket or provision hereunder of the actual dollars used and shall not be double-counted with respect to amounts available to be utilized under the Cumulative Equity Amount or any other basket or provision hereunder and (y) for purposes of determining compliance with the use of the Cumulative Equity Amount or any other basket or provision of this Agreement, in the event that proceeds or a transaction meets the criteria of more than one of the categories under the Cumulative Equity Amount or any other basket or provision hereunder, the Borrower, in its sole discretion, may classify or reclassify (or later divide, classify or reclassify) such item and shall only be required to include such items in one such category for purposes of compliance hereunder.

**<u>Notwithstanding anything herein to the contrary, the aggregate net cash proceeds and fair</u> <u>market value of marketable securities or other property received by, or contributed to the</u> <u>capital of, the Borrower in connection with the Specified IPO shall not increase the</u> <u>Cumulative Equity Amount.</u>**

"**Cure Period**" as defined in <u>Section 8.2</u>.

**<u>"Currencies" means Dollars and each Alternative Currency, and</u> <u>"Currency" means any of such Currencies.</u>**

"**Currency Agreement**" means any foreign exchange contract, currency swap agreement, futures contract, option contract, synthetic cap or other similar agreement or arrangement, each of which is for the purpose of hedging the foreign currency risk associated with the Borrower's and its Subsidiaries' operations and not for speculative purposes.

"**Daily Simple SOFR**" means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this

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rate selected or recommended by the Relevant Governmental Body for determining "Daily Simple SOFR" for syndicated business loans; <u>provided</u> that, if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.

"**Debt Ratings**" means, as of any date of determination, the public corporate credit rating as determined by S&P or Moody's

"**Debt Ratings Event**" shall have the meaning assigned to such term in the definition of "Applicable Margin".

"**Debtor Relief Laws**" means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect.

"**Declined Proceeds**" as defined in <u>Section 2.15(c)</u>.

"**Default**" means a condition or event that, after notice or lapse of time or both, in each case, pursuant to <u>Section 8.1</u>, would constitute an Event of Default.

**"Defaulting Lender"** means, subject to Section 2.22(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies Administrative Agent and the Borrower in writing that such failure is the result of such Lender's determination that one or more conditions precedent to funding (which conditions precedent, together with the applicable default, if any, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to Administrative Agent, Issuing Bank or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Bank Guarantees) within two Business Days of the date when due, (b) has notified the Borrower, Administrative Agent or Issuing Bank in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lenders' obligation to fund a Loan hereunder and states that such position is based on such Lender's determination that a condition precedent to funding (which condition precedent, together with the applicable default, if any, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by Administrative Agent or the Borrower, to confirm in writing to Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by Administrative Agent and the Borrower), or (d) Administrative Agent has received notification that such Lender has, or has a direct or indirect parent company that is (i) insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors, (ii) the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, intervenor or sequestrator or the like has been appointed for such Lender or its direct or indirect parent company, or such Lender or its direct or indirect parent company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment or (iii) the subject of a Bail-In Action; provided that, for the avoidance of doubt, a Lender shall not be a Defaulting Lender solely by virtue of (i) the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority or (ii) in the case of a solvent person, the precautionary appointment of an administrator, guardian, custodian or other similar official by a Governmental Authority under or based on the law of the country where such person is subject to home jurisdiction supervision if applicable law

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requires that such appointment not be publicly disclosed, in any such case, where such action does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.

"**Deposit Account**" means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit.

"**Derivative Counterparty**" as defined in <u>Section 10.17(ii)</u>.

"**Designated Non-Cash Consideration**" means the fair market value of non-cash consideration (as determined by the Borrower in good faith) received by the Borrower or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to a certificate of an Authorized Officer of the Borrower less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or collection on or other disposition of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash Consideration will no longer be considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of in compliance with <u>Section 6.8</u>.

**<u>"Directing Lender" as defined in Section 8.3(d).</u>**

"**Disqualified Equity Interests**" means any Equity Interest which, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition matures or is mandatorily redeemable (other than solely for Equity Interests which are not otherwise Disqualified Equity Interests), pursuant to a sinking fund obligation or otherwise, (1) is redeemable at the option of the holder thereof (other than solely for Equity Interests which are not otherwise Disqualified Equity Interests), in whole or in part, (iii) provides for the scheduled payments or dividends in cash, or (iv) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is 91 days after the Latest Maturity Date, except, in the case of clauses (i) and (ii), if as a result of a change of control or asset sale, so long as any rights of the holders thereof upon the occurrence of such a change of control or asset sale event are subject to the prior Payment in Full of all Obligations.

"**Disqualified Institution**" means such Persons that have been specified in writing to the Administrative Agent and the Arrangers by the Borrower as being Disqualified Institutions prior to April 18, 2021, (1) who are competitors of the Borrower and its Subsidiaries that are separately identified in writing by the Borrower to the Administrative Agent from time to time, and (iii) in the case of each of <u>clauses (i)</u> and <u>(ii)</u>, any of their Affiliates (other than any such Affiliate that is affiliated with a financial investor in such Person and that is not itself an operating company or otherwise an Affiliate of an operating company so long as such Affiliate is a bona fide Fund) that are either (a) identified in writing by the Borrower to the Administrative Agent from time to time or (b) clearly identifiable on the basis of such Affiliate's name. Notwithstanding the foregoing, (x) each Credit Party and the Lenders acknowledge and agree that the Administrative Agent shall not have any responsibility or obligation to determine whether any Lender or potential Lender is a Disqualified Institution and the Administrative Agent shall have no liability with respect to any assignment or participation made to a Disqualified Institution and (y) any such designation of a Disqualified Institution may not apply retroactively to disqualify any Person that has previously acquired an assignment or participation in any Credit Facility.

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**<u>"Disqualifying Event" as defined in Section 2.27.</u>**

"**Dollar Amount"** means (a) with respect to any**<u>Equivalent" means, subject to</u> <u>Section 1.9, for any amount, at the time of determination thereof, (a) if such</u>** amount **<u>is</u> <u>expressed</u>** in Dollars, such amount or**<u>and</u>** (b) in the case of an amount in any other**<u>if such</u> <u>amount is expressed in an</u>** Alternative Currency, the equivalent **<u>of such</u>** amount thereof in Dollars as determined by the Administrative Agent acting on behalf of the Requisite Revolving Lenders in its reasonable and good faith discretion at such time on the basis of the Exchange Rate**<u>at such time in its sole discretion by reference to the most recent Spot Rate for such</u> <u>Alternative Currency (as determined as of the most recent Revaluation Date)</u>** for the purchase of Dollars with such Alternative Currency.

**"Dollar Term Loan"** means Initial Term Loans and/or New Term Loans denominated in Dollars.

"**Dollars**" and the sign "**$**" mean the lawful money of the United States. "**Domestic Subsidiary**" means any Subsidiary that is not a Foreign Subsidiary. "**EAR**" means all incentive programs providing for equity appreciation rights or

similar plans, in each case, in the ordinary course of business or consistent with past practice. "**Earn Out Indebtedness**" as defined in <u>Section 6.1(e)</u>.

"**EEA Financial Institution**" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

"**EEA Member Country**" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"**EEA Resolution Authority**" means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"**Effective Date**" means that date on which the Initial Term Loans are made, which is June 21, 2021.

"**Effective Date Certificate**" means an Effective Date Certificate substantially in the form of <u>Exhibit F-1</u>.

"**Effective Date Mortgaged Property**" means each parcel of real estate and owned improvements thereto identified in Schedule 5.15.

"**Eligible Assignee**" means any Person other than a natural Person that is (i) a Lender, an Affiliate of any Lender under common control with such Lender or a Related Fund (any two or more Related Funds being treated as a single Eligible Assignee for all purpose hereof) or (ii) a commercial bank, insurance company, investment or mutual fund or other entity that is an "accredited investor" (as defined in Regulation D under the Securities Act) and which extends credit or buys loans in the ordinary course of business; <u>provided</u>, no Defaulting Lender, Disqualified Institution, natural person, Credit Party or Affiliate of a Credit Party shall be an Eligible

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Assignee (except assignments to (x) the Borrower pursuant to <u>Section 10.6(i)</u> and (y) any Madison Affiliated Lender pursuant to <u>Section 10.6(j)</u>).

"**Employee Benefit Plan**" means any "employee benefit plan" as defined in Section 3(3) of ERISA which is or was sponsored, maintained or contributed to by, or required to be contributed by, the Borrower, any of its Subsidiaries.

"**Environmental Claim**" means any written notice of violation, claim, action, suit, proceeding, demand, abatement order or other order or directive (conditional or otherwise) by any Governmental Authority or any other Person arising (i) pursuant to Environmental Law or otherwise in connection with any actual or alleged violation of any Environmental Law; (ii) in connection with any actual or alleged Hazardous Materials Activity; or (iii) in connection with any actual or alleged damage, injury, threat or harm to natural resources or the environment.

"**Environmental Laws**" means any and all foreign or domestic, federal or state (or any subdivision of either of them), statutes, ordinances, orders, rules, regulations, judgments, Governmental Authorizations or any other requirements of Governmental Authorities relating to (i) the protection of human health or the environment; (ii) any Hazardous Materials Activity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Release, generation, use, storage, transportation or disposal of, or exposure to, Hazardous Materials, in any manner applicable to the Borrower or any of its Subsidiaries regarding any Facility.

"**Equity Contribution**" means the equity contribution contemplated to be made by the Investor Group.

"**Equity Interests**" means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including partnership interests and membership interests, and any and all warrants, rights or options to purchase or other arrangements or rights to acquire any of the foregoing.

"**Equity Offering**" means a sale of Equity Interests (other than through the issuance of Disqualified Equity Interests or preferred stock) other than (a) offerings registered on Form S-8 (or any successor form) under the Securities Act or any similar offering in other jurisdictions or other securities of the Borrower or any parent entity and (b) issuances of Equity Interests to any Subsidiary of the Borrower.

"**ERISA**" means the Employee Retirement Income Security Act of 1974, as amended from time to time.

"**ERISA Affiliate**" means, as applied to any Person, (i) any corporation which is a member of a controlled group of corporations within the meaning of Section 414(b) of the Internal Revenue Code of which that Person is a member; (ii) any trade or business (whether or not incorporated) which is a member of a group of trades or businesses under common control within the meaning of Section 414(c) of the Internal Revenue Code of which that Person is a member; and (iii) any member of an affiliated service group within the meaning of Section 414(m) or (o) of the Internal Revenue Code of which that Person, any corporation described in clause (i) above or any trade or business described in clause (ii) above is a member. Any former ERISA Affiliate of the Borrower or any of its Subsidiaries shall continue to be considered an ERISA Affiliate of the Borrower or any such Subsidiary within the meaning of this definition with respect to the period such entity was an ERISA Affiliate of the Borrower or such Subsidiary and with respect to liabilities arising after such period for which the Borrower or such Subsidiary could be liable under the Internal Revenue Code or ERISA.

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"**ERISA Event**" means (i) a "reportable event" within the meaning of Section 4043 of ERISA and the regulations issued thereunder with respect to any Pension Plan (excluding those for which the provision for 30-day notice to the PBGC has been waived by regulation); (ii) the failure to meet the minimum funding standard of Section 412 of the Internal Revenue Code with respect to any Pension Plan (whether or not waived in accordance with Section 412(c) of the Internal Revenue Code) or the failure to make by its due date a required installment under Section 430(j) of the Internal Revenue Code with respect to any Pension Plan or the failure to make any required contribution to a Multiemployer Plan; (iii) the provision by the administrator of any Pension Plan pursuant to Section 4041(a)(2) of ERISA of a notice of intent to terminate such plan in a distress termination described in Section 4041(c) of ERISA; (iv) the withdrawal by the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates from any Pension Plan with two or more contributing sponsors or the termination of any such Pension Plan resulting in liability to the Borrower, any of its Subsidiaries or any of their respective Affiliates pursuant to Section 4063 or 4064 of ERISA; (v) the institution by the PBGC of proceedings to terminate any Pension Plan the termination of or the appointment of a trustee to administer any Pension Plan, or the receipt of a written notice in which the Pension Benefit Guaranty Corporation states that either such an event is forthcoming; (vi) the imposition of liability on the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA; (vii) the withdrawal of the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates in a complete or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan if there is a reasonable expectation of potential liability therefor, or the receipt by the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates of notice from any Multiemployer Plan that it is insolvent within the meaning of Section 4245 of ERISA, or that it intends to terminate or has terminated under Section 4041A or 4042 of ERISA; (viii) the occurrence of an act or omission which would reasonably be expected to give rise to the imposition on the Borrower, any of its Subsidiaries of fines, penalties, taxes or related charges under Chapter 43 of the Internal Revenue Code or under Section 409, Section 502(c), (i) or (l), or Section 4071 of ERISA in respect of any Employee Benefit Plan; (ix) the assertion of a material claim (other than routine claims for benefits) against any Employee Benefit Plan other than a Multiemployer Plan or the assets thereof, or against the Borrower or any of its Subsidiaries in connection with any Employee Benefit Plan; (x) receipt from the Internal Revenue Service of notice of the failure of any Pension Plan (or any other Employee Benefit Plan intended to be qualified under Section 401(a) of the Internal Revenue Code) to qualify under Section 401(a) of the Internal Revenue Code, or of the failure of any trust forming part of any Pension Plan to qualify for exemption from taxation under Section 501(a) of the Internal Revenue Code; or (xi) the imposition of a Lien pursuant to Section 430(k) of the Internal Revenue Code or ERISA or a violation of Section 436 of the Internal Revenue Code.

"**Erroneous Payment**" has the meaning assigned to it in <u>Section</u> 9.13(a)**<u>9.14(a)</u>**. "**Erroneous Payment Deficiency Assignment**" has the meaning assigned to it in

<u>Section</u> 9.13(d)**<u>9.14(d)</u>**.

"**Erroneous Payment Impacted Class**" has the meaning assigned to it in <u>Section</u> 9.13(d)**<u>9.14(d)</u>**.

"**Erroneous Payment Return Deficiency**" has the meaning assigned to it in <u>Section</u> 9.13(d)**<u>9.14(d)</u>**.

"**Erroneous Payment Subrogation Rights**" has the meaning assigned to it in <u>Section</u> 9.13(d)**<u>9.14(d)</u>**.

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"**EU Bail-In Legislation Schedule**" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

<u>Section 8.1</u>.

"**Event of Default**" means each of the conditions or events set forth in

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute.

"**Exchange Rate**" means, on any date with respect to any currency, the average rate at which such currency may be exchanged into any other currency, as set forth at approximately 11:00 a.m. (New York time), on such date on the Reuters World Currency Page for such currency. In the event that such rate does not appear on any Reuters World Currency Page, the Exchange Rate shall be determined by reference to such other publicly available service for displaying the exchange rates as may be selected by the Administrative Agent, in its reasonable and good faith discretion, or, in the event no such service is selected, such Exchange Rate shall instead be the arithmetic average of the spot rates of exchange of the Administrative Agent, in the market where its foreign currency exchange operations in respect of such currency are then being conducted, at or about 11:00 a.m. (New York time), on such date for the purchase of the relevant currency for delivery two Business Days later; <u>provided</u> that if at the time of any such determination, for any reason, no such spot rate is being quoted, the Administrative Agent, after consultation with the Borrower, may use any reasonable method that it deems appropriate to determine such rate, and such determination shall be presumed correct absent manifest error.

**"Excluded Collateral"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)(a) any fee-owned Real Estate Asset that is not a Material Real Estate Asset or that is located outside of the United States, (b) any portion of a fee-owned Real Estate Asset that contains improvements located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a "special flood hazard area" and (c) all leasehold interests in real property,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)motor vehicles and other assets subject to certificates of title statutes of any jurisdiction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any Letter of Credit Rights (as defined in the UCC) (other than to the extent a security interest in such rights can be perfected by filing financing statements in appropriate form in the applicable jurisdiction under the UCC) or Commercial Tort Claims (each as defined in the Pledge and Security Agreement), in either case, worth less than $10,000,000 individually,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any assets specifically requiring perfection through control, control agreements or other control arrangements and (other than delivery of certificated pledged capital stock and material promissory notes, in each case to the extent required under the Pledge and Security Agreement), including deposit accounts, securities accounts and commodities accounts (other than to the extent a security interest in such rights can be perfected by filing financing statements in appropriate form in the applicable jurisdiction under the UCC),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any assets to the extent a security interest in such assets would be prohibited or restricted, prior to the Effective Date, by contract binding on such assets or, if acquired after the Effective Date, by applicable law or regulation (including any requirement to obtain the consent of any Governmental Authority or third party) (except to the extent such prohibition is unenforceable after giving effect to the applicable provisions of the UCC the assignment of which is expressly deemed effective under the UCC notwithstanding

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such prohibitions); provided that the exclusions referred to in clause (v) of this definition shall not include any Proceeds (as defined in the UCC) thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)any Margin Stock and Equity Interests in any Person, other than wholly-owned Subsidiaries, to the extent such person's organizational or Joint Venture documents do not permit a security interest over such Margin Stock or Equity Interests to be granted,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)any of the assets of any Foreign Subsidiary or Excluded Subsidiary,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)any assets to the extent a security interest in such assets would result in material adverse Tax or regulatory consequences, as reasonably determined by the Borrower in consultation with the Administrative Agent,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)any lease, license, contract or agreement to which any Grantor is a party, and any of its rights or interest thereunder, if and to the extent that a security interest is prohibited by or in violation of (a) any law, rule or regulation applicable to such Grantor, or (b) a term, provision or condition of any such lease, license, contract or agreement (unless such law, rule, regulation, term, provision or condition would be rendered ineffective with respect to the creation of the security interest under the applicable Collateral Document pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of equity); <u>provided</u> <u>however</u> that the Collateral shall include (and such security interest shall attach) immediately at such time as the contractual or legal prohibition shall no longer be applicable and to the extent severable, shall attach immediately to any portion of such lease, license, contract or agreement not subject to the prohibitions specified in (a) or (b) above; <u>provided</u> <u>further</u> that the exclusions referred to in clause (ix) of this definition shall not include any Proceeds (as defined in the UCC) of any such lease, license, contract or agreement unless proceeds are explicitly set forth in such prohibition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)any lease, license, contract, permit or agreement to which any Grantor is a party or any of its rights or interests thereunder if and only for so long as the grant of a security interest under the applicable Collateral Document shall constitute or result in a breach, termination or default under any such lease, license, contract, permit or agreement (unless such term, provision or condition would be rendered ineffective with respect to the creation of the security interest under the applicable Collateral Document pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of equity); <u>provided</u> <u>however</u> that the Collateral shall include (and such security interest shall attach) immediately at such time as the contractual or legal prohibition shall no longer be applicable and to the extent severable, shall attach immediately to any portion of such lease, license, contract, permit or agreement not subject to the prohibitions specified in this clause (x); <u>provided</u> <u>further</u> that the exclusions referred to in clause (ix) of this definition shall not include any proceeds of any such lease, license, contract, permit or agreement unless proceeds are explicitly set forth in such prohibition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)any "intent-to-use" application for registration of a Trademark filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to the filing of a "Statement of Use" pursuant to Section 1(d) of the Lanham Act or an "Amendment to Allege Use" pursuant to Section 1(c) of the Lanham Act with respect thereto, solely to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of any registration that issues from such intent-to-use application under applicable federal law,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)assets owned by any Grantor on the Effective Date or hereafter acquired and any proceeds thereof that are subject to a Capital Lease or purchase money security obligation to the extent and for so long as the contract or other agreement governing such Capital Lease or purchase money security obligation validly prohibits the creation of any other Lien on such assets and proceeds,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)any property of a person existing at the time such person is acquired or merged with or into or consolidated with any Grantor that is subject to a Lien permitted by <u>Section 6.2(n)</u> to the extent and for so long as the contract or other agreement in which such Lien is granted validly prohibits the creation of any other Lien on such property,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)any of the outstanding Equity Interests of (A) a Foreign Subsidiary, other than no more than 66% of the Voting Stock and 100% of the Equity Interests other than Voting Stock, in each case, of a first-tier Foreign Subsidiary of a Credit Party entitled to vote, (B) a Subsidiary of a Foreign Subsidiary, (C) an Unrestricted Subsidiary or (D) an Immaterial Restricted Subsidiary,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)assets not located in the United States that require action under the law of any jurisdiction other than the United States (in each case including any states, provinces or other sub-divisions thereof) to create or perfect a security interest or Lien in such assets, which shall include Intellectual Property not registered in the United States (it being understood and agreed that assets that are included in the Collateral solely because of the effect of this clause

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) are limited to assets other than Equity Interests), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)those assets as to which the Administrative Agent and the Borrower reasonably determine in writing that the cost or other consequences of obtaining such security interest or perfection thereof are excessive in view of the benefits to be obtained by the Secured Parties therefrom.

"**Excluded Subsidiary**" means

&nbsp;&nbsp;&nbsp;&nbsp;&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)any Subsidiary that is not a wholly-owned Domestic Subsidiary or that is a Domestic Subsidiary that is a Subsidiary of a Foreign Subsidiary (including, any CFC Holding Company and any direct or indirect Subsidiary of a Foreign Subsidiary or a CFC Holding Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)each Unrestricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)each Immaterial Restricted Subsidiary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any Subsidiary of the Borrower that (a) is prohibited from incurring or guaranteeing the Obligations by applicable law or by a Contractual Obligation existing on the Effective Date or, thereafter, a bona fide Contractual Obligation (the prohibition contained in which was not entered into in contemplation of this provision), in favor of a Person (other than the Borrower or any of its Subsidiaries or Affiliates) for which the required consents have not been obtained or (b) would be required to obtain governmental (including regulatory) or third party consent, approval, license or authorization to incur or guarantee the Obligations; <u>provided</u> that any such Subsidiary of the Borrower or of another Subsidiary shall cease to be covered under this clause at such time as such Subsidiary's becoming a Credit Party would no longer constitute a violation of such Contractual Obligation or applicable law, whether as a result of obtaining the required consents or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any Subsidiary that is a domestic captive insurance company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)not-for-profit Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)any Subsidiary that is a special purpose securitization vehicle (or similar entity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)any Joint Venture to the extent that such Joint Venture constitutes a Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)any other Subsidiary with respect to which, in the reasonable judgment of the Borrower in consultation with the Administrative Agent, the cost or other consequences (including any adverse tax or regulatory consequences) of incurring the Obligations or providing a guarantee thereof shall be excessive in view of the benefits to be obtained by the Lenders therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)each Subsidiary that is a registered broker dealer; 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;(xii)each other Subsidiary acquired pursuant to a Permitted Acquisition or other Investment permitted hereunder and financed with assumed secured Indebtedness permitted hereunder, and each Restricted Subsidiary acquired in such Permitted Acquisition or other Investment permitted hereunder that guarantees such Indebtedness, in each case to the extent that, and for so long as, the documentation relating to such Indebtedness to which such Subsidiary is a party prohibits such Subsidiary from guaranteeing the Obligations and such prohibition was not created in contemplation of such Permitted Acquisition or other Investment permitted hereunder.

"**Excluded Swap Obligation**" means, with respect to any Guarantor at any time, any obligation (a "**Swap Obligation**") to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of section 1a(47) of the Commodity Exchange Act, if, and to the extent that, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any guarantee thereof) is illegal at such time under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor's failure for any reason to constitute an "eligible contract participant" as defined in the Commodity Exchange Act at the time such guarantee or grant of a security interest becomes effective with respect to such related Swap Obligation.

"**Excluded Taxes**" means with respect to any Person (a) Taxes based upon, or measured by, such Person's (or a branch of such Person's) net income, net receipts, net profits (however denominated and including franchise Taxes imposed in lieu of such Taxes) and branch profits or other similar taxes, imposed by a taxing authority (i) in a jurisdiction in which such Person is organized, (ii) in a jurisdiction in which such Person's principal office is located, (iii) in a jurisdiction in which such Person's lending office (or branch) in respect of which payments under this Agreement are made is located, or (iv) in a jurisdiction where such Person is deemed to conduct business or otherwise have a taxable presence, (b) U.S. withholding Taxes imposed on amounts payable to such Person (i) at the time that such Person becomes party to this Agreement (other than pursuant to an assignment request by the Borrower under <u>Section 2.23</u>), or (ii) such Person changes its lending office, except in each case to the extent that, pursuant to <u>Section 2.20</u>, amounts with respect to such Taxes were payable either to such Person's assignor immediately before such Person became a party hereto or to such Person immediately before it changed its lending office, (c) Taxes imposed on amounts payable to such Person that are attributable to such Peron's failure or inability to comply with <u>Section 2.20(c)</u> or <u>Section 2.20(d)</u> and (d) Taxes imposed under FATCA.

"**Existing Credit Agreements**" as defined in the recitals hereto.

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"**Existing Indebtedness**" means the senior credit facilities advanced to the Borrower under the Existing Credit Agreements.

"**Existing Letters of Credit**" means those certain letters of credit, listed on Appendix A-3 to the Fourth**<u>Sixth</u>** Amendment, outstanding on the Fourth**<u>Sixth</u>** Amendment Effective Date.

"**Existing Revolving Commitments**" as defined in <u>Section 2.25(c)(ii)</u>.

"**Existing Seller Note**" means that certain Promissory Note, dated as of December 18, 2020, by and among Madison Indoor Air Solutions LL and BWB Partners P/S, as representative for the sellers.

"**Existing Term Loans**" as defined in <u>Section 2.25(c)(ii)</u>. "**Extended Maturity Date**" as defined in <u>Section 2.25(a)</u>.

"**Extended Revolving Commitments**" as defined in <u>Section 2.25(c)(ii)</u>. "**Extended Term Loans**" as defined in <u>Section 2.25(c)(ii)</u>.

"**Extension**" as defined in <u>Section 2.25(a)</u>.

"**Extension Amendment**" as defined in <u>Section 2.25(f)</u>. "**Extension Offer**" as defined in <u>Section 2.25(a)</u>.

"**Facility**" means any real property (including all buildings, fixtures or other improvements located thereon) now, hereafter or heretofore owned, leased, operated or used by the Borrower or any of its Subsidiaries or any of their respective predecessors.

"**Fair Share**" as defined in <u>Section 7.2</u>.

"**Fair Share Contribution Amount**" as defined in <u>Section 7.2</u>.

"**FATCA**" means Sections 1471 through 1474 of the Internal Revenue Code (effective as of the Effective Date), any Treasury Regulations promulgated thereunder, any current or future official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code and any fiscal or regulatory legislation, rules or practices adopted pursuant thereto.

"**Federal Funds Effective Rate**" means for any day, the rate *per annum* equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; <u>provided</u>, (i) if such day is not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day and (ii) if no such rate is so published on such next succeeding Business Day, the Federal Funds Effective Rate for such day shall be the average rate charged to Administrative Agent on such day on such transactions as determined by Administrative Agent; <u>provided</u> <u>further</u>, that if the Federal Funds Effective Rate would otherwise be negative, it shall be deemed to be 0.00% per annum.

"**Fifth Amendment**" means that certain Fifth Amendment to Credit and Guaranty Agreement, dated as of November 6, 2025, among the Borrower, the Guarantors, the Administrative Agent and the Lenders listed on the signature pages thereto.

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"**Fifth Amendment Effective Date**" has the meaning set forth in the Fifth Amendment; <u>provided</u> that, for the avoidance of doubt such date was November 6, 2025.

"**Financial Covenant Cross Default**" as defined in <u>Section 8.1(c)</u>. "**Financial Covenant Event of Default**" as defined in <u>Section 8.1(c)</u>.

"**First Amendment**" means that certain First Amendment to Credit and Guaranty Agreement, dated as of June 16, 2023, among the Borrower and the Administrative Agent.

"**First Amendment Effective Date**" has the meaning set forth in the First Amendment; *provided* that, for the avoidance of doubt such date was July 1, 2023.

"**First Lien Net Leverage Incremental Ratio Test**" as defined in the definition of "Available Incremental Amount".

"**First Lien Net Leverage Ratio**" means, as of the date of determination, the ratio of (a) Consolidated First Lien Net Debt as of such date of determination to (b) Consolidated Adjusted EBITDA of the Borrower and Restricted Subsidiaries for the Test Period most recently ended on or prior to such date of determination in each case with such pro forma adjustments to Consolidated First Lien Net Debt and Consolidated Adjusted EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Pro Forma Basis.

"**First Priority**" means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that such Lien is the only Lien to which such Collateral is subject, other than any Permitted Lien.

"**Fiscal Quarter**" means a fiscal quarter of any Fiscal Year.

"**Fiscal Year**" means the Fiscal Year of the Borrower and its Subsidiaries ending on December 31 of each calendar year.

**<u>"Fixed Incremental Amount" as defined in paragraph (II) of the definition of</u> <u>"Available Incremental Amount".</u>**

"**Flood Hazard Property**" means any Real Estate Asset subject to a mortgage in favor of Collateral Agent, for the benefit of Secured Parties, and located in an area designated by the Federal Emergency Management Agency as having special flood or mud slide hazards.

U.S. Congress pursuant to the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973, the National Flood Insurance Reform Act of 1994 and the Flood Insurance Reform Act of 2004, in each case as amended from time to time, and any successor statutes.

"**Flood Zone**" means areas having special flood hazards as described in the National Flood Insurance Act of 1968, as amended from time to time, and any successor statute.

"**Floor**" means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with

------

respect to Adjusted Term SOFR Rate **<u>and/or Term CORRA</u>**. For the avoidance of doubt, **<u>(a)</u>** the Adjusted Term SOFR Rate (or any alternate or successor benchmark rate of interest (including, without limitation, Daily Simple SOFR)) shall at no time be less than (i) 0.00% per annum with respect to any Revolving Loan, (ii) 0.50% per annum with respect to any Initial Term Loan or 2025 Incremental Term Loan and (iii) 0.50% per annum with respect to any 2025 Repriced Incremental Term Loan **<u>and (b) Term CORRA (or any alternate</u> <u>or successor benchmark rate of interest) shall at no time be less than 0.00%</u>**.

"**Foreign Subsidiary**" means any Subsidiary (i) that is a CFC, (ii) that is disregarded as separate from its owner for U.S. federal income Tax purposes and owns 100% of

the Equity Interests of a CFC and substantially all of the assets of which consist (directly or indirectly) of Equity Interests and/or Indebtedness of CFCs or (iii) that is a CFC Holding Company.

"**Fourth Amendment**" means that certain Fourth Amendment and Joinder Agreement to Credit and Guaranty Agreement dated as of May 6, 2025 among the Borrower, each other Credit Party, the Administrative Agent, the 2025 Incremental Term Lenders listed on the signature pages thereto and the 2025 Incremental Revolving Lenders listed on the signature pages thereto.

"**Fourth Amendment Effective Date**" has the meaning set forth in the Fourth Amendment; <u>provided</u> that, for the avoidance of doubt such date was May 6, 2025.

**"Fourth Amendment Equity Contribution"** means the equity contribution contemplated to be made by the Borrower, Madison and its affiliates and any other investors arranged by and designated by Madison, in order to consummate the RPC Acquisition on the Fourth Amendment Effective Date, in an amount equal to $377,383,711.22.

"**Fourth Amendment Refinancing**" has the meaning assigned to that term in the Fourth Amendment.

"**Fronting Exposure**" means, at any time there is a Defaulting Lender, with respect to Issuing Bank, such Defaulting Lender's Pro Rata Share of the outstanding Obligations with respect to Letters of Credit or Bank Guarantees, as applicable, issued by Issuing Bank other than such Obligations as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

"**Fund**" means any Person (other than a natural Person) that is engaged or advises funds or other investment vehicles that are engaged in making, purchasing, holding, or investing in commercial loans and similar extensions of credit in the ordinary course.

"**Funding Guarantors**" as defined in <u>Section 7.2</u>.

"**Funding Notice**" means a notice substantially in the form of <u>Exhibit A-1</u>. "**GAAP**" means, subject to the provisions of <u>Section 1.2</u>, United States generally accepted accounting principles in effect as of the date of determination thereof; <u>provided</u> that (i) any lease that would be characterized as an operating lease in accordance with GAAP as implemented on December 31, 2018 (whether or not such operating lease was in effect on such date) shall, at the option of the Borrower continue to be accounted for as an operating lease (and not as a Capital Lease or financing lease) for purposes of this Agreement (including for the purpose of <u>Section 6</u>) regardless of whether GAAP would require such lease to be characterized (on a prospective or retroactive basis

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or otherwise) as a Capital Lease or financing lease after December 31, 2018 and (ii) no Indebtedness shall be deemed to exist in connection with any operating leases for purposes of this Agreement.

"**Goldman Sachs<u>General Debt Basket</u>**" as defined in the preamble hereto**<u>Section 6.1(n)</u>**.

**<u>"General Investment Basket" as defined in Section 6.6(k).</u>**

**<u>"General RP Basket" as defined in Section 6.4(n).</u>**

**<u>"General Subordinated Debt Payments Basket" as defined in Section 6.4(m).</u>**

**<u>"Goldman Sachs" means Goldman Sachs Bank USA.</u>**

"**Governmental Acts**" means any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Authority.

"**Governmental Authority**" means any federal, state, municipal, national or other government, governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity, officer or examiner exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to any government or any court, in each case whether associated with a state of the United States, the United States, or a foreign entity or government (including any supra-national body exercising such powers or functions, such as the European Union or the European Central Bank).

"**Governmental Authorization**" means any permit, license, authorization, plan, directive, consent order or consent decree of or from any Governmental Authority.

"**Grantor**" as defined in the Pledge and Security Agreement. "**Guaranteed Obligations**" as defined in <u>Section 7.1</u>.

"**Guarantor**" means Holdings and each Domestic Subsidiary of the Borrower, but excluding any Excluded Subsidiary.

"**Guaranty**" means (i) the guaranty of each Guarantor set forth in <u>Section 7</u> and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other guaranty of the Obligations made by a Restricted Subsidiary in form and substance reasonably acceptable to the Administrative Agent.

"**Hazardous Materials**" means any chemical, contaminant, pollutant, waste, material or substance, of a type or quantity prohibited, limited or regulated pursuant to any Environmental Law.

"**Hazardous Materials Activity**" means any past, current, proposed or threatened activity, event or occurrence involving any Hazardous Materials, including the use, manufacture, possession, storage, holding, presence, existence, location, Release, threatened Release, discharge, placement, generation, transportation, processing, construction, treatment, abatement, removal, remediation, disposal, disposition or handling of any Hazardous Materials, and any corrective action or response action with respect to any of the foregoing.

"**Hedge Agreement**" means an Interest Rate Agreement or a Currency Agreement entered into with a Lender Counterparty.

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"**Highest Lawful Rate**" means the maximum lawful interest rate, if any, that at any time or from time to time may be contracted for, charged, or received under the laws applicable to any Lender which are presently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws now allow.

"**Historical Financial Statements**" means, (i) with respect to the Borrower, (a) the audited consolidated balance sheets as of December 31, 2020 and December 31, 2019 and the related audited consolidated statements of operations and comprehensive income and cash flows of the Borrower and its Subsidiaries and (b) the unaudited consolidated balance sheets and the related unaudited consolidated statements of operations and comprehensive income and cash flows of the Borrower and its Subsidiaries as of and for each fiscal quarter ended at least 45 days prior to the Effective Date (and the same period in the prior fiscal year) (the "**Madison IAQ Historical Financial Statements**") and (ii) with respect to the Target, (a) the audited non-statutory carve-out balance sheets of the Nortek Air Management Businesses (as defined in the Audited Financial Statements (as defined in the Acquisition Agreement)) as of December 31, 2020, 2019 and 2018, and the related audited carve-out income statements, carve-out statements of comprehensive income, cash flows and changes in total invested capital of the Nortek Air Management Businesses (as defined in the Audited Financial Statements (as defined in the Acquisition Agreement)) for the years ended December 31, 2020, 2019 and 2018 and (b) (x) the unaudited non-statutory carve-out balance sheet of Nevada Holdco Corp. and its Subsidiaries as of March 31, 2021 and 2020 and (y) the unaudited non-statutory carve-out balance sheet of Nevada Holdco Corp. and its Subsidiaries and the related unaudited management accounts as of and for each fiscal quarter ended at least 45 days prior to the Effective Date (and the same period in the prior fiscal year) (the "**Target Historical Financial Statements**").

"**Holdings**" as defined in the preamble.

"**Immaterial Restricted Subsidiary"** means any Restricted Subsidiary which, on a consolidated basis for the Borrower and all of its Restricted Subsidiaries, (i) for the most recent Fiscal Year accounted for less than 5.00% of the consolidated revenues, or (ii) as at the end of such Fiscal Year, had assets with a net book value of less than 5.00% of the Consolidated Total Assets, in each case, of the Borrower and its Restricted Subsidiaries on a Pro Forma Basis.

"**Increased Amount Date**" as defined in <u>Section 2.24</u>. "**Increased-Cost Lenders**" as defined in <u>Section 2.23</u>.

"**Incremental Ratio Tests**" as defined in the definition of Available Incremental Amount.

"**Indebtedness**" means, as applied to any Person, without duplication,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)all indebtedness for borrowed money and guarantees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)that portion of obligations with respect to Capital Leases that is properly classified as a liability on a balance sheet in conformity with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)notes payable and drafts accepted representing extensions of credit whether or not representing obligations for borrowed money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any obligation owed for all or any part of the deferred purchase price of property or services, including any earn-out obligations which are due and payable for at least 3 Business Days (excluding any such obligations (w) incurred under ERISA, (x) pursuant to any employee program, (y) payables in the ordinary course of business or (z) which are supported by a third party escrow arrangement

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or indemnifiable obligation in favor of such Person), which purchase price is (a) due more than six months from the date of incurrence of the obligation in respect thereof or (b) evidenced by a note or similar written instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)all indebtedness secured by any Lien on any property or asset owned or held by that Person regardless of whether the indebtedness secured thereby shall have been assumed by that Person or is nonrecourse to the credit of that Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)the outstanding balance of any letter of credit or any bank guarantee issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)Disqualified Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)the direct or indirect guaranty, endorsement (otherwise than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse by such Person of the obligation of another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)any obligation of such Person the primary purpose or intent of which is to provide assurance to an obligee that the obligation of the obligor thereof will be paid or discharged, or any agreement relating thereto will be complied with, or the holders thereof will be protected (in whole or in part) against loss in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)any liability of such Person for an obligation of another through any agreement (contingent or otherwise) (a) to purchase, repurchase or otherwise acquire such obligation or any security therefor, or to provide funds for the payment or discharge of such obligation (whether in the form of loans, advances, stock purchases, capital contributions or otherwise) or (b) to maintain the solvency or any balance sheet item, level of income or financial condition of another if, in the case of any agreement described under subclauses (a) or (b) of this clause (x), the primary purpose or intent thereof is as described in clause (ix) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)all obligations of such Person in respect of any exchange traded or over the counter derivative transaction, including under any Interest Rate Agreement or Currency Agreement, in each case, whether entered into for hedging or speculative purposes or otherwise; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)in no event shall obligations under any Interest Rate Agreement or Currency Agreement be deemed "Indebtedness" for purposes of calculation of "Secured Net Leverage Ratio", "Total Net Leverage Ratio" or "First Lien Net Leverage Ratio" hereunder unless such obligations relate to a derivatives transaction which has been terminated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)up to $50,000,000 of holdbacks in respect of a portion of the purchase price in connection with any Permitted Acquisition or other Investment permitted hereunder (or acquisition or Investment consummated prior to the Effective Date) shall not be considered to be Indebtedness for purposes of calculation of "Secured Net Leverage Ratio", "Total Net Leverage Ratio" or "First Lien Net Leverage Ratio".

"**Indemnified Liabilities**" means, collectively, any and all liabilities, out-of-pocket losses, damages (including natural resource damages), penalties, claims (including Environmental Claims), actions, judgments, suits, and reasonable out-of-pocket costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable **<u>and documented</u>** fees and disbursements of counsel for Protected Persons

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(limited to one counsel for the Protected Persons, taken as a whole and solely in the case of an actual or potential conflict of interest, one additional counsel to all affected Protected Persons, taken as a whole (and if reasonably necessary, one local counsel in any relevant jurisdiction to all such persons, taken as whole and, solely in the case of an actual or potential conflict of interest, one additional local counsel to all affected indemnified persons, taken as a whole)) in connection with any investigative, administrative or judicial proceeding or hearing commenced or threatened by any Person, whether or not any such Protected Person shall be designated as a party or a potential party thereto, and any reasonable out-of-pocket fees or expenses incurred by Protected Persons in enforcing this indemnity), whether direct, indirect, special or consequential and whether based on any federal, state or foreign laws, statutes, rules or regulations (including securities and commercial laws, statutes, rules or regulations and Environmental Laws), on common law or equitable cause or on contract or otherwise, that may be imposed on, incurred by, or asserted against any such Protected Person, in any manner relating to or arising out of (i) this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby (including the Lenders' agreement to make Credit Extensions, the syndication of the credit facilities provided for herein or the use or intended use of the proceeds thereof, any amendments, waivers or consents with respect to any provision of this Agreement or any of the other Credit Documents, or any enforcement of any of the Credit Documents (including any sale of, collection from, or other realization upon any of the Collateral or the enforcement of the Guaranty)); (ii) the engagement letter (and any related fee letter) delivered by any Agent or any Lender to the Borrower or Madison with respect to the transactions contemplated by this Agreement; or (iii) any Environmental Claim or any Hazardous Materials Activity relating to or arising from, directly or indirectly, any past or present activity, operation, land ownership, or practice of the Borrower or any of its Subsidiaries or the presence or Release of Hazardous Materials on or from any Facility or other property currently or formerly owned or operated by the Borrower or any of its Subsidiaries.

"**Initial Default**" as defined in <u>Section 8.3(b)</u>.

"**Initial Revolving Commitment**" means the commitment of a Lender to make or otherwise fund any Initial Revolving Loan and to acquire participations in Letters of Credit and Bank Guarantees with respect to the Initial Revolving Commitments and "**Initial Revolving Commitments**" means such commitments of all Lenders in the aggregate. The aggregate amount of the Initial Revolving Commitments as of the Fourth Amendment Effective Date is $0.

"**Initial Revolving Lender**" means a Lender having an Initial Revolving Commitment and "**Initial Revolving Lenders**" means all Lenders in the aggregate having Initial Revolving Commitments.

"**Initial Revolving Loan**" means a Loan made by a Lender to the Borrower pursuant to <u>Section 2.2(a)</u> in satisfaction of its Initial Revolving Commitment and **"Initial Revolving Loans**" means such Loans of all Lenders in the aggregate.

"**Initial Term Loan Commitment**" means the commitment of a Lender to make or otherwise fund an Initial Term Loan and "**Initial Term Loan Commitments**" means such commitments of all Lenders in the aggregate. The amount of each Lender's Initial Term Loan Commitment, if any, is set forth on Appendix A-1 or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Initial Term Loan Commitments as of the Third Amendment Effective Date is $2,451,100,000.

"**Initial Term Loan Exposure**" means, with respect to any Lender, as of any date of determination, the outstanding principal amount of the Initial Term Loans of such Lender; <u>provided</u>, at any time

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prior to the making of the Initial Term Loans, the Initial Term Loan Exposure of any Lender shall be equal to such Lender's Initial Term Loan Commitment.

**<u>"Initial Term Loan Installment" as defined in Section 2.12(a).</u>**

"**Initial Term Loans**" means a term loan denominated in Dollars made by a Lender to the Borrower pursuant to <u>Section</u> 2.1(a)**<u>2.1(a)(i)</u>**.

"**Inside Maturity Exception**" means Indebtedness consisting of, at the Borrower's option, any combination of New Incremental Revolving Loans, New Incremental Revolving Loan Commitments, New Term Loans, New Term Loan Commitments, Additional Permitted Debt, Permitted Ratio Debt and Refinancing Indebtedness (and, if applicable, any Permitted Refinancings thereof) in an aggregate principal amount not to exceed the greater of

$542,000,000 and 100% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period.

"**Installments**" as defined in <u>Section 2.12</u>.

"**Insurance Premium Financers**" means Persons who are non-Affiliates of the Borrower that advance insurance premiums for the Borrower and its Subsidiaries pursuant to Insurance Premium Financing Arrangements.

"**Insurance Premium Financing Arrangements**" means, collectively, such agreements with Insurance Premium Financers pursuant to which such Insurance Premium Financers advance insurance premiums for the Borrower and its Subsidiaries. Such Insurance Premium Financing Arrangements shall provide for the benefit of such Insurance Premium

Financers a security interest in no property of the Borrower or any of its Restricted Subsidiaries other than gross unearned premiums for the insurance policies, the proceeds of such policies and related rights.

"**Intellectual Property**" as defined in the Pledge and Security Agreement. "**Intellectual Property Asset**" means, at the time of determination, any interest

(fee, license or otherwise) then owned by any Credit Party in any Intellectual Property.

"**Intellectual Property Security Agreements**" has the meaning assigned to that term in the Pledge and Security Agreement.

"**Intercompany Note**" means a promissory note substantially in the form of <u>Exhibit I</u> evidencing Indebtedness owed among Credit Parties and their Subsidiaries.

"**Intercreditor Agreement**" means the First Lien Intercreditor Agreement (as amended, restated, supplemented or otherwise modified from time to time), dated as of the date hereof, among the Borrower, the other Grantors (as defined therein) party thereto, the Credit Agreement Collateral Agent (as defined therein), the First Lien Senior Secured Notes Trustee (as defined therein) and the additional collateral agents and authorized representative from time to time party thereto.

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"**Interest Coverage Ratio**" means the ratio of (i) Consolidated Adjusted EBITDA of the Borrower and its Restricted Subsidiaries for such Test Period to

(ii) Consolidated Cash Interest Expense calculated for any Indebtedness of the Borrower and its Restricted Subsidiaries for such Test Period.

"**Interest Payment Date**" means with respect to (i) any Loan that is a Base Rate Loan, the last Business Day of March, June, September and December of each year, commencing on September 30, 2021; and (ii) any Loan that is a Term SOFR **<u>Rate Loan or Term CORRA</u>** Loan, the last day of each Interest Period applicable to such Loan; <u>provided</u>, in the case of each Interest Period of longer than three months "Interest Payment Date" shall also include each date that is three months, or an integral multiple thereof, after the commencement of such Interest Period.

"**Interest Period**" means, in connection with a Term SOFR Rate Loan **<u>or Term</u> <u>CORRA Loan</u>**, an interest period of one, three or **<u>(except with respect to any Term CORRA</u> <u>Loan)</u>** six-months, as selected by the applicable Borrower in the applicable Funding Notice or Conversion/Continuation Notice, (i) initially, commencing on the Credit Date or Conversion/Continuation Date thereof, as the case may be; and (ii) thereafter, commencing on the day on which the immediately preceding Interest Period expires; <u>provided</u>, (a) if an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless no further Business Day occurs in such month, in which case such Interest Period shall expire on the immediately preceding Business Day; (b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clauses (c) and (d), of this definition, end on the last Business Day of a calendar month; (c) no Interest Period with respect to any portion of any Class of Term

Loans shall extend beyond such Class's Maturity Date; and (d) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Revolving Commitment Termination Date of such Revolving Loans.

"**Interest Rate Agreement**" means any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedging agreement or other similar agreement or arrangement, each of which is for the purpose of hedging the interest rate exposure associated with the Borrower's and its Subsidiaries' operations and not for speculative purposes.

"**Interest Rate Determination Date**" means, with respect to any Interest Period, the date that is two Business Days prior to the first day of such Interest Period.

"**Internal Revenue Code**" means the Internal Revenue Code of 1986, as amended to the Effective Date and from time to time hereafter.

"**Internal Revenue Service**" means the United States Internal Revenue Service. "**Investment**" means (i) any direct or indirect purchase or other acquisition by the

Borrower or any of its Subsidiaries of, or of a beneficial interest in, any of the Securities of any other Person (other than a Guarantor) or the acquisition of all or substantially all of the assets or a division, line of business or other business unit of a Person; (i) any direct or indirect purchase or other acquisition for value, by any Subsidiary of the Borrower from any Person (other than any Guarantor), of any Equity Interests of such Person; (i) any direct or indirect loan (including guarantees), advance (other than advances to employees for moving, entertainment and travel expenses, drawing accounts and similar expenditures in the ordinary course of

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business) or capital contributions by the Borrower or any of its Subsidiaries to any other Person (other than a Guarantor), including all indebtedness and accounts receivable from that other Person that are not current assets or did not arise from sales to that other Person in the ordinary course of business and (i) all investments consisting of any exchange traded or over the counter derivative transaction, including any Interest Rate Agreement and Currency Agreement, whether entered into for hedging or speculative purposes or otherwise. The amount of any Investment of the type described in clauses (i), (ii) and (iii) shall be the original cost of such Investment plus the cost of all additions thereto, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment less, to the extent cash is received by Credit Party, the amount of any redemptions, returns of capital or repayments.

"**Investor Group**" means the Investors and certain other investors (including management) arranged by and designated by the Investors.

"**Investors**" means the Borrower, its direct or indirect parent company Madison Industries US Holdings Corporation and its affiliates.

"**IPO Entity**" means, at any time at and after a Qualified IPO, the Borrower or a parent entity of the Borrower, as the case may be, the Equity Interests in which were issued or otherwise sold pursuant to the Qualified IPO.

"**IPO Listco**" means a wholly-owned subsidiary of the Borrower, formed in contemplation of a Qualified IPO to become the IPO Entity. The Borrower shall, promptly following its formation, notify the Administrative Agent of the formation of any IPO Listco.

"**IPO Reorganization Transactions**" means, collectively, the transactions taken in connection with and reasonably related to consummating a Qualified IPO, including (without limitation): (a) formation and ownership of IPO Shell Companies, 1. entry into, and performance of, (i) a reorganization agreement among any of Madison, the Borrower, its Subsidiaries and/or IPO Shell Companies implementing IPO Reorganization Transactions and other reorganization transactions in connection with an Qualified IPO and (ii) customary underwriting agreements in connection with an Qualified IPO and any future follow-on underwritten public offerings of common Equity Interests in the IPO Entity, including the provision by IPO Entity and the Borrower of customary representations, warranties, covenants and indemnification to the underwriters thereunder, 2. the merger of one or more IPO Subsidiaries with one or more direct or indirect holders of Equity Interests in Madison with the surviving entity in any such merger holding Equity Interests in Madison, and the merger of such entities with any IPO Shell Company or IPO Subsidiary, 3. the issuance of Equity Interests of IPO Shell Companies to holders of Equity Interests of Madison in connection with any IPO Reorganization Transactions, 4. the entry into an exchange agreement, pursuant to which holders of Equity Interests of Madison will be permitted to exchange such interests for certain economic/voting Equity Interests in IPO Listco, and 5. the entry into, and performance of, any tax receivables agreements by any IPO Shell Company or IPO Subsidiary, in each case of clauses (a) through (f), so long as, on a Pro Forma Basis after giving effect to any such agreement and the transactions contemplated thereby, the security interests of the Lenders in the Collateral and the Guaranties of the Secured Obligations (as defined in the Pledge and Security Agreement), taken as a whole, would not be materially impaired (as determined in good faith by the Borrower).

"**IPO Shell Company**" means each of IPO Listco and IPO Subsidiary.

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"**IPO Subsidiary**" means a wholly-owned subsidiary of IPO Listco formed in contemplation of, and to facilitate, IPO Reorganization Transactions and a Qualified IPO. The Borrower or Madison, as applicable, shall, promptly following its formation, notify the Administrative Agent of the formation of an IPO Subsidiary.

**<u>"ISDA CDS Definitions" as defined in Section 8.3(e)(iv).</u>**

"**ISDA Definitions**" means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

"**ISP**" means, with respect to any Letter of Credit or any Bank Guarantee, the International Standby Practices 1998 International Chamber of Commerce publication number 590 (or such later version thereof as may be in effect at the time of issuance).

"**Issuance Notice**" means an Issuance Notice substantially in the form of <u>Exhibit A-3</u> or as otherwise agreed by the applicable Issuing Bank in accordance with such Issuing Bank's standard operating procedures.

"**Issuing Bank**" means each of (i) prior to the Fourth Amendment Effective Date, the Persons with a Letter of Credit Commitment set forth on Appendix A-2 hereof, (ii) on and after the Fourth Amendment Effective Date **<u>and prior to the Sixth Amendment Effective</u> <u>Date</u>**, the Persons with a Letter of Credit Commitment set forth on Appendix A-2 to the Fourth Amendment and**,** (iii**<u>) on and after the Sixth Amendment Effective Date, the Persons with a</u> <u>Letter of Credit Commitment set forth on Appendix A-2 to the Sixth Amendment and (iv</u>**) any other Revolving Lender designated in writing from time to time to the Administrative Agent by the Borrower and as agreed by such Revolving Lender and the Borrower (such written designation to include the applicable Principal Office of such Issuing Bank), in each case together with each of their permitted successors and assigns in such capacity; <u>provided</u>, that **<u>(x)</u>** the term "Issuing Bank" as used in this Agreement shall refer to the Issuing Banks collectively or the "applicable Issuing Bank", as appropriate **<u>and (y) notwithstanding anything to the</u> <u>contrary herein, Barclays Bank PLC shall not be required to issue any Letter of Credit in</u> <u>an Alternative Currency</u>**.

"**Joinder Agreement**" means an agreement substantially in the form of <u>Exhibit K</u>.

"**Joinder Agreement No. 1**" means that certain Joinder Agreement No. 1 dated as of July 26, 2021 among the Borrower, Holdings, certain Subsidiaries of the Borrower, each New Term Loan Lender party thereto, the Administrative Agent and the Collateral Agent.

**"Joinder No. 1 Effective Date"** has the meaning set forth in the First Amendment; *provided* that, for the avoidance of doubt such date was July 26, 2021.

"**Joint Venture**" means a joint venture, partnership or other similar arrangement, whether in corporate, partnership or other legal form.

"**L/C Extension**" means, with respect to any Letter of Credit or any Bank Guarantee, the issuance thereof or extension of the expiry date thereof, or the reinstatement or increase of the amount thereof.

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"**Latest Maturity Date**" means, at any date of determination, the latest maturity or expiration date applicable to any Loan or Commitment hereunder at such time, including the latest maturity or expiration date of any New Revolving Loan Commitments, New Term Loan Commitments, New Revolving Loans or New Term Loans, in each case as extended in accordance with this Agreement from time to time.

**<u>"LCT Election" as defined in Section 1.5.</u>**

**<u>"LCT Test Date" as defined in Section 1.5.</u>**

"**Lender**" means each financial institution listed on the signature pages hereto as a Lender, and any other Person that becomes a party hereto pursuant to an Assignment Agreement or a Joinder Agreement.

"**Lender Counterparty**" means each Lender, each Agent and each of their respective Affiliates counterparty to a Hedge Agreement (including any Person who is an Agent or a Lender (and any Affiliate thereof) as of the Effective Date but subsequently, whether before or after entering into a Hedge Agreement, ceases to be an Agent or a Lender, as the case may be); <u>provided</u>, at the time of entering into a Hedge Agreement, no Lender Counterparty shall be a Defaulting Lender.

**<u>"Lender Direction" as defined in Section 8.3(d).</u>**

"**Letter of Credit**" means a standby letter of credit issued or to be issued by Issuing Bank pursuant to this Agreement.

"**Letter of Credit Commitment**" means, with respect to each Issuing Bank,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)prior to the Fourth Amendment Effective Date, the commitment of such Issuing Bank to issue Letters of Credit pursuant to this Agreement as such commitment is set forth on Appendix A-2, (ii) on and after the Fourth Amendment Effective Date **<u>and prior to the Sixth Amendment</u> <u>Effective Date</u>**, the commitment of such Issuing Bank to issue Letters of Credit pursuant to this Agreement as such commitment is set forth on Appendix A-2 to the Fourth Amendment or**,** (iii**<u>)</u> <u>on and after the Sixth Amendment Effective Date, the commitment of such Issuing Bank to</u> <u>issue Letters of Credit pursuant to this Agreement as such commitment is set forth on</u> <u>Appendix A-2 to the Sixth Amendment or (iv</u>**) if an Issuing Bank has entered into an Assignment Agreement, the amount set forth for such Issuing Bank as its Letter of Credit Commitment in the Register maintained by the Administrative Agent.

"**Letter of Credit Obligations**" means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit and Bank Guarantees *plus* the aggregate of all Unreimbursed Amounts, including all Letter of Credit or Bank Guarantee Borrowings. For all purposes of this Agreement, if on any date of determination a Letter of Credit or a Bank Guarantee has expired by its terms but any amount may still be drawn thereunder by reason of the operation of any law or rule of uniform practices to which any Letter of Credit is subject (such as Rule 3.13 and Rule 3.14 of the ISP) or similar terms in the Letter of Credit itself, such Letter of Credit or such Bank Guarantee shall be deemed to be "outstanding" in the amount so remaining available to be drawn other than to the extent such Letter of Credit or such Bank Guarantee has been Cash Collateralized or backstopped in connection with a Payment in Full of the Obligations.

"**Letter of Credit Sublimit**" means the lesser of (i) $100,000,000 (or, with respect to any amounts issued in Alternative Currencies, the Dollar Amount**<u>Equivalent</u>** equivalent) and (ii) the aggregate unused amount of the Revolving Commitments then in effect; <u>provided</u> that, the Letter of Credit Sublimit shall include any Bank Guarantees.

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"**Letter of Credit Usage**" means, as at any date of determination, the sum of (i) the maximum aggregate amount which is, or at any time thereafter may become, available for drawing under all Letters of Credit and all Bank Guarantees, as applicable, then outstanding, and (ii) the aggregate amount of all drawings under Letters of Credit and Bank Guarantees, as applicable, honored by Issuing Bank and not theretofore reimbursed by or on behalf of the Borrower.

"**Lien**" means any lien, mortgage, pledge, assignment, security interest, charge or encumbrance in the nature of a security interest of any kind (including any conditional sale or other title retention agreement, and any financing lease in the nature thereof) and any option, trust or other preferential arrangement having the practical effect of any of the foregoing.

"**Limited Condition Transaction**" means (i) any transaction whose consummation is not conditioned on the availability of, or on obtaining, third party financing or (ii) any redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness requiring irrevocable notice in advance of such redemption, repurchase, defeasance, satisfaction and discharge or repayment.

"**Loan**" means an Initial Term Loan, a Revolving Loan and a New Term Loan. "**Madison**" means Madison Industries Holdings LLC and each other Person controlled by or under common control with such Persons (other than any portfolio company).

"**Madison Affiliated Lenders**" means any Affiliate of the Borrower other than (i) the Borrower or any of its Subsidiaries, (ii) any natural person and (iii) any Madison Debt Fund Affiliate.

"**Madison Debt Fund Affiliate**" means any Affiliate of Madison (other than Holdings and its Subsidiaries) that is primarily engaged in, or advises funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit or securities in the ordinary course and with respect to which Madison does not, directly or indirectly, possess the power to direct or cause the direction of the investment policies of any such Affiliate. Notwithstanding the foregoing, in no event shall a natural Person be a Madison Debt Fund Affiliate.

**<u>"Madison IAQ Historical Financial Statements" as defined in the definition</u> <u>of "Historical Financial Statements".</u>**

"**Management Services Agreements**" means those various overhead and service sharing arrangements with respect to costs and expenses that are reasonably allocated to the Credit Parties, including to pay or reimburse their direct and indirect parent entities for (i) usual and customary managers' and directors' fees, corporate charges, and the allocation of personnel costs associated with the provision of services to the Borrower and its Subsidiaries and (ii) out-of-pocket costs and expenses incurred by such parent entities for the benefit of, or reasonably allocated to, the Borrower and its Subsidiaries, including audit and tax fees, valuations fees, franchise taxes, licensing fees, legal fees, liability insurance, other business insurance, healthcare insurance and other health care and benefit plan costs attributable to or reasonable allocated to the employees of the Borrower and its Subsidiaries.

"**Margin Stock**" as defined in Regulation U.

"**Market Capitalization**" means an amount equal to (i) the total number of issued and outstanding shares of common Equity Interests of the IPO Entity on the date of the declaration of a Restricted Junior Payment *multiplied by* (ii) the arithmetic mean of the closing prices per share of such common Equity Interests on the

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principal securities exchange on which such common Equity Interests are traded for the 30 consecutive trading days immediately preceding the date of declaration of such Restricted Junior Payment.

"**Material Adverse Effect**" means a material adverse effect on (a) the business, operations, properties, assets or financial condition of the Borrower and its Subsidiaries taken as a whole; (b) the ability of the Credit Parties, taken as a whole, to fully and timely perform their material Obligations, taken as a whole; (c) the legality, validity, binding effect or enforceability against the Credit Parties of the Credit Documents, taken as a whole; or (d) the rights, remedies and benefits available to, or conferred upon, any Agent and any Lender or any Secured Party under the Credit Documents, taken as a whole.

"**Material Real Estate Asset**" means any fee-owned Real Estate Asset having a fair market value in excess of $10,000,000 as of the date of the acquisition thereof.

"**Maturity Date**" means, except to the extent extended pursuant to Section 2.25:

&nbsp;&nbsp;&nbsp;&nbsp;&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)with respect to the Initial Term Loans, the earlier of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)June 21, 2028 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;(b)the date on which all Initial Term Loans shall become due and payable in full hereunder, whether by acceleration or otherwise,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)with respect to Revolving Loans and Revolving Commitments, the applicable Revolving Commitment Termination Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)with respect to the 2025 Incremental Term Loans and the 2025 Repriced Incremental Term Loans, the earlier of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(x) with respect to the 2025 Incremental Term Loans, the seventh anniversary of the Fourth Amendment Effective Date or (y) with respect to the 2025 Repriced Incremental Term Loans, the seventh anniversary of the Fourth Amendment Effective Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)March 31, 2029 (such date being the date that is ninety-one (91) days prior to the extant maturity of the Senior Unsecured Notes) unless, on or prior to such date, all then outstanding Indebtedness under the Senior Unsecured Notes has been (I) repaid or refinanced with the proceeds of Indebtedness with a final maturity date that is no earlier than ninety-one (91) days after (x) with respect to the 2025 Incremental Term Loans, the seventh anniversary of the Fourth Amendment Effective Date or (y) with respect to the 2025 Repriced Incremental Term Loans, the seventh anniversary of the Fourth Amendment Effective Date or (II) amended, modified or waived, such that the final maturity date of all then outstanding Indebtedness under the Senior Unsecured Notes is no earlier than ninety-one (91) days after (x) with respect to the 2025 Incremental Term Loans, the seventh anniversary of the Fourth Amendment Effective Date or (y) with respect to the 2025 Repriced Incremental Term Loans, the seventh anniversary of the Fourth Amendment Effective Date 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;(c)(x) with respect to the 2025 Incremental Term Loans, the date on which all 2025 Incremental Term Loans shall become due and payable in full hereunder, whether by acceleration or otherwise and (y) with respect to the 2025 Repriced Incremental Term Loans, the date on which all 2025 Repriced Incremental Term Loans shall become due and payable in full hereunder, whether by acceleration or otherwise, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)with respect to New Loans (other than the 2025 Incremental Term Loans and the 2025 Repriced Incremental Term Loans), the date on which New Loans of a Series shall become due and payable in full hereunder, as specified in the applicable Joinder Agreement, including by acceleration or otherwise.

"**MFN Provision**" as defined in <u>Section 2.24(i)(iii)</u>.

"**Minimum Collateral Amount**" means, at any time, (i) with respect to Cash Collateral consisting of Cash or Deposit Account balances, an amount equal to 102% of the Fronting Exposure of the Issuing Bank with respect to Letters of Credit and Bank Guarantees, as applicable, issued and outstanding at such time and (ii) otherwise, an amount determined by the Administrative Agent and the Issuing Bank in their reasonable discretion.

"**Modified Dutch Auction Procedures**" means the modified Dutch auction procedures set out in <u>Exhibit L</u>.

"**Moody's**" means Moody's Investors Service, Inc.

"**Moody's Threshold Debt Rating**" shall have the meaning assigned to such term in the definition of "Applicable Margin".

"**Mortgage**" means a Mortgage substantially in the form of <u>Exhibit I</u>, as it may be amended, restated, supplemented or otherwise modified from time to time.

"**Multiemployer Plan**" means any Employee Benefit Plan, as well as an employee pension benefit plan (as defined in Section 3(3) of ERISA) contributed to by an ERISA Affiliate or with has any liability, which is a "multiemployer plan" as defined in Section 3(37) of ERISA.

"**Net Asset Sale Proceeds**" means, with respect to any Asset Sale permitted by <u>Section 6.8(c)</u>, an amount equal to: (i) Cash payments (including any Cash received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) received by the Borrower or any of its Subsidiaries from such Asset Sale, *minus* (ii) any bona fide direct costs or reasonable and customary expenses incurred in connection with such Asset Sale, including (a) income or gains taxes payable by the seller as a result of any gain recognized in connection with such Asset Sale, (b) payment of the outstanding principal amount of, premium or penalty, if any, and interest on any Indebtedness (other than the Loans) that is secured by a Lien on the stock or assets in question and that is required to be repaid under the terms thereof as a result of such Asset Sale, (c) a reasonable reserve for any indemnification payments (fixed or contingent) attributable to seller's indemnities and representa-tions and warranties to purchaser in respect of such Asset Sale undertaken by the Borrower or any of its Subsidiaries in connection with such Asset Sale; <u>provided</u> that upon release of any such reserve, the amount released shall be considered Net Asset Sale Proceeds and (d) the amount of any escrow or other reserves established by the Borrower and the Restricted Subsidiaries to fund contingent liabilities reasonably estimated to be payable, that are directly attributable to such event, <u>provided</u> that any reduction at any time in the amount of any such reserves (other than as a result of payments made in respect thereof) that are permanently returned to the Borrower shall be deemed to constitute the receipt by the Borrower at such time of Net Asset Sale Proceeds in the amount of such reduction.

"**Net Equity Proceeds**" means an amount equal to any Cash proceeds from a capital contribution to, or the issuance of any Equity Interests of, the Borrower or any of its Subsidiaries (other than pursuant to any employee stock or stock option compensation plan), net of underwriting discounts and commissions and other reasonable costs and expenses associated therewith, including reasonable legal fees and expenses.

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"**Net Insurance/Condemnation Proceeds**" means an amount equal to: (i) any Cash payments or proceeds received by the Borrower or any of its Subsidiaries (a) under any casualty insurance policy in respect of a covered loss thereunder or (a) as a result of the taking of any assets of the Borrower or any of its Subsidiaries by any Person pursuant to the power of eminent domain, condemnation or otherwise, or pursuant to a sale of any such assets to a purchaser with such power under threat of such a taking, <u>minus</u> (ii)(a) any actual and reasonable costs incurred by the Borrower or any of its Subsidiaries in connection with the adjustment or settlement of any claims of the Borrower or such Subsidiary in respect thereof, and (b) any bona fide direct costs incurred in connection with any sale of such assets as referred to in clause (i)(b) of this definition, including income taxes payable as a result of any gain recognized in connection therewith.

"**Net Mark-to-Market Exposure**" of a Person means, as of any date of determination, the excess (if any) of all unrealized losses over all unrealized profits of such Person arising from Interest Rate Agreements and Currency Agreements or other Indebtedness of the type described in clause (xi) of the definition thereof. As used in this definition, "unrealized losses" means the fair market value of the cost to such Person of replacing such Interest Rate Agreements and Currency Agreement or such other Indebtedness as of the date of determination (assuming the Interest Rate Agreements and Currency Agreement or such other Indebtedness were to be terminated as of that date), and "unrealized profits" means the fair market value of the gain to such Person of replacing such Interest Rate Agreements and Currency Agreement or such other Indebtedness as of the date of determination (assuming such Interest Rate Agreements and Currency Agreement or such other Indebtedness were to be terminated as of that date).

**<u>"Net Short Lender" as defined in Section 8.3(d).</u>**

"**New Incremental Revolving Loan**" as defined in <u>Section 2.24(d)</u>.

"**New Incremental Revolving Loan Commitments**" as defined in <u>Section 2.24(a)</u>.

"**New Loan**" as defined in <u>Section 2.24(e)</u>.

**<u>"New Revolving Loan" as defined in Section 2.24(d).</u>**

"**New Revolving Loan Commitment Increases**" as defined in <u>Section 2.24(a)</u>. "**New Revolving Loan Commitments**" as defined in <u>Section 2.24(a)</u>.

"**New Revolving Loan Increase**" as defined in <u>Section 2.24(d)</u>. "**New Revolving Loan Lender**" as defined in <u>Section 2.24(b)(C)</u>.

"**New Revolving Loans<u>Term Loan</u>**" as defined in <u>Section</u> 2.24(d)**<u>2.24(e)</u>** <u>and,</u> <u>for the avoidance of doubt, including the 2025 Incremental Term Loans and the 2025 Repriced</u> <u>Incremental Term Loans</u>.

"**New Term Loan Commitments**" as defined in <u>Section 2.24(a)</u> and, for the avoidance of doubt, includes the 2025 Incremental Term Loan Commitments and the 2025 Repriced Incremental Term Loan Commitments.

"**New Term Loan Exposure**" means, with respect to any Lender, as of any date of determination, the outstanding principal amount of the New Term Loans of such Lender.

"**New Term Loan Lender**" as defined in <u>Section 2.24(b)(C)</u>.

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**"New Term Loans"** as defined in Section 2.24(e) and, for the avoidance of doubt, including the 2025 Incremental Term Loans and the 2025 Repriced Incremental Term Loans.

"**Non-Consenting Lender**" as defined in <u>Section 2.23</u>.

"**Non-Defaulting Lender**" means, at any time, each Lender that is not a Defaulting Lender at such time.

"**Non-Excluded Taxes**" means Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Credit Party under any Credit Document.

"**Non-U.S. Lender**" as defined in <u>Section 2.20(c)</u>.

"**Not Otherwise Applied**" means (subject to last proviso in the each of the definitions of "Cumulative Amount" and "Cumulative Equity Amount") with reference to any Net Equity Proceeds of any cash capital contributions or Net Equity Proceeds from the sale or issuance of any common Equity Interests (including any non-Disqualified Equity Interests) or any other transaction or event, Consolidated Excess Cash Flow, the Cumulative Amount or Cumulative Equity Amount that is proposed to be applied to a particular use or transaction, that

such amount was not previously applied in determining the permissibility of a transaction under the Credit Documents where such permissibility was (or may have been) contingent on the receipt or availability of such amount (including any application of Specified Equity Contributions pursuant to <u>Section 6.1(cc)</u> or <u>Section 8.2</u>).

"**Note**" means a Term Loan Note or a Revolving Loan Note.

"**Notice**" means a Funding Notice, an Issuance Notice, or a Conversion/ Continuation Notice.

"**Obligations**" means (a) all obligations of every nature of each Credit Party, including obligations from time to time owed to Agents (including former Agents), Lenders or any of them and Lender Counterparties, under any Credit Document or Hedge Agreement, whether for principal, interest (including interest which, but for the filing of a petition in bankruptcy with respect to such Credit Party, would have accrued on any Obligation, whether or not a claim is allowed against such Credit Party for such interest in the related bankruptcy proceeding), reimbursement of amounts drawn under Letters of Credit and Bank Guarantees, payments for early termination of Hedge Agreements, fees, expenses, indemnification or otherwise, excluding, with respect to any Guarantor, Excluded Swap Obligations with respect to such Guarantor, (b) Cash Management Obligations and (c) Erroneous Payment Subrogation Rights.

"**Obligee Guarantor**" as defined in <u>Section 7.7</u>.

"**Organizational Documents**" means (i) with respect to any corporation or company, its certificate, memorandum or articles of incorporation, organization or association, as amended, and its by-laws, as amended, (ii) with respect to any limited partnership, its certificate or declaration of limited partnership, as amended, and its partnership agreement, as amended, (iii) with respect to any general partnership, its partnership agreement, as amended, and (iv) with respect to any limited liability company, its articles of organization, as amended, and its operating agreement, as amended. In the event any term or condition of this Agreement or any other Credit Document requires any Organizational Document to be certified by a secretary of state or similar

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governmental official, the reference to any such Organizational Document shall only be to a document of a type customarily certified by such governmental official.

"**Other Applicable Indebtedness**" as defined in <u>Section 2.15(b)</u>.

"**Other First Priority Debt**" means the Senior Secured Notes and any other secured Indebtedness (including any Registered Equivalent Notes) incurred by the Borrower in the form of one or more series of senior secured notes or loans that is secured by the Collateral on a *pari passu* basis (irrespective of who has control of remedies) with the Obligations.

"**Other Taxes**" means any and all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes or any other excise or property Taxes, charges or similar levies (and interest, fines, penalties and additions related thereto) arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Credit Document.

"**Outstanding Amount**" means: (a) with respect to the Term Loans and Revolving Loans on any date, the aggregate outstanding principal Dollar Amount**<u>Equivalent</u>** thereof after giving effect to any borrowings**<u>Borrowings</u>** and prepayments or repayments of the Term Loans and Revolving Loans (including any refinancing of outstanding unpaid drawings under Letters of Credit or L/C Extensions as a Revolving Borrowing **<u>of Revolving Loans</u>**), as the case may be, occurring on such date; and (b) with respect to any Letter of Credit Obligations on any date, the Dollar Amount**<u>Equivalent</u>** of such Letter of Credit Obligations on such date after giving effect to any L/C Extension occurring on such date and any other changes in the aggregate amount of the Letter of Credit Obligations as of such date, including as a result of any reimbursements of outstanding unpaid drawings under any Letters of Credit and any Bank Guarantees (including any refinancing of outstanding unpaid drawings under Letters of Credit, Bank Guarantees or L/C Extensions as a Revolving Borrowing) or any reductions in the maximum amount available for drawing under Letters of Credit and Bank Guarantees taking effect on such date.

"**Paid in Full**" or "**Payment in Full**" or "**Pay in Full**" means the payment in full in cash or other consideration acceptable to the Administrative Agent of all Obligations (or Guaranteed Obligations, as applicable) (other than indemnities and other contingent obligations not yet due and payable and obligations due under any Hedge Agreements and Cash Management Obligations secured by the Credit Documents, to the extent alternative arrangements reasonably acceptable to the providers of any such Hedge Agreements and Cash Management Agreements have been made), cancellation, expiration or Cash Collateralization of all Letters of Credit, cancellation, expiration or Cash Collateralization of all Bank Guarantees and cancellation, termination or expiration of all Commitments.

**<u>"Parent Company" as defined in Section 5.1(k).</u>**

"**Participant Register**" as defined in <u>Section 10.6(g)(i)</u>.

"**PATRIOT Act**" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

"**Payment Recipient**" has the meaning assigned to it in <u>Section</u> 9.13(a)**<u>9.14(a)</u>**. "**PBGC**" means the Pension Benefit Guaranty Corporation or any successor thereto.

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"**Pension Plan**" means any Employee Benefit Plan, as well as, an employee pension benefit plan (as defined in Section 3(3) of ERISA) sponsored or contributed to by an ERISA Affiliate or with respect to which an ERISA Affiliate has any liability, other than a Multiemployer Plan, which is subject to Section 412 of the Internal Revenue Code or Section 302 of ERISA.

"**Permitted Acquisition**" means (a) the Acquisition and (b) any other acquisition, directly or indirectly, by the Borrower or any of its wholly-owned Subsidiaries, whether by purchase, merger or otherwise, of all or substantially all of the assets of, at least a majority of the Equity Interests of, or a business line or unit or a division of, any Person; <u>provided</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Borrower shall be in compliance with <u>Section 5.10</u> on the timelines provided therein following such Permitted Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)after giving effect to any such Permitted Acquisition, the Borrower shall be in compliance with the covenant set forth in <u>Section 5.18</u>; **<u>and</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) solely with respect to Permitted Acquisitions with Acquisition Consideration in excess of 10% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period (calculated on a Pro Forma Basis after giving effect to such acquisition), the Borrower shall have delivered to Administrative Agent, in each case solely to the extent actually received by the Credit Parties, (A) promptly upon reasonable request by Administrative Agent, (i) quarterly and annual financial statements of the Person whose Equity Interests or assets are being acquired for the twelve (12) month period immediately prior to such proposed Permitted Acquisition, including any audited financial statements that are readily available; and (ii) a third-party quality of earnings report of the applicable target; and (B) within ten (10) Business Days following the signing of such agreement, copies of the acquisition agreement and other material documents relative to the proposed transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)**(iv) in respect of any Permitted Acquisition by a Credit Party of any Subsidiary or assets that shall not be or, after giving effect to such Permitted Acquisition, shall not become a Credit Party or Collateral (as applicable), the aggregate consideration for all such Persons or assets for the term of this Agreement shall not exceed (w) the greater of (a) $410,000,000 and (b) 75% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period on a Pro Forma Basis after giving effect to such Permitted Acquisition *plus* (x) the Cumulative Amount *plus* (y) the Cumulative Equity Amount *plus* (z) such additional amount as would not result in the First Lien Net Leverage Ratio exceeding 4.70:1.00 on a Pro Forma Basis as of the last day of the most recently ended Test Period.

"**Permitted First Priority Refinancing Debt**" means any secured Indebtedness (including any Registered Equivalent Notes) incurred by the Borrower in the form of one or more series of senior secured notes or loans; <u>provided</u> that (i) such Indebtedness is secured by the Collateral on a *pari passu* basis (irrespective of who has control of remedies) with the Obligations, (ii) such Indebtedness constitutes Refinancing Indebtedness, (iii) the holders of such Indebtedness (or their representative) and Administrative Agent shall be party to an Acceptable Intercreditor Agreement and (iv) the terms and conditions of such Indebtedness (excluding pricing, fees, and optional prepayment or redemption terms) (x) reflect market terms and conditions at the time of incurrence or issuance (as determined by the Borrower and the lenders or financing sources providing such Permitted First Priority Refinancing Debt) or (y) are reasonably satisfactory to the Administrative Agent (it being understood that (1) to the extent that any financial maintenance covenant is added for the benefit of any such Indebtedness, no consent shall be required by the Administrative Agent or any of the Lenders if such financial maintenance covenant is also added for the benefit of the remaining outstanding Revolving Loans and (2) no

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consent shall be required by the Administrative Agent or any of the Lenders if any covenants are only applicable after the Latest Maturity Date).

"**Permitted Junior Debt Conditions**" means that such applicable Indebtedness (i) is not scheduled to mature prior to the date that is 91 days after the Latest Maturity Date of the Loans being refinanced, (ii) has no financial maintenance covenants, other than in the case of any Indebtedness secured by a Lien on the Collateral that is junior to the Liens securing the Obligations (in which event the financial maintenance covenants in the documentation governing such Indebtedness shall not be more restrictive than those set forth in this Agreement), (iii) does not contain any provisions that cross-default (but may contain cross-acceleration provisions) to any Default or Event of Default hereunder and (iv) has terms and conditions (excluding pricing, fees, and optional prepayment or redemption terms) that (x) reflect market terms and conditions at the time of incurrence or issuance (as determined by the Borrower and the lenders or financing sources providing such applicable Indebtedness) or (y) are reasonably satisfactory to the Administrative Agent (it being understood that (1) to the extent that any financial maintenance covenant is added for the benefit of any such Indebtedness, no consent shall be required by the Administrative Agent or any of the Lenders if such financial maintenance covenant is also added for the benefit of the remaining outstanding Revolving Loans and (2) no consent shall be required by the Administrative Agent or any of the Lenders if any covenants are only applicable after the Latest Maturity Date).

"**Permitted Liens"** means each of the Liens permitted pursuant to <u>Section 6.2</u>. "**Permitted Ratio Debt**" as defined in <u>Section 6.1(y)(C)</u>.

"**Permitted Receivables Financing**" means, collectively, any term securitizations, receivables securitizations or other receivables financings (including any factoring program), in each case that are non-recourse to the Borrower and the Restricted Subsidiaries.

"**Permitted Refinancing**" means, with respect to any Person, any modification, refinancing, refunding, renewal, replacement or extension of any Indebtedness of such Person; <u>provided</u> that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed, replaced or extended except by an amount equal to unpaid accrued interest and premium thereon *plus* other reasonable amounts paid, and fees and expenses reasonably incurred, in connection with such modification, refinancing, refunding, renewal, replacement or extension and by an amount equal to any existing commitments unutilized thereunder, unless otherwise permitted under any basket or exception under <u>Section 7.1</u> (with such amounts being deemed utilization of the applicable basket or exception under <u>Section 7.1)</u>, (b) other than with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to Section 6.1(s) or (k) and subject to the Inside Maturity Exception, such modification, refinancing, refunding, renewal, replacement or extension has a final maturity date equal to or later than the final maturity date of, and has a weighted average life to maturity equal to or greater than the weighted average life to maturity of, the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended, (c) other than with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to Section 6.1(s) or (k), at the time thereof, no Event of Default under Section 8.1(a), (f) or (g) shall have occurred and be continuing, (d) if such Indebtedness being modified, refinanced, refunded, renewed, replaced or extended is Subordinated Indebtedness, (i) to the extent such Indebtedness being modified, refinanced, refunded, renewed, replaced or extended is subordinated in right of payment to the Obligations, such modification, refinancing, refunding, renewal, replacement or extension is subordinated in right of payment to the Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended and (ii) such modification, refinancing, refunding, renewal, replacement or extension is incurred by the Person who is the obligor of the Indebtedness being modified,

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refinanced, refunded, renewed, replaced or extended and (e) if the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended was subject to an Acceptable Intercreditor Agreement, the holders of such modified, refinanced, refunded, renewed, replaced or extended Indebtedness (if such Indebtedness is secured) or their representative on their behalf shall become party to the appropriate Acceptable Intercreditor Agreement(s).

"**Permitted Reorganization**" means the undertaking or consummating of any reorganization related to tax planning and reorganization so long as, on a Pro Forma Basis after giving effect to any such transactions contemplated thereby, the security interests of the Lenders in the Collateral and the Guaranties of the Obligations, taken as a whole, would not be materially impaired (as determined in good faith by the Borrower).

"**Permitted Second Priority Refinancing Debt**" means secured Indebtedness (including any Registered Equivalent Notes) incurred by the Borrower in the form of one or more series of second lien (or other junior lien) secured notes or second lien (or other junior lien) secured loans; <u>provided</u> that (i) such Indebtedness is secured by the Collateral on a second priority (or other junior priority) basis to the Liens securing the Obligations, (ii) such Indebtedness constitutes Refinancing Indebtedness (<u>provided</u>, that such Indebtedness may be secured by a Lien on the Collateral that is junior to the Liens securing the Obligations and the obligations in respect of any Permitted First Priority Refinancing Debt, notwithstanding any provision to the contrary contained in the definition of "Refinancing Indebtedness"), (iii) the holders of such Indebtedness (or their representative) and Administrative Agent shall be party to an Acceptable Intercreditor Agreement and (iv) such Indebtedness meets the Permitted Junior Debt Conditions.

**<u>"Periodic Term CORRA Determination Day" as defined in the definition of</u> <u>"Term CORRA".</u>**

"**Permitted Unsecured Refinancing Debt**" means unsecured Indebtedness (including any Registered Equivalent Notes) incurred by the Borrower in the form of one or more series of senior unsecured notes or loans; <u>provided</u> that such Indebtedness (i) constitutes Refinancing Indebtedness and (ii) meets the Permitted Junior Debt Conditions.

"**Person**" means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited liability partnerships, joint stock companies, Joint Ventures, associations, companies, trusts, banks, trust companies, land trusts,

business trusts or other organizations, whether or not legal entities, and Governmental Authorities.

**<u>"Planned Expenditures" shall have the meaning assigned to such term in</u> <u>clause (ii)(g) of the definition of "Consolidated Excess Cash Flow".</u>**

"**Platform**" as defined in <u>Section 5.1(n)</u>.

"**Pledge and Security Agreement**" means the Pledge and Security Agreement to be executed by the Borrower and each Guarantor substantially in the form of <u>Exhibit H</u>, as it may be amended, restated, supplemented or otherwise modified from time to time.

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**<u>"Position Representation" as defined in Section 8.3(f).</u>**

"**Prime Rate**" means the rate of interest quoted in the print edition of *The Wall Street Journal*, Money Rates Section as the Prime Rate, as in effect from time to time. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer. The Administrative Agent or any other Lender may make commercial loans or other loans at rates of interest at, above or below the Prime Rate.

"**Principal Office**" means, for each of Administrative Agent and Issuing Bank, such Person's "Principal Office" as set forth on Appendix B, or such other office or office of a third party or sub-agent, as appropriate, as such Person may from time to time designate in writing to the Borrower, Administrative Agent and each Lender.

"**Private Lenders**" means Lenders that wish to receive Private-Side Information. "**Private-Side Information**" means any information with respect to the Borrower and its Subsidiaries that is not Public-Side Information.

"**Pro Forma Basis**" means, for purposes of determining compliance with any provision of this Agreement, including the determination of any financial ratio or test, that the applicable Specified Transaction shall be deemed to have occurred as of the first day of the relevant period, including pro forma adjustments arising out of events attributable to the Specified Transactions (including giving effect to those specified in accordance with the definition of Consolidated Adjusted EBITDA and Consolidated Net Income). Upon giving effect to a transaction on a "Pro Forma Basis," (i) any Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in connection with such Specified Transaction (or any other transaction which occurred during the relevant period) shall be deemed to have been incurred as of the first day of the relevant period, (ii) if such Indebtedness has a floating or formula rate, then the rate of interest for such Indebtedness for the applicable period for purposes of the calculations contemplated by this definition shall be determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as at the relevant date of such calculations, (iii) income statement items (whether positive or negative) attributable to all property acquired in such Specified Transaction or to the Investment constituting such Specified Transaction, as applicable, shall be included as if such Specified Transaction has occurred as of the first day of the relevant period, (iv) such other pro forma adjustments which would be permitted or required by Regulations S-K and S-X under the Securities Act shall be taken into account and (v) such other adjustments made by the Borrower with the consent of the Administrative Agent (not to be unreasonably withheld) shall be taken into account. Interest on a Capital Lease obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial officer of the Borrower to be the rate of interest implicit in such Capital Lease obligation in accordance with GAAP. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be determined to have been based upon the rate actually chosen, or if none, then based upon such optional rate chosen as the Borrower or the applicable Restricted Subsidiary may designate. Any such adjustments included in the initial pro forma calculations shall continue to apply to subsequent calculations of such financial ratios or tests, including during any subsequent test periods in which the effects thereof are expected to be realized.

"**Pro Rata Share**" means (i) with respect to all payments, computations and other matters relating to the Initial Term Loan of any Lender, the percentage obtained by dividing (a) the Initial Term Loan Exposure of that Lender by (b) the aggregate Initial Term Loan Exposure of all Lenders; (ii) with respect to all payments, computations and other matters relating to the Revolving Commitment or Revolving Loans of any Lender or any Letters of Credit or any Bank Guarantees, as applicable, issued or participations purchased therein by any Lender,

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the percentage obtained by dividing (a) the Revolving Exposure of that Lender by (b) the aggregate Revolving Exposure of all Lenders; and (iii) with respect to all payments, computations, and other matters relating to New Term Loan Commitments or New Term Loans of a particular Series, the percentage obtained by dividing (a) the New Term Loan Exposure of that Lender with respect to that Series by (b) the aggregate New Term Loan Exposure of all Lenders with respect to that Series. For all other purposes with respect to each Lender, "Pro Rata Share" means the percentage obtained by dividing (A) an amount equal to the sum of the Initial Term Loan Exposure, the Revolving Exposure and the New Term Loan Exposure of that Lender, by (B) an amount equal to the sum of the aggregate Initial Term Loan, the aggregate Revolving Exposure and the aggregate New Term Loan Exposure of all Lenders.

"**Projections**" as defined in <u>Section 5.1(i)</u>.

"**Protected Persons**" as defined in <u>Section 10.3(a)</u>.

**<u>"PTE" has the meaning specified in Section 9.12.</u>**

"**Public Company Costs**" means, as to any Person, costs associated with, or in anticipation of, or preparation for, compliance with the requirements of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith and costs relating to compliance with the provisions of the Securities Act and the Exchange Act or any other comparable body of laws, rules or regulations, as companies with listed equity, directors' compensation, fees and expense reimbursement, costs relating to enhanced accounting functions and investor relations, shareholder meetings and reports to shareholders, directors' and officers' insurance and other executive costs, legal and other professional fees, and listing fees, in each case to the extent arising solely by virtue of the listing of such Person's equity securities on a national securities exchange or issuance of public debt securities.

"**Public Lenders**" means Lenders that do not wish to receive Private-Side Information.

"**Public-Side Information**" means (i) at any time prior to the Borrower or any of its Subsidiaries becoming the issuer of any Traded Securities, information that is either (x) of a type that would be made publicly available if the Borrower or any of its Subsidiaries were issuing securities pursuant to a public offering or (y) not material (for purposes of United States federal, state or other applicable securities laws) to make an investment decision with respect to securities of the Borrower or any of its Subsidiaries, and (ii) at any time on or after the Borrower or any of its Subsidiaries becoming the issuer of any Traded Securities, information that is either (x) available to all holders of Traded Securities of the Borrower and its Subsidiaries or (y) not material (for purposes of United States federal, state or other applicable securities laws) to make an investment decision with respect to securities of the Borrower or any of its Subsidiaries.

"**QFC**" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

"**QFC Credit Support**" has the meaning specified in <u>Section</u> 9.12(a)**<u>9.13(a)</u>**.

"**Qualified ECP Guarantor**" means, in respect of any Swap Obligation, each Credit Party that has total assets exceeding $10,000,000 at the time such Swap Obligation is incurred.

"**Qualified IPO**" means the initial underwritten public offering (other than a public offering pursuant to a registration statement on Form S-8) of Equity Interests in the IPO Entity.

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"**Qualified Term Loans**" means any broadly syndicated term loans denominated in Dollars that are secured by Liens on the Collateral on a pari passu basis with the Obligations securing the Term Loans (other any term loans under customary bridge facilities).

"**Real Estate Asset**" means, at any time of determination, any interest (fee, leasehold or otherwise) then owned by any Credit Party in any real property.

"**Receivables Subsidiary**" means any Subsidiary formed for the purpose of, and that solely engages only in one or more Permitted Receivables Financing and other activities reasonably related thereto.

"**Reference Time**" with respect to any setting of the then-current Benchmark means (i) if such Benchmark is Term SOFR, 5:00 p.m. (New York City time) on the day that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, and (ii) if such Benchmark is not Term SOFR, the time determined by the Administrative Agent in its reasonable discretion.

**<u>"Refinanced Debt" as defined in the definition of "Refinancing</u> <u>Indebtedness".</u>**

"**Refinancing**" as defined in the recitals hereto.

"**Refinancing Costs**" means the fees, costs and expenses payable by the Borrower or any of its Subsidiaries on, before or after the Effective Date in connection with the refinancing in whole of the term loans and revolving loans outstanding under the Existing Credit Agreements and all other transactions contemplated by the Credit Documents and the Related Agreements, except for the Acquisition Costs.

"**Refinancing Indebtedness**" means (i) Permitted First Priority Refinancing Debt, (ii) Permitted Second Priority Refinancing Debt or (iii) Permitted Unsecured Refinancing Debt in each case, issued, incurred or otherwise obtained (including by means of the extension or renewal of existing Indebtedness) in exchange for, or to extend, renew, replace or refinance, in whole or part, existing Term Loans or existing Revolving Loans (or unused Revolving Commitments), or any then-existing Refinancing Indebtedness (**"Refinanced Debt"**); <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)except with respect to the Inside Maturity Exception, such Indebtedness has a later maturity and a weighted average life to maturity equal to or greater than that remaining for the Refinanced Debt (or, in the case of unsecured, subordinated or junior secured Indebtedness, such Refinanced Debt shall mature no earlier than 91 days after the final Maturity Date of the Term Loans), or, with respect to any Registered Equivalent Notes, have mandatory prepayment provisions (other than related to customary asset sale and change of control offers) that would result in prepayment of such Registered Equivalent Notes prior to the Refinanced Debt,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)such Indebtedness shall not have a greater principal amount than the principal amount of the Refinanced Debt plus accrued interest, fees, original issue discount and premiums (if any) thereon and reasonable fees and expenses associated with the refinancing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)such Refinanced Debt shall be repaid, defeased or satisfied and discharged on a dollar-for-dollar basis, and all accrued interest, fees and premiums (if any) in connection therewith shall be paid, substantially concurrently with the incurrence of such Refinancing Indebtedness in accordance with the provisions of <u>Section 2.13</u>,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the aggregate unused revolving commitments under such Refinancing Indebtedness shall not exceed the unused Revolving Commitments being replaced,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)any Refinancing Indebtedness that is a Revolving Loan shall receive pro rata treatment for any payment, borrowing**<u>Borrowing</u>**, participation and commitment reduction of the Revolving Loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)any secured Permitted First Priority Refinancing Debt shall be secured by the Collateral on a *pari passu* basis (irrespective of who has control of remedies) with the Obligations and under security documents substantially similar to the Collateral Documents and shall not be secured by any property or assets of the Borrower or any Subsidiary other than the Collateral,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)such Indebtedness will not at any time be guaranteed by any Subsidiaries other than Subsidiaries that are Guarantors and the terms of such guarantee shall be no more favorable to the secured parties in respect of such Indebtedness than the terms of the Guaranty; 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;(h)in connection with any Refinancing Indebtedness, the Borrower may require the applicable Lenders to assign their Loans and Commitments to the providers of any such Refinancing Indebtedness.

"**Register**" as defined in Section 2.7(b).

"**Registered Equivalent Notes**" means, with respect to any notes originally issued in a Rule 144A or other private placement transaction under the Securities Act, substantially identical notes (having the same Guaranties) issued in a dollar-for-dollar exchange therefor pursuant to an exchange offer registered with the SEC.

"**Regulated Bank**" means an Approved Commercial Bank that is (i) a U.S. depository institution the deposits of which are insured by the Federal Deposit Insurance Corporation; (ii) a corporation organized under section 25A of the U.S. Federal Reserve Act of 1913; (ii) a branch, agency or commercial lending company of a foreign bank operating pursuant to approval by and under the supervision of the Board of Governors under 12 CFR part 211; (5) a non-U.S. branch of a foreign bank managed and controlled by a U.S. branch referred to in clause (iii); or (v) any other U.S. or non-U.S. depository institution or any branch, agency or similar office thereof supervised by a bank regulatory authority in any jurisdiction.

"**Regulation D**" means Regulation D of the Board of Governors, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

"**Regulation T**" means Regulation T of the Board of Governors, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

"**Regulation U**" means Regulation U of the Board of Governors, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

"**Regulation X**" means Regulation X of the Board of Governors, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

"**Reimbursement Date**" as defined in Section 2.4(d).

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"**Related Agreements**" means, collectively, the Acquisition Agreements and ancillary agreements related thereto.

"**Related Fund**" means, with respect to any Lender or Eligible Assignee that is an investment fund or other entity, any other investment fund or other entity that invests in commercial loans and that is managed or advised by the same investment advisor/manager as such Lender/Eligible Assignee or by an Affiliate of such investment advisor/manager under common control therewith.

"**Related Parties**" means, with respect to any specified Person, such Person's Affiliates and the directors, officers, employees, agents, members, advisors, controlling persons and other representatives of such Person and their respective successors and assigns and any Person that possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise.

"**Release**" means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping, leaching or migration of any Hazardous Material into the indoor or outdoor environment (including the abandonment or disposal of any barrels, containers or other closed receptacles containing any Hazardous Material), including the movement of any Hazardous Material through the air, soil, surface water or groundwater.

"**Relevant Governmental Body**" means **<u>(a) with respect to SOFR or a</u> <u>Benchmark Replacement in respect of Obligations, interest, fees, commissions or other</u> <u>amounts denominated in, or calculated with respect to Dollars,</u>** the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto. **<u>and (b) with respect to a Benchmark</u> <u>Replacement in respect of Obligations, interest, fees, commissions or other amounts</u> <u>denominated in, or calculated with respect to, any Alternative Currency, (i) the central</u> <u>bank for the Currency in which such Obligations, interest, fees, commissions or other</u> <u>amounts are denominated, or calculated with respect to, or any central bank or other</u> <u>supervisor which is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement or (ii) any working group or</u> <u>committee officially endorsed or convened by (A) the central bank for the Currency in</u> <u>which such Obligations, interest, fees, commissions or other amounts are denominated, or</u> <u>calculated with respect to, (B) any central bank or other supervisor that is responsible for</u> <u>supervising either (1) such Benchmark Replacement or (2) the administrator of such</u> <u>Benchmark Replacement or (C) a group of those central banks or other supervisors.</u>**

"**Replacement Lender**" as defined in <u>Section 2.23</u>.

"**Repricing Transaction**" means any repayment, prepayment, refinancing, waiver, consent or amendment to this Agreement, the primary purpose of which (as determined by the Borrower in good faith) would be the lowering of the All-in Yield of the Term Loans or the incurrence of any Indebtedness in the form of broadly syndicated term B loans having an All-in Yield that is less than the All-in Yield of the Term Loans (or portion thereof) so repaid, prepaid, refinanced, replaced or amended, in each case, excluding any repayment, prepayment, refinancing, waiver, consent or amendment in connection with any Transformative Acquisition, Transformative Disposition, initial public offering or Change of Control.

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"**Required Prepayment Date**" as defined in <u>Section 2.15(c)</u>.

"**Requisite Lenders**" means one or more Lenders having or holding Initial Term Loan Exposure, New Term Loan Exposure and/or Revolving Exposure and representing more than 50% of the aggregate Voting Power Determinants of all Lenders; <u>provided</u> that amount of Voting Power Determinants shall be determined:

&nbsp;&nbsp;&nbsp;&nbsp;&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)with respect to any Madison Affiliated Lender, by deeming such Madison Affiliated Lender to have voted its interest as a Lender without discretion in the same proportion as the allocation of voting with respect to such matter by Lenders who are not Madison Affiliated Lenders (except as provided in <u>Section 10.6(j)(iii)(A)</u>) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)with respect to any Defaulting Lender, by disregarding the Voting Power Determinants of such Defaulting Lender.

"**Requisite Revolving Lenders**" means one or more Revolving Lenders having or holding Revolving Exposure and representing more than 50% of the aggregate Voting Power Determinants of all Revolving Lenders; <u>provided</u> that amount of Voting Power Determinants shall be determined with respect to any Defaulting Lender, by disregarding the Voting Power Determinants of such Defaulting Lender.

"**Resolution Authority**" means anybody which has authority to exercise any Write-down and Conversion Powers.

"**Restricted Junior Payment**" means (i) any dividend or other distribution, direct or indirect, on account of any shares of any class of stock of Holdings, Borrower or any of its Subsidiaries (or the direct parent of Borrower) now or hereafter outstanding, except a dividend payable solely in shares of that class of stock to the holders of that class; (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of stock of Holdings, Borrower or any of its Subsidiaries (or the direct parent thereof) now or hereafter outstanding; (iii) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of stock of Holdings, Borrower or any of its Subsidiaries (or the direct parent of Borrower) now or hereafter outstanding; (iv) management or similar fees payable to Madison or any of its Affiliates; and (v) any payment or prepayment of principal of, premium, if any, or interest on, or redemption, purchase, retirement, defeasance (including in-substance or legal defeasance), sinking fund or similar payment with respect to, the Seller Notes, any Earn Out Indebtedness and any Subordinated Indebtedness.

"**Restricted Subsidiary**" means any subsidiary other than an Unrestricted Subsidiary; <u>provided</u> that upon the occurrence of any Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such subsidiary shall be included in the definition of "Restricted Subsidiary."

**<u>"Retained Asset Sale Proceeds" as defined in the definition of "Applicable</u> <u>Asset Sale Percentage".</u>**

**<u>"Revaluation Date" means, subject to Section 1.9,</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(i)</u>** **<u>with respect to any</u>** <u>Revolving Loan denominated in an Alternative</u> <u>Currency</u>**<u>, each of the following: (a) the date of the Borrowing of such Revolving Loan</u> <u>(including any Borrowing or deemed Borrowing in respect of any unreimbursed portion of any payment by the applicable Issuing Bank under any Letter of Credit</u>** <u>denominated in an</u> 

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<u>Alternative Currency</u>**<u>) but only as to the amounts so borrowed on such date, (b) each date of</u> <u>a continuation of such Revolving Loan pursuant to the terms of this Agreement, but only</u> <u>as to the amounts so continued on such date and (c) such additional dates as the</u> <u>Administrative Agent shall determine; and</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(ii)</u>** **<u>with respect to any Letter of Credit</u>** <u>denominated in an Alternative</u> <u>Currency,</u> **<u>each of the following: (i) each date of issuance of such Letter of Credit, but only</u> <u>as to the stated amount of the Letter of Credit so issued on such date, (ii) in the case of all</u> <u>Existing Letters of Credit denominated in Alternative Currencies, the Sixth Amendment</u> <u>Effective Date, but only as to such Existing Letters of Credit and (iii) such additional dates</u> <u>as the Administrative Agent shall determine.</u>**

"**Revolving Commitment**" means (i) the Initial Revolving Commitments and**,** (ii) the 2025 Incremental Revolving Commitments **<u>and (iii) the 2026 Incremental Revolving</u> <u>Commitments</u>**.

"**Revolving Commitment Period**" means (i) with respect to any Revolving Commitments, the period from the date on which such Revolving Commitment was made, to, but excluding, the Revolving Commitment Termination Date of such Revolving Commitments and (ii) with respect to all of the Revolving Commitments as a Class, the period from the first date on which any Revolving Commitment was made, to, but excluding, the latest Revolving Commitment Termination Date of any Revolving Commitments.

"**Revolving Commitment Termination Date**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&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)with respect to the Initial Revolving Loans and Initial Revolving Commitments, the earliest to occur of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the fifth anniversary of the Effective Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the date the Revolving Commitments are permanently reduced to zero pursuant to <u>Section 2.13(b)</u>, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the date of the termination of the Revolving Commitments pursuant to <u>Section 8.1</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)with respect to the 2025 Incremental Revolving Loans and 2025 Incremental Revolving Commitments, the earliest to occur of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the fifth anniversary of the Fourth Amendment Effective Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)March 31, 2028 (such date being the date that is ninety-one (91) days prior to the extant maturity of the Senior Secured Notes) unless, on or prior to such date, all then outstanding Indebtedness under the Senior Secured Notes has been (I) repaid or refinanced with the proceeds of Indebtedness with a final maturity date that is no earlier than ninety-one (91) days after the fifth anniversary of the Fourth Amendment Effective Date or (II) amended, modified or waived, such that the final maturity date of all then outstanding Indebtedness under the Senior Secured Notes is no earlier than ninety-one (91) days after the fifth anniversary of the Fourth Amendment Effective Date,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)March 31, 2029 (such date being the date that is ninety-one (91) days prior to the extant maturity of the Senior Unsecured Notes) unless, on or prior to such date, all then outstanding Indebtedness under the Senior Unsecured Notes has been (I) repaid or refinanced with the proceeds of Indebtedness with a final maturity date that is no earlier than ninety-one (91) days after the fifth anniversary of the Fourth Amendment Effective Date or (II) amended, modified or waived, such that the final maturity date of all then outstanding Indebtedness under the Senior Unsecured Notes is no earlier than ninety-one (91) days after the fifth anniversary of the Fourth Amendment Effective Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the date that is ninety-one (91) days prior to the Maturity Date of the Initial Term Loans unless, on or prior to such date, all then outstanding Initial Term Loans have been (I) repaid or refinanced with the proceeds of Indebtedness with a final maturity date that is no earlier than ninety-one (91) days after the fifth anniversary of the Fourth Amendment Effective Date or (II) amended, modified or waived, such that the Maturity Date of the Initial Term Loans is no earlier than ninety-one (91) days after the fifth anniversary of the Fourth Amendment Effective Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the date the 2025 Incremental Revolving Commitments are permanently reduced to zero pursuant to <u>Section 2.13(b)</u>, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the date of the termination of the 2025 Incremental Revolving Commitments pursuant to <u>Section 8.1</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(iii)</u>** **<u>with respect to the 2026 Incremental Revolving Loans and 2026</u> <u>Incremental Revolving Commitments, the earliest to occur of</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** **<u>the fifth anniversary of the Sixth Amendment Effective Date,</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** **<u>March 31, 2028 (such date being the date that is ninety-one</u> <u>(91) days prior to the extant maturity of the Senior Secured Notes) unless, on or prior to</u> <u>such date, all then outstanding Indebtedness under the Senior Secured Notes has been (I)</u> <u>repaid or refinanced with the proceeds of Indebtedness with a final maturity date that is no</u> <u>earlier than ninety-one (91) days after the fifth anniversary of the Sixth Amendment</u> <u>Effective Date or (II) amended, modified or waived, such that the final maturity date of all</u> <u>then-outstanding Indebtedness under the Senior Secured Notes is no earlier than</u> <u>ninety-one (91) days after the fifth anniversary of the Sixth Amendment Effective Date,</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u>** **<u>March 31, 2029 (such date being the date that is ninety-one</u> <u>(91) days prior to the extant maturity of the Senior Unsecured Notes) unless, on or prior to</u> <u>such date, all then outstanding Indebtedness under the Senior Unsecured Notes has been (I) repaid or refinanced with the proceeds of Indebtedness with a final maturity date that is</u> <u>no earlier than ninety-one (91) days after the fifth anniversary of the Sixth Amendment</u> <u>Effective Date or (II) amended, modified or waived, such that the final maturity date of all</u><u>then outstanding Indebtedness under the Senior Unsecured Notes is no earlier than</u> <u>ninety-one (91) days after the fifth anniversary of the Sixth Amendment Effective Date,</u>**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(d)</u>** **<u>the date the 2026 Incremental Revolving Commitments are</u> <u>permanently reduced to zero pursuant to Section 2.13(b), and</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(e)</u>** **<u>the date of the termination of the 2026 Incremental Revolving</u> <u>Commitments pursuant to Section 8.1,</u>**

(iii**<u>iv</u>**) with respect to all of the Revolving Commitments and Revolving Loans as a Class, the latest Revolving Commitment Termination Date of any Revolving Commitments or Revolving Loans.

"**Revolving Exposure**" means, with respect to any Lender as of any date of determination, (i) prior to the termination of the Revolving Commitments, that Lender's Revolving Commitment; and (ii) after the termination of the Revolving Commitments, the sum of (a) the aggregate outstanding principal amount of the Revolving Loans of that Lender, (b) in the case of Issuing Bank, the aggregate Letter of Credit Usage in respect of all Letters of Credit and all Bank Guarantees issued by that Lender (net of any participations by Lenders in such Letters of Credit and such Bank Guarantees) and (c) the aggregate amount of all participations by that Lender in any outstanding Letters of Credit or any outstanding Bank Guarantees or any unreimbursed drawing under any Letter of Credit or any Bank Guarantee.

"**Revolving Lender**" means (i) an Initial Revolving Lender and**,** (ii) a 2025 Incremental Revolving Lender **<u>and (iii) a 2026 Incremental Revolving Lender</u>**.

"**Revolving Loan**" means (i) an Initial Revolving Loan and**,** (ii) a 2025 Incremental Revolving Loan **<u>and (iii) a 2026 Incremental Revolving Loan</u>**.

"**Revolving Loan Note**" means a promissory note in the form of <u>Exhibit B-2</u>, as it may be amended, restated, supplemented or otherwise modified from time to time.

"**RPC**" means Research Products Corporation, a Wisconsin corporation.

"**RPC Acquisition**" means the Borrower's acquisition, directly or indirectly, of all or substantially all of the assets and issued and outstanding shares of RPC and its subsidiaries.

"**RPC Transaction Costs**" means the fees, costs and expenses payable by the Borrower or any of its Subsidiaries on, before or after the Fourth Amendment Effective Date in connection with the transactions contemplated by the Fourth Amendment in connection with the RPC Acquisition, including in connection with the Fourth Amendment Refinancing.

"**S&P**" means Standard & Poor's, a Division of The McGraw-Hill Companies, Inc.

"**S&P Threshold Debt Rating**" shall have the meaning assigned to such term in the definition of "Applicable Margin".

"**Sale and Leaseback Transaction**" as defined in <u>Section 6.10</u>.

**<u>"Same Day Funds</u>**<u>" means (a) with respect to</u> **<u>disbursements and payments in</u> <u>Dollars, immediately available funds, and (b) with respect to disbursements and payments</u> <u>in an Alternative Currency, same day or other funds as may be determined by the</u> <u>Administrative Agent or the applicable Issuing Bank (with notice thereof to the</u> <u>Administrative Agent), as the case may be, to be customary in the</u>** 

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**<u>place of disbursement or</u> <u>payment for the settlement of international banking transactions in the relevant</u> <u>Alternative Currency.</u>**

"**Sanctions**" as defined in <u>Section 4.22(a)</u>. "**Sanctions Laws**" as defined in <u>Section 4.22(a)</u>.

"**SEC**" means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

"**Second Amendment**" means that certain Second Amendment to Credit and Guaranty Agreement, dated as of June 5, 2024, among the Borrower, the Administrative Agent, the Purchasing Term Lender (as defined therein) and the Consenting Lenders (as defined therein) party thereto.

"**Second Amendment Effective Date**" has the meaning set forth in the Second Amendment; <u>provided</u> that, for the avoidance of doubt such date was June 5, 2024.

**<u>"Secured Net Leverage Incremental Ratio Test" as defined in clause (III)(y)</u> <u>of the definition of "Available Incremental Amount".</u>**

"**Secured Net Leverage Ratio**" means, as of the date of determination, the ratio of (a) Consolidated Secured Debt as of such date of determination to (b) Consolidated Adjusted EBITDA of the Borrower and Restricted Subsidiaries for the Test Period most recently ended on or prior to such date of determination, in each case with such to Consolidated Secured Debt and Consolidated Adjusted EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Pro Forma Basis.

"**Secured Parties**" has the meaning assigned to that term in the Pledge and Security Agreement.

"**Securities**" means any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit-sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as "securities" or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing.

"**Securities Act**" means the Securities Act of 1933, as amended from time to time, and any successor statute.

"**Seller Notes**" means (a) Existing Seller Note and (b) any seller notes issued after the Effective Date pursuant to <u>Section 6.1(p)</u>.

"**Senior Secured Notes**" as defined in the recitals hereto.

"**Senior Secured Notes Documents**" means the Senior Secured Notes Indenture and the other transaction documents referred to therein (including the related guarantee, the notes and the notes purchase agreement).

"**Senior Secured Notes Indenture**" means that certain senior secured notes Indenture, dated on or around the date hereof, among the Borrower, the guarantors named therein and U.S. Bank National Association, as the trustee.

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"**Senior Unsecured Notes**" as defined in the recitals hereto.

"**Senior Unsecured Notes Documents**" means the Senior Unsecured Notes Indenture and the other transaction documents referred to therein (including the related guarantee, the notes and the notes purchase agreement).

"**Senior Unsecured Notes Indenture**" means that certain senior unsecured notes Indenture, dated on or around the date hereof, among the Borrower, the guarantors named therein and U.S. Bank National Association, as the trustee.

"**Series**" as defined in <u>Section 2.24(c)</u>.

"**Similar Businesses**" means any business conducted or proposed to be conducted by the Borrower and the Restricted Subsidiaries on the Effective Date or any business that is similar, reasonably related, synergistic, incidental, or ancillary thereto.

**<u>"Sixth Amendment" means that certain Sixth Amendment and Joinder</u> <u>Agreement to Credit and Guaranty Agreement dated as of March 20, 2026 among the</u> <u>Borrower, each other Credit Party, the Administrative Agent, the 2026 Incremental</u> <u>Revolving Lenders and the other Lenders listed on the signature pages thereto.</u>**

**<u>"Sixth</u> <u>Amendment Effective Date</u>**<u>" has the meaning set forth in the</u> **<u>Sixth Amendment.</u>**

"**SOFR**" means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator's Website on the immediately succeeding Business Day.

"**SOFR Administrator**" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"**SOFR Administrator's Website**" means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"**Solvency Certificate**" means a Solvency Certificate of the chief financial officer of the Borrower substantially in the form of <u>Exhibit F-2</u>.

"**Solvent**" means, with respect to the Borrower, that as of the date of determination, (i) the sum of the liabilities (including contingent liabilities) of the Borrower and its Restricted Subsidiaries, on a consolidated basis, does not exceed the present fair saleable value of the present assets of the Borrower and its Restricted Subsidiaries, on a consolidated basis; (ii) the fair value of the property of the Borrower and its Restricted Subsidiaries, on a consolidated basis, is greater than the total amount of liabilities (including contingent liabilities) of the Borrower and its Restricted Subsidiaries, on a consolidated basis such as liabilities become absolute and mature; (iii) the capital of the Borrower and its Restricted Subsidiaries, on a consolidated basis, is not unreasonably small in relation to their business as contemplated on the date hereof and (iv) the Borrower and its Restricted Subsidiaries, on a consolidated basis, have not incurred and do not intend to incur, or believe that they will incur, debts including current obligations beyond their ability to pay such debts as they become due (whether at maturity or otherwise). For the purposes hereof, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the

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amount that can reasonably be expected to become an actual or matured liability. For the purposes of making any determination pursuant to this paragraph, the Loans shall be deemed to mature on the stated schedule set forth herein (without giving effect to any acceleration or mandatory prepayment thereof).

**<u>"Specified IPO" as defined in the Sixth Amendment.</u>**

"**Specified Equity Contribution**" as defined in <u>Section 8.2</u>.

"**Specified Representations**" means the representations and warranties with respect to Holdings and the Borrower set forth in <u>Sections 4.1(a)</u> and (b), <u>4.3</u> (as related to the borrowing**<u>Borrowing</u>** under, guaranteeing under, granting of security interests in the Collateral to, and performance of, the Credit Documents), <u>4.4(a)(ii)</u> (as related to the borrowing**<u>Borrowing</u>** under, guaranteeing under, granting of security interests in the Collateral to, and performance of, the Credit Documents), <u>4.14</u>, <u>4.15</u>, <u>4.19</u>, <u>4.22(c)</u>, <u>4.22(b)(iii)</u>, and <u>4.24</u>.

"**Specified Transaction**" means, with respect to any period, any (i) Investment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sale or transfer of assets or property or other asset disposition, (iii) incurrence or repayment of Indebtedness, (iv) Restricted Junior Payment, (v) designation or redesignation of an Unrestricted Subsidiary or Restricted Subsidiary, (vi) incurrence of New Term Loan, (vii) provision of New Revolving Loan Commitments, (viii) incurrence of Refinancing Indebtedness or (ix) other event, in each case that by the terms of the Credit Documents requires compliance on a Pro Forma Basis with a test or covenant hereunder or requires such test or covenant to be calculated on a "Pro Forma Basis."

**<u>"Spot Rate" means, subject to Section 1.9, for a Currency, the rate provided</u> <u>(either by publication or otherwise provided or made available to the Administrative</u> <u>Agent) by Thomson Reuters Corp. (or equivalent service chosen by the Administrative</u> <u>Agent in its reasonable discretion) as the spot rate for the purchase of such Currency with</u> <u>another currency at a time selected by the Administrative Agent in accordance with the</u> <u>procedures generally used by the Administrative Agent for syndicated credit facilities in</u> <u>which it acts as administrative agent.</u>**

"**Subordinated Indebtedness**" means Indebtedness of the Borrower or any Guarantor, in excess of the Threshold Amount, that is by its terms subordinated in right of payment to the obligations of the Borrower or such Guarantor, as applicable, in accordance with the terms of the subordination agreement applicable thereto.

**<u>"Subsequent Transaction" as defined in Section 1.5.</u>**

"**subsidiary**" means, with respect to any Person, any corporation, partnership, limited liability company, association, Joint Venture or other business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; <u>provided</u>, in determining the percentage of ownership interests of any Person controlled by another Person, no ownership interest in the nature of a "qualifying share" of the former Person shall be deemed to be outstanding.

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"**Subsidiary**" means, unless the context otherwise expressly requires, a Restricted Subsidiary of the Borrower.

"**Supported QFC**" has the meaning specified in <u>Section</u> 9.12(a)**<u>9.13(a)</u>**. "**Swap Obligation**" as defined in "Excluded Swap Obligation." "**Target**" as defined in the recitals hereto.

**<u>"Target Historical Financial Statements" as defined in the definition of</u> <u>"Historical Financial Statements".</u>**

"**Target Material Adverse Effect**" has the meaning assigned to the term "Material Adverse Effect" in the Acquisition Agreement dated and as in effect on and as of April 18, 2021.

**<u>"Target Person" has the meaning specified in Section 6.6.</u>**

"**Tax**" means any present or future tax, levy, impost, duty, assessment, charge, fee, deduction or withholding (together with interest, penalties and other additions thereto) of

any nature and whatever called, by any Governmental Authority, on whomsoever and wherever imposed, levied, collected, withheld or assessed.

**<u>"Tax Group" as defined in Section 6.4(k).</u>**

**"Term Loan"** means an Initial Term Loan and/or a New Term Loan.

**"Term Loan Commitment"** means an Initial Term Loan Commitment or New Term Loan Commitment of a Lender.

**"Term Loan Note"** means a promissory note in the form of Exhibit B-1, as it may be amended, restated, supplemented or otherwise modified from time to time.

"**Term SOFR Rate"** means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR (the **"Term SOFR Reference Rate"**) that has been selected or recommended by the Relevant Governmental Body**<u>CORRA" means, for any calculation with respect to a Term CORRA Loan, the Term</u> <u>CORRA Reference Rate for a tenor comparable to the applicable Interest Period on the</u> <u>day (such day, the "Periodic Term CORRA Determination Day") that is two (2) Business</u> <u>Days prior to the first day of such Interest Period, as such rate is published by the Term</u> <u>CORRA Administrator</u>**; provided, however, that if as of the Reference time**<u>5:00 p.m. (Toronto</u> <u>time) on any Periodic Term CORRA Determination Date</u>** the Term SOFR**<u>CORRA</u>** Reference Rate for the applicable tenor has not been published by the Term SOFR**<u>CORRA</u>** Administrator and a Benchmark Replacement Date with respect to the Term SOFR**<u>CORRA</u>** Reference Rate has not occurred, then Term SOFR Rate**<u>CORRA</u>** will be the Term SOFR**<u>CORRA</u>** Reference Rate for such tenor as published by the Term SOFR**<u>CORRA</u>** Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR**<u>CORRA</u>** Reference Rate for such tenor was published by the Term SOFR**<u>CORRA</u>** Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Interest Rate**<u>Periodic Term CORRA</u>** Determination Date**<u>; provided, further, that if Term CORRA determined as provided above</u> <u>shall ever be less than the Floor, then Term CORRA shall be deemed to be the Floor</u>**.

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**<u>"Term CORRA Administrator" means CanDeal Benchmark Administration</u> <u>Services Inc. ("CanDeal") or, in the reasonable discretion of the Administrative Agent,</u> <u>TSX Inc. or an affiliate of TSX Inc. as the publication source of the CanDeal/TMX Term</u> <u>CORRA benchmark that is administered by CanDeal (or a successor administrator of the</u> <u>Term CORRA Reference Rate selected by the Administrative Agent in its reasonable</u> <u>discretion).</u>**

**<u>"Term CORRA Loan" means a Loan that bears interest at a rate based on</u> <u>Term CORRA.</u>**

**<u>"Term CORRA Reference Rate" means the forward-looking term rate based</u> <u>on CORRA.</u>**

<u>"</u>**<u>Term Loan</u>**<u>" means an Initial Term Loan and/or a New Term Loan.</u>

<u>"</u>**<u>Term Loan Commitment</u>**<u>" means an Initial Term Loan Commitment or New</u> <u>Term Loan Commitment of a Lender.</u>

**<u>"Term Loan Lender" means a Lender having a Term Loan Commitment or</u> <u>Term Loans and "Term Loan Lenders" means all Lenders in the aggregate having Term</u> <u>Loan Commitment or Term Loans.</u>**

<u>"</u>**<u>Term Loan Note</u>**<u>" means a promissory note in the form of Exhibit B-1, as it</u> <u>may be amended, restated, supplemented or otherwise modified from time to time.</u>

"**Term SOFR Adjustment**" means (1) prior to the Second Amendment Effective Date, a percentage equal to (a) with respect to a one-month Interest Period, 0.11448% per annum, (b) with respect to a three-month Interest Period, 0.26161% per annum and (c) with respect to a six-month Interest Period, 0.42826% per annum, (2) on and after the Second Amendment Effective Date but prior to the Fourth Amendment Effective Date, (a) with respect to Revolving Loans, a percentage equal to (i) with respect to a one-month Interest Period, 0.11448% per annum, (ii) with respect to a three-month Interest Period, 0.26161% per annum and (iii) with respect to a six-month Interest Period, 0.42826% per annum and (b) with respect to any Term Loan, 0% per annum and (3) on and after the Fourth Amendment Effective Date, with respect to 2025 Incremental Revolving Loans**<u>, 2026 Incremental Revolving Loans</u>** and any Term Loan, 0% per annum.

"**Term SOFR Administrator**" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).

**<u>"Term SOFR</u> <u>Rate</u>**<u>" means, for the applicable Corresponding Tenor as of the</u> <u>applicable Reference Time, the forward-looking term rate based on SOFR (the "</u>**<u>Term SOFR</u> <u>Reference Rate</u>**<u>") that has been selected or recommended by the Relevant Governmental Body</u>**<u>;</u> <u>provided however, that if as of the Reference Time the Term SOFR Reference Rate for the</u> <u>applicable tenor has not been published by the Term SOFR Administrator and a</u> <u>Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not</u> <u>occurred, then Term SOFR Rate will be the Term SOFR Reference Rate for such tenor as</u> <u>published by the Term SOFR Administrator on the first preceding U.S. Government</u> <u>Securities Business Day for which such Term SOFR Reference Rate for such tenor was</u> <u>published by the Term SOFR Administrator so long as such first preceding U.S.</u> <u>Government Securities Business Day is not more than three (3) U.S. Government Securities</u> <u>Business Days prior to such Interest Rate Determination Date.</u>**

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"**Term SOFR <u>Rate</u> Loan**" means a Loan bearing interest at a rate determined by reference to the Adjusted Term SOFR Rate, other than pursuant to clause (iii) of the definition of "Base Rate".

"**Term SOFR Reference Rate**" has the meaning assigned to such term in the definition of "Term SOFR Rate".

"**Terminated Lender**" as defined in <u>Section 2.23</u>.

"**Test Period**" means, at any time, the period of four consecutive Fiscal Quarters of the Borrower then last ended (in each case taken as one accounting period) on the date for which financial statements have been or are required to be delivered pursuant to <u>Sections 5.1(b)</u> or <u>(c)</u> or, before any financial statements are required to be delivered pursuant to such Sections, as of March 31, 2021.

"**Third Amendment**" means that certain Third Amendment to Credit and Guaranty Agreement, dated as of January 15, 2025, among the Borrower, the Administrative Agent, the Purchasing Term Lender (as defined therein) and the Consenting Lenders (as defined therein) party thereto.

"**Third Amendment Effective Date**" has the meaning set forth in the Third Amendment; <u>provided</u> that, for the avoidance of doubt such date was January 15, 2025.

"**Threshold Amount**" means the greater of (x) $140,000,000 and (y) 25% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period.

"**Threshold Debt Ratings**" shall have the meaning assigned to such term in the definition of "Applicable Margin".

**<u>"Topic 810" shall have the meaning assigned to such term in clause (i)(e) of</u> <u>the definition of "Consolidated Adjusted EBITDA".</u>**

**<u>"Topic 815" shall have the meaning assigned to such term in clause (i)(g) of</u> <u>the definition of "Consolidated Adjusted EBITDA".</u>**

"**Total Net Leverage Incremental Ratio Test**" as defined in the definition of Available Incremental Amount.

"**Total Net Leverage Ratio**" means, as of the date of determination, the ratio of (a) Consolidated Total Debt as of such date of determination to (b) Consolidated Adjusted EBITDA of the Borrower and Restricted Subsidiaries for the Test Period most recently ended on or prior to such date of determination, in each case with such to Consolidated Total Debt and Consolidated Adjusted EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Pro Forma Basis.

"**Total Utilization of Revolving Commitments**" means, as at any date of determination, the sum of (i) the Dollar Amount**<u>Equivalent</u>** of the aggregate principal amount of all outstanding Revolving Loans (other than Revolving Loans made for the purpose of reimbursing Issuing Bank for any amount drawn under any Letter of Credit or any Bank Guarantee, but not yet so applied) and (ii) the Dollar Amount**<u>Equivalent</u>** of the Letter of Credit Usage.

"**Traded Securities**" means any debt or equity Securities issued pursuant to a public offering or Rule 144A offering or other similar private placement.

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"**Transaction Costs**" means the fees, costs and expenses payable by Holdings, Borrower or any of Borrower's Subsidiaries on or before the Effective Date in connection with the transactions contemplated by the Credit Documents, including any Refinancing Costs.

"**Transactions**" as defined in the preamble.

"**Transformative Acquisition**" means any acquisition by the Borrower or any Restricted Subsidiary that (a) is not permitted by the terms of this Agreement immediately prior to the consummation of such acquisition, (b) if permitted by the terms of this Agreement immediately prior to the consummation of such acquisition, would not provide the Borrower and its Restricted Subsidiaries with adequate flexibility under this Agreement for the continuation and/or expansion of their combined operations following such consummation, as determined in good faith by the Borrower or (c) results in a refinancing of the Term Loans that involves an upsizing in connection with such acquisition.

"**Transformative Disposition**" means any disposition by the Borrower or any Restricted Subsidiary that (a) is not permitted by the terms of this Agreement immediately prior to the consummation of such disposition, (b) if permitted by the terms of this Agreement immediately prior to the consummation of such disposition, would not provide the Borrower and the Restricted Subsidiaries with a durable capital structure following such consummation, as determined by the Borrower acting in good faith or (c) results in a refinancing of the Term Loans that involves an upsizing in connection with such disposition.

"**Treasury Regulations**" means the United States Treasury regulations promulgated under the Internal Revenue Code from time to time.

"**Type of Loan**" means with respect to either Term Loans or Revolving Loans, a Base Rate Loan or**,** a Term SOFR Rate Loan **<u>or a Term CORRA Loan</u>**.

<u>"</u>**<u>U.S.</u>**<u>" or "</u>**<u>United States</u>**<u>" means the United States of America.</u>

<u>"</u>**<u>U.S. Government Securities Business Day</u>**<u>" means any day except for (a) a</u> <u>Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets</u> <u>Association recommends that the fixed income departments of its members be closed for the</u> <u>entire day for purposes of trading in United States government securities.</u>

<u>"</u>**<u>U.S. Lender</u>**<u>" as defined in Section 2.20(c).</u>

<u>"</u>**<u>U.S. Special Resolution Regime</u>**<u>" has the meaning specified in Section</u> **<u>9.13(a).</u>**

<u>"</u>**<u>U.S. Withholding Certificate</u>**<u>" has the meaning specified in Section 2.20(c).</u>

"**UCC**" means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect from time to time in any applicable jurisdiction.

"**UK Financial Institution**" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the Uniter**<u>United</u>** Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

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"**Unadjusted Benchmark Replacement**" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"**Unreimbursed Amount**" as defined in <u>Section 2.4(d)</u>.

"**Unrestricted Cash**" means, as to any Person on any date of determination, the amount of (a) unrestricted cash and Cash Equivalents of such Person and (b) cash and Cash Equivalents of such Person that are restricted in favor of the Credit Facilities and/or other pari passu or junior secured Indebtedness not prohibited under this Agreement (which may also include cash and Cash Equivalents securing other Indebtedness that is secured by a Lien on the Collateral along with the Credit Facilities and/or other pari passu or junior secured Indebtedness not prohibited under this Agreement). For the avoidance of doubt, Unrestricted Cash of the Borrower and its Restricted Subsidiaries shall include any cash and Cash Equivalents of the Borrower or its Restricted Subsidiaries used to Cash Collateralize any Letter of Credit.

**<u>"Unrestricted Subsidiaries Investment Basket" as defined in Section 6.6(y).</u>**

"**Unrestricted Subsidiary**" means any subsidiary of the Borrower designated by the board of directors (or similar governing body) of the Borrower as an Unrestricted Subsidiary pursuant to <u>Section 5.14</u> on or subsequent to the Effective Date. The Borrower may designate any subsidiary of the Borrower (including any existing subsidiary and any newly acquired or newly formed subsidiary) to be an Unrestricted Subsidiary unless such subsidiary or any of its subsidiaries owns any Equity Interests of, the Borrower or any other Credit Party; <u>provided</u> that each of (A) the subsidiary to be so designated and (B) its subsidiaries has not at the time of designation, and does not thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Borrower or any Restricted Subsidiary (other than as permitted pursuant to <u>Section 6.1(w)</u>).

**"U.S." or "United States"** means the United States of America.

**"U.S. Government Securities Business Day"** means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

**"U.S. Lender"** as defined in Section 2.20(c).

**"U.S. Special Resolution Regime"** has the meaning specified in Section 9.12(a).

**"U.S. Withholding Certificate"** has the meaning specified in Section 2.20(c).

"**Voting Power Determinants**" means, collectively, Initial Term Loan Exposure, New Term Loan Exposure and/or Revolving Exposure.

"**Voting Stock**" means, with respect to any Person as of any date, the Equity Interests of such Person that is at the time entitled to vote in the election of the board of directors of such Person.

"**Waivable Mandatory Prepayment**" as defined in <u>Section 2.15(c)</u>.

**<u>"Wells Fargo" as defined in the preamble hereto.</u>**

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"**Write-Down and Conversion Powers**" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.** **Accounting Terms**. Except as otherwise expressly provided herein, all accounting terms not otherwise defined herein shall have the meanings assigned to them in conformity with GAAP. Financial statements and other information required to be delivered by the Borrower to Lenders pursuant to <u>Sections 5.1(b)</u> and <u>5.1(c)</u> shall be prepared in accordance with GAAP as in effect on the Effective Date. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Credit Document, and the Borrower shall so request, Administrative Agent and the Borrower shall negotiate in good faith, and consent, to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP, <u>provided</u> that, until so amended, such ratio or requirement shall continue to be computed in conformity with those accounting principles and policies used to prepare the Historical Financial Statements. Without limiting the foregoing, leases shall continue to be classified and accounted for on a basis consistent with that reflected in the Historical Financial Statements for all purposes of this Agreement, notwithstanding any change in GAAP (or implementation of previously adopted GAAP) relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment addressing such change in GAAP, as provided for above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.** **Interpretation, Etc.** Any of the terms defined herein may, unless the context otherwise requires, be used in the singular or the plural, depending on the reference. References herein to any Section, Appendix, Schedule or Exhibit shall be to a Section, an Appendix, a Schedule or an Exhibit, as the case may be, hereof unless otherwise specifically provided. The use herein of the word "include" or "including," when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as "without limitation" or "but not limited to" or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. The terms lease and license shall include sub-lease and sub-license, as applicable. Unless otherwise specifically indicated, the term "consolidated" with respect to any Person refers to such Person consolidated with its Restricted Subsidiaries, and excludes from such consolidation any Unrestricted Subsidiary as if such Unrestricted Subsidiary were not an Affiliate of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.** **Rates**. With respect to any Term SOFR Rate Loans, the**<u>The</u>** Administrative Agent does not warrant or accept **<u>any</u>** responsibility for, and shall not have any liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to Base Rate, the Term SOFR Reference Rate, **<u>Term SOFR Rate,</u>** Adjusted Term SOFR Rate or**<u>, the</u>** Term SOFR**<u>CORRA Reference</u>** Rate**<u>, Term CORRA or any other</u> <u>Benchmark</u>**, or any component definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, Base Rate, the Term SOFR Reference Rate,

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**<u>Term SOFR Rate,</u>** Adjusted Term SOFR Rate, **<u>the</u>** Term SOFR**<u>CORRA</u> <u>Reference</u>** Rate**<u>, Term CORRA</u>** or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Benchmark Replacement Conforming Changes. The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of Base Rate, the Term SOFR Reference Rate, Term SOFR Rate, Adjusted Term SOFR Rate, **<u>the Term CORRA Reference Rate, Term</u> <u>CORRA or any other Benchmark,</u>** any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain Base Rate, the Term SOFR Reference Rate, Term SOFR Rate, Adjusted Term SOFR Rate**<u>, the Term CORRA Reference Rate, Term CORRA</u>** or any other Benchmark, **<u>any component definition thereof or rates referred to in the definition</u> <u>thereof,</u>** in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5.** **Limited Condition Transactions**. In connection with any action being taken in connection with a Limited Condition Transaction, for purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)determining compliance with any provision of this Agreement which requires the calculation of any financial ratio or test, including the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio, the Interest Coverage Ratio and the Total Net Leverage Ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)testing availability under baskets set forth in this Agreement (including baskets measured as a percentage of Consolidated Adjusted EBITDA or Consolidated Total Assets); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)determining the accuracy of any representation or warranty or the existence of any Default or Event of Default.

in each case, at the option of the Borrower (the Borrower's election to exercise such option in connection with any Limited Condition Transaction, an "**LCT Election**"), the date of determination of whether any such action is permitted hereunder shall be deemed to be the date the definitive agreement for such Limited Condition Transaction is entered into (the "**LCT Test Date**"), and if, on a Pro Forma Basis after giving effect to the Limited Condition Transaction, the Borrower or any of its Restricted Subsidiaries would have been permitted to take such action on the relevant LCT Test Date in compliance with such ratio, test or basket or other provision, such ratio, test or basket shall be deemed to have been complied with. For the avoidance of doubt, if the Borrower has made an LCT Election and any of the ratios, tests or baskets or other provision for which compliance was determined or tested as of the LCT Test Date would have failed to have been satisfied as a result of fluctuations in any such ratio, test or basket or other provision, including due to fluctuations in Consolidated Adjusted EBITDA, Consolidated Cash Interest Expense, Consolidated Interest Expense or Consolidated Total Assets, at or prior to the consummation of the relevant transaction or action, such baskets, tests or ratios will not be deemed to have failed to have been satisfied as a result of such fluctuations. If the Borrower has made an LCT Election for any Limited Condition Transaction, then in connection with any event or transaction occurring after the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement or date for redemption, repurchase, defeasance, satisfaction and discharge or repayment specified in an irrevocable notice for such Limited Condition Transaction is terminated, expires or

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passes, as applicable, without consummation of such Limited Condition Transaction (a "**Subsequent Transaction**") in connection with which a ratio, test or basket availability calculation must be made on a Pro Forma Basis after giving effect to such Subsequent Transaction, for purposes of determining whether such ratio, test or basket availability has been complied with under this Agreement, any such ratio, test or basket shall be required to be satisfied on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith have been consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6.** **References to Agreements, Laws, Etc.** Unless otherwise expressly provided herein, (<u>a</u>) references to Organizational Documents, agreements (including the Credit Documents), and other Contractual Obligations shall be deemed to include all subsequent amendments, restatements, amendment and restatements, extensions, supplements, modifications, replacements, refinancings, renewals, or increases (in each case, whether pursuant to one or more agreements or with different lenders or agents), but only to the extent that such amendments, restatements, amendment, and restatements, extensions, supplements, modifications, replacements, refinancings, renewals, or increases are not prohibited by any Credit Document, (<u>b</u>) references to any requirements of law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing, or interpreting such requirement of law and (c) any reference herein to any Person shall be construed to include such Person's successors and permitted assigns and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all of the functions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7.** **Compliance with Certain Sections**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For purposes of determining compliance with Section 6, in the event that any Lien, Investment, Indebtedness (whether at the time of incurrence or upon application of all or a portion of the proceeds thereof), disposition, Asset Sale, Restricted Junior Payment, Affiliate transaction, Contractual Obligation, or prepayment of Indebtedness meets the criteria of one, or more than one, of the "baskets" or categories of transactions then permitted pursuant to any clause or subsection of Section 6, such transaction (or portion thereof) at any time shall be permitted under one or more of such clauses at the time of such transaction or any later time from time to time, in each case, as determined by the Borrower in its sole discretion at such time and thereafter may be reclassified by the Borrower in any manner not expressly prohibited by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)With respect to (x) any amounts incurred or transactions entered into (or consummated) in reliance on a provision of this Agreement that do not require compliance with a financial ratio or test (including the Interest Coverage Ratio, the Total Net Leverage Ratio, the Secured Net Leverage Ratio and/or the First Lien Net Leverage Ratio) substantially concurrently with (y) any amounts incurred or transactions entered into (or consummated) in reliance on a provision of this Agreement that requires compliance with a financial ratio or test (including the Interest Coverage Ratio, the Total Net Leverage Ratio, the Secured Net Leverage Ratio and/or the First Lien Net Leverage Ratio), it is understood and agreed that the amounts in clause (x) shall be disregarded in the calculation of the financial ratio or test applicable to the amounts in clause (y).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8.** **Divisions**. For all purposes under the Credit Documents, in connection with any division or plan of division under the Delaware Limited Liability Company Act (or any comparable event under a different jurisdiction's laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the

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subsequent Person, and (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9.** **<u>Exchange Rates; Currency Equivalents.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** **<u>The Administrative Agent shall determine the Dollar Equivalent amount of</u> <u>each Credit Extension denominated in Alternative Currencies. Such Dollar Equivalent</u> <u>shall become effective as of such Revaluation Date and shall be the Dollar Equivalent of</u> <u>such amounts until the next Revaluation Date to occur. Except for purposes of financial</u> <u>statements delivered by the Borrower hereunder or calculating financial covenants</u> <u>hereunder or except as otherwise provided herein, the applicable amount of any Currency</u> <u>(other than Dollars) for purposes of the Credit Documents shall be such Dollar Equivalent</u> <u>amount as so determined by the Administrative Agent.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** **<u>Wherever in this Agreement in connection with a Borrowing, conversion,</u> <u>continuation or prepayment of Revolving Loan or the issuance, amendment or extension of</u> <u>a Letter of Credit, an amount, such as a required minimum or multiple amount, is</u> <u>expressed in Dollars, but such Borrowing, Loan or Letter of Credit is denominated in an</u> <u>Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent</u> <u>of such Dollar Equivalent (rounded to the nearest unit of such Alternative Currency, with</u> <u>0.5 of a unit being rounded upward), as determined by the Administrative Agent.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u>** **<u>Notwithstanding the foregoing provisions of this Section</u> <u>1.9</u> <u>or any other</u> <u>provision of this Agreement, each Issuing Bank may compute the Dollar Equivalent of the</u> <u>maximum amount of each applicable Letter of Credit issued by such Issuing Bank by</u> <u>reference to exchange rates determined using any reasonable method customarily</u> <u>employed by such Issuing Bank for such purpose.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10.** **<u>Additional Alternative Currencies.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** **<u>The Borrower may from time to time request that (i) Revolving Loans be</u> <u>made in a currency other than those specifically listed in the definition of "Alternative</u> <u>Currency" and/or (ii) Letters of Credit be issued in a currency other than those specifically</u> <u>listed in the definition of "Alternative Currency"; provided that such requested currency is (A) a lawful currency (other than Dollars and Canadian Dollars) that is readily available</u> <u>and freely transferable and convertible into Dollars, and (B) for which no central bank or</u> <u>other governmental authorization in the country of issue of such currency is required to</u> <u>give authorization for the use of such currency by any Lender for making Loans or any</u> <u>Issuing Bank for issuing Letters of Credit, as applicable, unless such authorization has</u> <u>been obtained and remains in full force and effect. In the case of any such request with</u> <u>respect to the making of Revolving Loans, such request shall be subject to the approval of</u> <u>the Administrative Agent and the Revolving Lenders; and in the case of any such request</u> <u>with respect to the issuance of Letters of Credit, such request shall be subject to the</u> <u>approval of the Administrative Agent, the Revolving Lenders and the applicable Issuing</u> <u>Bank or Issuing Banks.</u>**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** **<u>Any such request shall be made to the Administrative Agent not later than</u> <u>11:00 a.m. (New York City time), (i) with respect to a request for an additional Alternative</u> <u>Currency, ten (10) Business Days prior to the date of the desired Credit Extension (or such</u> <u>other time or date as may be agreed by the Administrative Agent in its sole discretion) or (ii) with respect to a request for an additional Alternative Currency for issuance of Letters</u> <u>of Credit, five (5) Business Days prior to the date of the desired Letter of Credit (or such</u> <u>other time or date as may be agreed by the applicable Issuing Bank, in its sole discretion</u> <u>with notice to the Administrative Agent). Each such request shall also identify the</u> <u>applicable benchmark rate that is to apply to Obligations, interest, fees, commissions or</u> <u>other amounts denominated in, or calculated with respect to, such requested additional</u> <u>Alternative Currency. In the case of any such request pertaining to Revolving Loans, the</u> <u>Administrative Agent shall promptly notify each Revolving Lender thereof; and in the case</u> <u>of any such request pertaining to Letters of Credit, the Administrative Agent shall</u> <u>promptly notify the Issuing Bank thereof. Each Revolving Lender (in the case of any such</u> <u>request pertaining to Revolving Loans) shall notify the Administrative Agent, not later</u> <u>than 11:00 a.m. (New York City time), ten (10) Business Days after receipt of such request</u> <u>whether it consents, in its sole discretion, to the making of Revolving Loans in such</u> <u>requested currency and the usage of such benchmark rate. The applicable Issuing Bank</u> <u>(in the case of a request pertaining to Letters of Credit) shall notify the Administrative</u> <u>Agent, not later than 11:00 a.m. (New York City time), three (3) Business Days after receipt</u> <u>of such request whether it consents, in its sole discretion, to the issuance of Letters of</u> <u>Credit in such requested currency and the usage of such benchmark rate.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u>** **<u>Any failure by a Revolving Lender or the applicable Issuing Bank, as the</u> <u>case may be, to respond to such request within the time period specified in the preceding</u> <u>sentence shall be deemed to be a refusal by such Lender or the applicable Issuing Bank, as</u> <u>the case may be, to permit Revolving Loans to be made or Letters of Credit to be issued in</u> <u>such requested currency and such benchmark rate to be used. If the Administrative Agent</u> <u>and all the Revolving Lenders consent to making Revolving Loans in such requested</u> <u>currency and using such benchmark rate, the Administrative Agent shall so notify the</u> <u>Borrower and such currency shall thereupon be deemed for all purposes to be an</u> <u>Alternative Currency hereunder for purposes of any Borrowings of Revolving Loans; and</u> <u>if the Administrative Agent, all the Revolving Lenders and the applicable Issuing Bank</u> <u>consent to the issuance of Letters of Credit in such requested currency, the Administrative</u> <u>Agent shall so notify the Borrower and such currency shall thereupon be deemed for all</u> <u>purposes to be an Alternative Currency hereunder for purposes of any Letter of Credit</u> <u>issuances by such Issuing Bank. If the Administrative Agent shall fail to obtain consent to</u> <u>any request for an additional currency under this Section 1.10, the Administrative Agent</u> <u>shall promptly so notify the Borrower.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(d)</u>** **<u>In connection with any approved request for an Alternative Currency, the</u> <u>Administrative Agent and Revolving Lenders (without the consent of the Requisite</u> <u>Lenders) will have the right, with the consent of the Borrower (such consent not to be</u> <u>unreasonably withheld or delayed), to make any technical, administrative or operational</u> <u>changes that the Administrative Agent decides (in consultation with the Borrower) may be</u> <u>appropriate to reflect the inclusion of such Alternative Currency and the adoption and</u> <u>implementation of the benchmark rate applicable thereto and to permit the administration</u> <u>thereof by the Administrative Agent from time to time and, notwithstanding anything to</u> <u>the contrary</u>**

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**<u>herein or in any other Credit Document, any amendments implementing such</u> <u>changes will become effective without any further action or consent of any other party to</u> <u>this Agreement or any other Credit Document.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11.** **1.9. Cashless Settlement**. Notwithstanding anything to the contrary contained in this Agreement, any Lender may exchange, continue or rollover all or a portion of its Loans in connection with any refinancing, extensions, loan modifications or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative Agent and such Lender.

# SECTION 2. LOANS AND LETTERS OF CREDIT
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.** **Term Loans**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Loan Commitments</u>. Subject to terms and conditions hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)each Lender with an Initial Term Loan Commitment severally agrees to make, on the Effective Date, an Initial Term Loan to the Borrower in an amount equal to such Lender's Initial Term Loan Commitment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)each Lender with a 2025 Incremental Term Loan Commitment severally agrees to make, on the Fourth Amendment Effective Date, a 2025 Incremental Term Loan to the Borrower in an amount equal to such Lender's 2025 Incremental Term Loan Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)each Lender with a 2025 Repriced Incremental Term Loan

Commitment severally agrees to make, on the Fifth Amendment Effective Date, a 2025 Repriced Incremental Term Loan to the Borrower in an amount equal to such Lender's 2025 Repriced Incremental Term Loan Commitment.

The Borrower may make only one borrowing**<u>Borrowing</u>** under each of (i) the Initial Term Loan Commitment, which shall be on the Effective Date, (ii) the 2025 Incremental Term Loan Commitment, which shall be on the Fourth Amendment Effective Date and (iii) the 2025 Repriced Incremental Term Loan Commitment, which shall be on the Fifth Amendment Effective Date. Any amount borrowed under this <u>Section 2.1(a)</u> and subsequently repaid or prepaid may not be reborrowed. Subject to <u>Sections 2.13(a)</u> and <u>2.14</u>, all amounts owed hereunder with respect to the Initial Term Loans, the 2025 Incremental Term Loans and the 2025 Repriced Incremental Term Loans shall be paid in full no later than the Maturity Date applicable to such Term Loans. Each Lender's Initial Term Loan Commitment shall terminate immediately and without further action on the Effective Date after giving effect to the funding of such Lender's Initial Term Loan Commitment on such date. Each Lender's 2025 Incremental Term Loan Commitment shall terminate immediately and without further action on the Fourth Amendment Effective Date after giving effect to the funding of such Lender's 2025 Incremental Term Loan Commitment on such date. Each Lender's 2025 Repriced Incremental Term Loan Commitment shall terminate immediately and without further action on the Fifth Amendment Effective Date after giving effect to the funding of such Lender's 2025 Repriced Incremental Term Loan Commitment on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Borrowing Mechanics for Term Loans</u>. The Borrower shall deliver to Administrative Agent a fully executed Funding Notice no later than (i) with respect to the Initial Term Loans, (x) the Effective Date with respect to Base Rate Loans and (y) one (1) Business Day prior to the Effective Date with respect to Term SOFR Rate Loans (or such shorter period as may reasonably be acceptable to Administrative Agent), (ii) with respect to the 2025 Incremental Term Loans, (x) the Fourth Amendment

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Effective Date with respect to Base Rate Loans and (y) one (1) Business Day prior to the Fourth Amendment Effective Date with respect to Term SOFR Rate Loans (or such shorter period as may reasonably be acceptable to Administrative Agent), and (iii) with respect to the 2025 Repriced Incremental Term Loans, (x) the Fifth Amendment Effective Date with respect to Base Rate Loans and (y) one (1) Business Day prior to the Fifth Amendment Effective Date with respect to Term SOFR Rate Loans (or such shorter period as may reasonably be acceptable to Administrative Agent). Promptly upon receipt by Administrative Agent of such Funding Notice, Administrative Agent shall notify each Lender of the proposed borrowing**<u>Borrowing</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.** **Revolving Loans**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Revolving Commitments</u>. During the Revolving Commitment Period, subject to the terms and conditions hereof, each Lender severally agrees to make Revolving Loans in Dollars or an Alternative Currency to the Borrower in an aggregate amount up to but not exceeding such Lender's Revolving Commitment; <u>provided</u>, that after giving effect to the making of any Revolving Loans in no event shall the Total Utilization of Revolving Commitments exceed the Revolving Commitments then in effect. Amounts borrowed pursuant to this <u>Section 2.2(a)</u> may be repaid and reborrowed during the Revolving Commitment Period. Each Lender's Revolving Commitment shall expire on the Revolving Commitment Termination Date applicable to such Revolving Commitment and all Revolving Loans and all other amounts owed hereunder with respect to such Revolving Loans and Revolving Commitments shall be paid in full no later than such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Borrowing Mechanics for Revolving Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**Except pursuant to <u>Section 2.4(d)</u>, Revolving Loans that are Base Rate Loans shall be made in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess of that amount (or if less, the remaining amount of the Revolving Commitments), and Revolving Loans that are Term SOFR Rate Loans **<u>or Term CORRA Loans</u>** shall be in an aggregate minimum amount of $1,000,000 (or, with respect to any Term SOFR Rate**<u>Revolving Loans</u>** Loans drawn in an Alternative Currency, the Dollar Amount equivalent**<u>Equivalent</u>**) and integral multiples of $250,000 (or, with respect to any Term SOFR Rate**<u>Revolving</u>** Loans drawn in an Alternative Currency, the Dollar Amount equivalent**<u>Equivalent</u>**) in excess of that amount (or if less, the remaining amount of the Revolving Commitments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(1)</u>**(ii) Subject to <u>Section 3.2(b)</u>, whenever the Borrower desires that Lenders make Revolving Loans, the Borrower shall deliver to Administrative Agent a fully executed and delivered Funding Notice **<u>(x)</u>** no later than **<u>(i)</u>** 11:00 a.m. (New York City time) at least three **<u>(3)</u>** Business Days in advance of the proposed Credit Date in the case of a Term SOFR Rate Loan, and ![img160455837_0.gif](img160455837_0.gif)**<u>or Term CORRA Loan and (ii) the Applicable Time specified by the</u> <u>Administrative Agent</u>** <u>in the case of any Revolving Loan denominated in an</u> <u>Alternative Currency</u> **<u>at least five (5) Business Days in advance of the proposed</u> <u>Credit Date and (y)</u>** no later than 11:00 a.m. (New York City time) on the day of the proposed Credit Date in the case of a Revolving Loan that is a Base Rate Loan denominated in Dollars; <u>provided</u> that, if such Credit Date is the Effective Date, such Funding Notice may be delivered (x) on the Effective Date with respect to Base Rate Loans and (y) one (1) Business Day prior to the Effective Date with respect to Term SOFR Rate Loans (or such shorter period as may reasonably be acceptable to Administrative Agent).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(2)</u>** **<u>Each Funding Notice shall specify (A) the date of such</u> <u>Borrowing, which shall be a Business Day, (B) the Currency of such</u> <u>Borrowing, (C) the amount of such Borrowing, (D) whether such Revolving</u> <u>Loan is to be a Term SOFR Rate Loan, Term CORRA Loan or a Base Rate</u> <u>Loan, and (E) in the case of a Term SOFR Rate Loan or Term CORRA</u> <u>Loan, the duration of the Interest Period applicable thereto. If the Borrower</u> <u>fails to specify the Currency of a Loan in a Funding Notice, then the</u> <u>applicable Loans shall be made in Dollars. If the Borrower fails to specify a</u> <u>type of Loan denominated in Dollars in a Funding Notice, then the applicable</u> <u>Loans shall be made as Base Rate Loans. If the Borrower requests a</u> <u>Borrowing of a Term SOFR Rate Loan or Term CORRA Loan in any such</u> <u>Funding Notice, but fails to specify an Interest Period, it will be deemed to</u> <u>have specified an Interest Period of one month. A Funding Notice received</u> <u>after 11:00 a.m. (New York City time) shall be deemed received on the next</u> <u>Business Day. The Administrative Agent shall promptly notify the Revolving</u> <u>Lenders of each Funding Notice.</u>** Except as otherwise provided herein (including the Borrower's ability to compensate a Lender under <u>Section 2.18(c)</u>), a Funding Notice for a Revolving Loan that is a Term SOFR Rate Loan **<u>or Term</u> <u>CORRA Loan</u>** shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to make a borrowing**<u>Borrowing</u>** in accordance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**(iii) Notice of receipt of each Funding Notice in respect of Revolving Loans, together with the amount of each Lender's Pro Rata Share thereof, if any, together with the applicable interest rate, shall be provided by Administrative Agent to each applicable Lender by facsimile with reasonable promptness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)**(iv) Each Lender shall make the amount of its Revolving Loan available to Administrative Agent not**<u>Not</u>** later than 1:00 p.m. (New York City time) on **<u>in</u>** the applicable Credit Date by wire transfer of same day funds in Dollars (or, with respect to**<u>case of</u>** any Revolving Loan to be drawn**<u>denominated in Dollars and not later than the Applicable</u> <u>Time specified by the Administrative Agent in the case of any Loan denominated</u>** in an Alternative Currency, such Alternative Currency)**<u>in each case on the proposed Borrowing</u> <u>date, each Revolving Lender will make available to the Administrative Agent, for the</u> <u>account of the Borrower, at the Administrative Agent's Principal Office in Same Day</u> <u>Funds, in the applicable Currency, such Revolving Lender's Pro Rata Share of the</u> <u>Revolving Loans to be made on such Borrowing date in Same Day Funds</u>**, at the Principal Office of Administrative Agent. Except as provided herein, upon satisfaction or waiver of the conditions precedent specified herein, Administrative Agent shall make the proceeds of such Revolving Loans available to the Borrower on the applicable Credit Date by causing an amount of same day funds**<u>Same Day Funds</u>** in Dollars (or, with respect to any Revolving Loan to be drawn in an Alternative Currency, such Alternative Currency) equal to the proceeds of all such Revolving Loans received by Administrative Agent from Lenders to be credited to the account of the Borrower at the Principal Office designated by Administrative Agent or such other account as may be designated in writing to Administrative Agent by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.** **[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.** **Issuance of Letters of Credit and Bank Guarantees and Purchase of Participations Therein**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Letters of Credit</u>. During the Revolving Commitment Period, subject to the terms and conditions hereof, each Issuing Bank agrees to issue Letters of Credit and Bank Guarantees for the account of the Borrower (on its own behalf or on behalf of any Subsidiary) in the aggregate amount up to but not

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exceeding, after giving effect to all Letters of Credit issued hereunder by any Issuing Bank, the Letter of Credit Sublimit; <u>provided</u>, (i) each Letter of Credit and each Bank Guarantee shall, at the option of the Borrower, be denominated in Dollars or an Alternative Currency; (ii) the stated amount of each Letter of Credit and each Bank Guarantee shall not be less than $50,000 (or the Dollar Amount**<u>Equivalent</u>** equivalent, if applicable) or such lesser amount as is reasonably acceptable to the applicable Issuing Bank; (iii) after giving effect to such issuance, in no event shall the Total Utilization of Revolving Commitments exceed the Revolving Commitments then in effect; (iv) after giving effect to such issuance, in no event shall the Letter of Credit Usage exceed the Letter of Credit Sublimit then in effect; (v) in no event shall any standby Letter of Credit or any Bank Guarantee, as applicable, have an expiration date later than the earlier of (1) five Business Days prior to the Revolving Commitment Termination Date (<u>provided</u> that, in the sole discretion of the Administrative Agent and the applicable Issuing Bank, a Letter of Credit or a Bank Guarantee, as applicable, may be issued that by its terms expires after the fifth day prior to the Revolving Commitment Termination Date if the applicable Borrower shall have Cash Collateralized such Letter of Credit or such Bank Guarantee, as applicable) and (2) the date which is one year from the date of issuance of such standby Letter of Credit or such Bank Guarantee, as applicable; (vi) in no event shall any Bank Guarantee be issued if such Bank Guarantee is otherwise unacceptable to the applicable Issuing Bank in its reasonable discretion and (vii) no Issuing Bank shall be obligated to issue a Letter of Credit or Bank Guarantee to the extent such issuance would violate one or more generally applicable policies of such Issuing Bank in place at the time of such request. Subject to the foregoing, the applicable Issuing Bank may agree that a standby Letter of Credit or a Bank Guarantee, as applicable, will automatically be extended for one or more successive periods not to exceed one year each, unless the applicable Issuing Bank elects not to extend for any such additional period; <u>provided</u>, the applicable Issuing Bank shall not extend any such Letter of Credit or any such Bank Guarantee, as applicable, if it has received written notice that an Event of Default has occurred and is continuing at the time the applicable Issuing Bank must elect whether to allow such extension; <u>provided</u> <u>further</u>, if any Lender is a Defaulting Lender, no Issuing Bank shall be required to issue any Letter of Credit or Bank Guarantee, as applicable, unless such Issuing Bank has entered into arrangements reasonably satisfactory to it and the Borrower to eliminate such Issuing Bank's risk with respect to the participation in Letters of Credit or Bank Guarantees, as applicable, of the Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Notice of Issuance</u>. Subject to <u>Section 3.2(b)</u>, whenever the Borrower desires the issuance of a Letter of Credit or a Bank Guarantee, as applicable, the Borrower shall deliver to the applicable Issuing Bank an Issuance Notice in accordance with such Issuing Bank's standard operating procedures and in advance of the proposed date of issuance. Upon satisfaction or waiver of the conditions set forth in <u>Section 3.2</u>, the applicable Issuing Bank shall issue the requested Letter of Credit or a Bank Guarantee, as applicable, only in accordance with such Issuing Bank's standard operating procedures. Upon the issuance of any Letter of Credit, Bank Guarantee or amendment or modification to a Letter of Credit or a Bank Guarantee, as applicable, the applicable Issuing Bank shall promptly notify the Administrative Agent (who will in turn notify the Revolving Lenders) of such issuance, which notice shall be accompanied by a description of such Letter of Credit, Bank Guarantee or amendment or modification to a Letter of Credit or a Bank Guarantee, as applicable, and the amount of such Lender's respective participation in such Letter of Credit or such Bank Guarantee, as applicable, pursuant to <u>Section 2.4(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Responsibility of Issuing Bank with Respect to Requests for</u> <u>Drawings and Payments</u>. In determining whether to honor any drawing under any Letter of Credit or any Bank Guarantee, as applicable, by the beneficiary thereof, the applicable Issuing Bank shall be responsible only to examine the documents delivered under such Letter of Credit or such Bank Guarantee, as applicable, with reasonable care so as to ascertain whether they appear on their face to be in accordance with the terms and conditions of such Letter of Credit or such Bank Guarantee, as applicable. As between the Borrower and each Issuing Bank, the Borrower assume all risks of the acts and omissions of, or misuse of the Letters of

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Credit or such Bank Guarantees, as applicable, issued by each Issuing Bank, by the respective beneficiaries of such Letters of Credit or such Bank Guarantees, as applicable. In furtherance and not in limitation of the foregoing, no Issuing Bank shall be responsible for: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of any such Letter of Credit or such Bank Guarantee, as applicable, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or, in the case of a Bank Guarantee only, assigning, or purporting to transfer or, in the case of a Bank Guarantee only, assign, any such Letter of Credit or any such Bank Guarantee, as applicable, or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) failure of the beneficiary of any such Letter of Credit or any such Bank Guarantee, as applicable, to comply fully with any conditions required in order to draw upon such Letter of Credit or Bank Guarantee, as applicable; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms or in translation; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or any such Bank Guarantee, as applicable, or of the proceeds thereof; (vii) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit or such Bank Guarantee, as applicable; or (viii) any consequences arising from causes beyond the control of such Issuing Bank, including any Governmental Acts; none of the above shall affect or impair, or prevent the vesting of, any of such Issuing Bank's rights or powers hereunder. Without limiting the foregoing and in furtherance thereof, any action taken or omitted by an Issuing Bank under or in connection with the Letters of Credit, Bank Guarantees or any documents and certificates delivered thereunder, if taken or omitted in good faith, shall not give rise to any liability on the part of such Issuing Bank to the Borrower. Notwithstanding anything to the contrary contained in this <u>Section 2.4(c)</u>, the Borrower shall retain any and all rights they may have against an Issuing Bank for any liability arising solely out of the gross negligence, bad faith or willful misconduct of such Issuing Bank as determined by a final, non-appealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Reimbursement by the Borrower of Amounts Drawn or Paid Under</u> <u>Letters of Credit or Bank Guarantees</u>. In the event an Issuing Bank has determined tohonor a drawing under a Letter of Credit or a Bank Guarantee, as applicable, it shall immediately notify the Borrower and Administrative Agent, and the Borrower shall reimburse such Issuing Bank by the later of (x) the Business Day immediately following the date on which such drawing is honored and (y) the Business Day immediately following the date on which notice has been received by the Borrower of such drawing (the later of such dates, the "**Reimbursement Date**") in an amount in Dollars (or, in the case of any such reimbursement in Dollars of a drawing under a Letter of Credit or a Bank Guarantee denominated in an Alternative Currency, the Dollar Amount**<u>Equivalent</u>**) and in same day funds**<u>Same Day Funds</u>** equal to the amount of such honored drawing; <u>provided</u>, anything contained herein to the contrary notwithstanding, (i) unless the Borrower shall have notified Administrative Agent and the applicable Issuing Bank prior to 11:00 a.m. (New York City time) on the Reimbursement Date that the Borrower intends to reimburse such Issuing Bank for the amount of such honored drawing with funds other than the proceeds of Revolving Loans, the Borrower shall be deemed to have given a timely Funding Notice to Administrative Agent requesting Lenders with Revolving Commitments to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars (or, in the case of an amount denominated in an Alternative Currency, the Borrower shall be deemed to have requested Revolving Loans that are Term SOFR Rate Loans in the Dollar Amount**<u>Equivalent</u>** of such Alternative Currency) equal to the amount of such honored drawing, and (ii) subject to satisfaction or waiver of the conditions specified in <u>Section 3.2</u>, Lenders with Revolving Commitments shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the amount of such honored drawing, the proceeds of which shall be applied directly by Administrative Agent to reimburse the applicable Issuing Bank for the amount of such honored drawing; and <u>provided</u> <u>further</u>,

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if for any reason proceeds of Revolving Loans are not received by the applicable Issuing Bank on the Reimbursement Date in an amount equal to the amount of such honored drawing (the "**Unreimbursed Amount**"), the Borrower shall reimburse such Issuing Bank, on demand, in an amount in same day funds**<u>Same</u> <u>Day Funds</u>** equal to the excess of the amount of such honored drawing over the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this <u>Section 2.4(d)</u> shall be deemed to relieve any Lender with a Revolving Commitment from its obligation to make Revolving Loans on the terms and conditions set forth herein, and the Borrower shall retain any and all rights they may have against any such Lender resulting from the failure of such Lender to make such Revolving Loans under this <u>Section 2.4(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Lenders' Purchase of Participations in Letters of Credit or Bank</u> <u>Guarantees</u>. Immediately upon the issuance of each Letter of Credit or each Bank Guarantee, as applicable, each Lender having a Revolving Commitment shall be deemed to have purchased, and hereby agrees to irrevocably purchase, from the applicable Issuing Bank a participation in such Letter of Credit or such Bank Guarantee, as applicable, and any drawings honored thereunder in an amount equal to such Lender's Pro Rata Share (with respect to the Revolving Commitments) of the maximum amount which is or at any time may become available to be drawn thereunder. In the event that the Borrower shall fail for any reason to reimburse an Issuing Bank as provided in <u>Section 2.4(d)</u>, such Issuing Bank shall promptly notify each Lender with a Revolving Commitment of the unreimbursed amount of such honored drawing and of such Lender's respective participation therein based on such Lender's Pro Rata Share of the Revolving Commitments. Each Lender with a Revolving Commitment shall make available to the applicable Issuing Bank an amount equal to its respective participation, in Dollars or the applicable Dollar Amount**<u>Equivalent</u>** and in same day funds**<u>Same Day</u> <u>Funds</u>**, at the office of such Issuing Bank specified in such notice, not later than 12:00 p.m. (New York City time) on the first Business Day (under the laws of the jurisdiction in which such office of such Issuing Bank is located) after the date notified by such Issuing Bank. In the event that any Lender with a Revolving Commitment fails to make available to the applicable Issuing Bank on such Business Day the amount of such Lender's participation in such Letter of Credit or such Bank Guarantee, as applicable, as provided in this <u>Section 2.4(e)</u>, such Issuing Bank shall be entitled to recover such amount on demand from such Lender together with interest thereon for three Business Days at the rate customarily used by such Issuing Bank for the correction of errors among banks and thereafter at the Base Rate. Nothing in this <u>Section 2.4(e)</u> shall be deemed to prejudice the right of any Lender with a Revolving Commitment to recover from such Issuing Bank any amounts made available by such Lender to such Issuing Bank pursuant to this <u>Section 2.4(e)</u> in the event that the payment with respect to a Letter of Credit or a Bank Guarantee in respect of which payment was made by such Lender constituted gross negligence or willful misconduct on the part of such Issuing Bank. In the event an Issuing Bank shall have been reimbursed by other Lenders pursuant to this <u>Section 2.4(e)</u> for all or any portion of any drawing honored by such Issuing Bank under a Letter of Credit or a Bank Guarantee, as applicable, such Issuing Bank shall distribute to each Lender which has paid all amounts payable by it under this <u>Section 2.4(e)</u> with respect to such honored drawing such Lender's Pro Rata Share of all payments subsequently received by such Issuing Bank from the Borrower in reimbursement of such honored drawing when such payments are received. Any such distribution shall be made to a Lender at its primary address set forth below its name on Appendix B or at such other address as such Lender may request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Obligations Absolute</u>. The obligation of the Borrower to reimburse an Issuing Bank for drawings honored under the Letters of Credit or the Bank Guarantees, as applicable, issued by it and to repay any Revolving Loans made by Lenders pursuant to <u>Section 2.4(d)</u> and the obligations of Lenders under <u>Section 2.4(e)</u> shall be unconditional and irrevocable and shall be paid strictly in accordance with the terms hereof under all circumstances including any of the following circumstances: (i) any lack of validity or enforceability of any Letter of Credit or any Bank Guarantee, as applicable; (ii) the existence of any claim, set-off, defense or other right which the Borrower or any Lender may have at any time against a beneficiary or any transferee of any Letter of Credit or any Bank Guarantee, as applicable (or any Persons for whom any such transferee may be acting), such Issuing Bank, Lender or any other Person or, in the case of a Lender, against the Borrower, whether in connection herewith, the transactions contemplated herein or any unrelated transaction (including any underlying transaction between the Borrower or one of its Subsidiaries and the beneficiary for which any Letter of Credit or any Bank Guarantee, as applicable, was procured); (iii) any draft or other document presented under any Letter of Credit or any Bank Guarantee, as applicable, proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (iv) payment by such Issuing Bank under any Letter of Credit or any Bank Guarantee, as applicable, against presentation of a draft or other document which does not substantially comply with the terms of such Letter of Credit or such Bank Guarantee, as applicable; (v) any adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of the Borrower or any of its Subsidiaries; (vi) any breach hereof or any other Credit Document by any party thereto; (vii) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing; or (viii) the fact that an Event of Default or a Default shall have occurred and be continuing; <u>provided</u>, in each case, that payment by such Issuing Bank under the applicable Letter of Credit or the applicable Bank Guarantee, as applicable, shall not have constituted gross negligence, bad faith or willful misconduct of such Issuing Bank under the circumstances in question as determined by a final, non-appealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Indemnification</u>. Without duplication of any obligation of the Borrower under <u>Section 10.2</u> or <u>10.3</u>, in addition to amounts payable as provided herein (other than claims for Taxes, which shall be exclusively governed by <u>Section 2.20</u>), the Borrower hereby agrees to protect, indemnify, pay and save harmless each Issuing Bank from and against any and all claims, demands, liabilities, damages, out-of-pocket losses, and reasonable out-of-pocket costs, charges and expenses (including reasonable out-of-pocket fees, expenses and disbursements of counsel (limited to one outside counsel) which such Issuing Bank may incur or be subject to as a consequence, direct or indirect, of (i) the issuance of any Letter of Credit or any Bank Guarantee, as applicable, by such Issuing Bank, other than as a result of (1) the gross negligence, bad faith or willful misconduct of such Issuing Bank as determined by a final, non-appealable judgment of a court of competent jurisdiction or (2) the wrongful dishonor by such Issuing Bank of a proper demand for payment made under any Letter of Credit or any Bank Guarantee, as applicable, issued by it, or (ii) the failure of such Issuing Bank to honor a drawing under any such Letter of Credit or any such Bank Guarantee, as applicable, as a result of any Governmental Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Resignation and Removal of Issuing Bank</u>. An Issuing Bank may resign as Issuing Bank upon 60 days' prior written notice to Administrative Agent, Lenders and the Borrower. An Issuing Bank may be replaced at any time by written agreement among the Borrower, Administrative Agent, the replaced Issuing Bank (<u>provided</u> that no consent will be required if the replaced Issuing Bank has no Letters of Credit or no Bank Guarantees, as applicable, or reimbursement obligations with respect thereto outstanding) and the successor Issuing Bank. Administrative Agent shall notify the Lenders of any such replacement of such Issuing Bank. At the time any such replacement or resignation shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank. From and

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after the effective date of any such replacement or resignation, (i) any successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit or Bank Guarantees, as applicable, to be issued thereafter and (ii) references herein to the term "Issuing Bank" shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement or resignation of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto to the extent that Letters of Credit or Bank Guarantees, as applicable, issued by it remain outstanding and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit or Bank Guarantees, as applicable, issued by it prior to such replacement or resignation, but shall not be required to issue additional Letters of Credit or Bank Guarantees, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Existing Letters of Credit</u>. All

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **<u>Prior to the Sixth Amendment Effective Date, all</u>** Existing Letters of Credit shall be deemed to have been issued pursuant hereto in satisfaction of the Letter of Credit Commitments as amended by the Fourth Amendment, and from and after the Fourth Amendment Effective Date shall be subject to and governed by the terms and conditions hereof and the 2025 Incremental Revolving Commitments. On the Fourth Amendment Effective Date, each Existing Letter of Credit, to the extent outstanding, shall automatically and without further action by the parties thereto be deemed converted to Letters of Credit issued pursuant to the Letter of Credit Commitments as amended by the Fourth Amendment and this <u>Section 2.4</u> for the account of the Borrower, subject to the provisions hereof, and for this purpose the fees payable with respect to such Letters of Credit issued hereunder pursuant to <u>Section 2.11(a)</u> and <u>2.11(b)</u> shall be payable as if such Existing Letters of Credit had been issued on the Fourth Amendment Effective Date by each applicable Issuing Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **<u>On and after the Sixth Amendment Effective Date, all Existing</u> <u>Letters of Credit shall be deemed to have been issued pursuant hereto in satisfaction of the</u> <u>Letter of Credit Commitments as amended by the Sixth Amendment, and be subject to and</u> <u>governed by the terms and conditions hereof and the 2026 Incremental Revolving</u> <u>Commitments. On the Sixth Amendment Effective Date, each Existing Letter of Credit, to</u> <u>the extent outstanding, shall automatically and without further action by the parties</u> <u>thereto be deemed converted to Letters of Credit issued pursuant to the Letter of Credit</u> <u>Commitments as amended by the Sixth Amendment and this Section 2.4 for the account of</u> <u>the Borrower, subject to the provisions hereof, and for this purpose the fees payable with</u> <u>respect to such Letters of Credit issued hereunder pursuant to Section 2.11(a) and 2.11(b)</u> <u>shall be payable as if such Existing Letters of Credit had been issued on the Sixth</u> <u>Amendment Effective Date by each applicable Issuing Bank.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.** **Pro Rata Shares; Availability of Funds**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Pro Rata Shares</u>. All Loans shall be made, and all participations purchased, by Lenders simultaneously and proportionately to their respective Pro Rata Shares, it being understood that no Lender shall be responsible for any default by any other Lender in such other Lender's obligation to make a Loan requested hereunder or purchase a participation required hereby nor shall any Term Loan Commitment or any Revolving Commitment of any Lender be increased or decreased as a result of a default by any other Lender in such other Lender's obligation to make a Loan requested hereunder or purchase a participation required hereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Availability of Funds</u>. Unless Administrative Agent shall have been notified by any Lender prior to the applicable Credit Date that such Lender does not intend to make available to Administrative Agent the amount of such Lender's Loan requested on such Credit Date, Administrative Agent may assume that such Lender has made such amount available to Administrative Agent on such Credit Date and Administrative Agent may, in its sole discretion, but shall not be obligated to, make available to the Borrower a corresponding amount on such Credit Date. If such corresponding amount is not in fact made available to Administrative Agent by such Lender, Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender together with interest thereon, for each day from such Credit Date until the date such amount is paid to Administrative Agent, at the customary rate set by Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Rate. In the event that (i) Administrative Agent declines to make a requested amount available to the Borrower until such time as all applicable Lenders have made payment to Administrative Agent, (ii) a Lender fails to fund to Administrative Agent all or any portion of the Loans required to be funded by such Lender hereunder prior to the time specified in this Agreement and (iii) such Lender's failure results in Administrative Agent failing to make a corresponding amount available to the Borrower on the Credit Date, at Administrative Agent's option, such Lender shall not receive interest hereunder with respect to the requested amount of such Lender's Loans for the period commencing with the time specified in this Agreement for receipt of payment by the Borrower through and including the time of the Borrower's receipt of the requested amount. If such Lender does not pay such corresponding amount forthwith upon Administrative Agent's demand therefor, Administrative Agent shall promptly notify the Borrower and the Borrower shall immediately pay such corresponding amount to Administrative Agent together with interest thereon, for each day from such Credit Date until the date such amount is paid to Administrative Agent, at the rate payable hereunder for Base Rate Loans for such Class of Loans. Nothing in this <u>Section 2.5(b)</u> shall be deemed to relieve any Lender from its obligation to fulfill its Term Loan Commitments and Revolving Commitments hereunder or to prejudice any rights that the Borrower may have against any Lender as a result of any default by such Lender hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6.** **Use of Proceeds**. The proceeds of the Initial Term Loans shall be applied by the Borrower (a) to fund, in part, the Acquisition and (b) to refinance or retire the Existing Indebtedness and to fund the Transaction Costs on the Effective Date. The Bank Guarantees and Letters of Credit issued and the proceeds of the Revolving Loans shall be used by the Borrower for working capital and general corporate purposes of the Borrower and its Subsidiaries and for any other transactions not prohibited by the Credit Documents; <u>provided</u> that an amount not to exceed $25,000,000 of the Revolving Loans shall be borrowed on the Effective Date to fund the Transactions and Transaction Costs. The proceeds of the 2025 Incremental Term Loans shall be applied by the Borrower (i) to fund the RPC Acquisition, (ii) to fund the RPC Transaction Costs,(iii) for related fees and expenses, (iv) for general corporate purposes of the Borrower and its Subsidiaries and (v) to consummate the Fourth Amendment Refinancing. The proceeds of the 2025 Repriced Incremental Term Loans shall be applied by the Borrower (i) to refinance the 2025 Incremental Term Loans in full and (ii) for related fees and expenses. The Borrower may use the proceeds of any New Term Loans (other than the 2025 Incremental Term Loans and the 2025 Repriced Incremental Term Loans) for any purpose not prohibited by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7.** **Evidence of Debt; Register; Lenders' Books and Records; Notes**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Lenders' Evidence of Debt</u>. Each Lender shall maintain on its internal records an account or accounts evidencing the Obligations of the Borrower to such Lender, including the amounts of the Loans made by it and each repayment and prepayment in respect thereof. Any such recordation shall be conclusive and binding on the Borrower, absent manifest

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error; <u>provided</u>, that the failure to make any such recordation, or any error in such recordation, shall not affect any Lender's Revolving Commitments or the Borrower's Obligations in respect of any applicable Loans; and <u>provided</u> <u>further</u>, in the event of any inconsistency between the Register and any Lender's records, the recordations in the Register shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Register</u>. Administrative Agent (or its agent or sub-agent appointed by it) shall maintain at its Principal Office a register for the recordation of the names and addresses of Lenders and the Revolving Commitments and Loans of each Lender from time to time (the "**Register**"). The Register shall be available for inspection by the Borrower or any Lender (with respect to (i) any entry relating to such Lender's Loans, (ii) the identity of the other Lenders (but not any information with respect to such other Lenders' Loans) and (iii) any entry relating to the Loans of Madison Affiliated Lenders) at any reasonable time and from time to time upon reasonable prior notice. Administrative Agent shall record, or shall cause to be recorded, in the Register the Revolving Commitments and the Loans in accordance with the provisions of <u>Section 10.6</u>, and each repayment or prepayment in respect of the principal amount of (and stated interest on) the Loans, and any such recordation shall be conclusive and binding on the Borrower and each Lender, absent manifest error; <u>provided</u>, failure to make any such recordation, or any error in such recordation, shall not affect any Lender's Revolving Commitments or the Borrower's Obligations in respect of any Loan. The Borrower hereby designates Administrative Agent, and Administrative Agent agrees, to serve as the Borrower's agent solely for purposes of maintaining the Register as provided in this <u>Section 2.7</u>. The requirement for the Register set forth in this <u>Section 2.7(b)</u> and the Participant Register set forth in <u>Section 10.6(g)(i)</u> shall be construed so that the Revolving Commitments and the Loans are at all times maintained in "registered form" within the meaning of Treasury Regulation Section 5f.103-1 and Proposed Treasury Regulation Section 1.163-5(b) and within the meaning of Section 163(f), 871(h)(2) and 881(c)(2) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Notes</u>. If so requested by any Lender and reflected in the Register, by written notice to the Borrower (with a copy to Administrative Agent) at least two Business Days prior to the Effective Date, or at any time thereafter, the Borrower shall execute and deliver to such Lender (and/or, if applicable and if so specified in such notice, to any Person who is an assignee of such Lender pursuant to <u>Section 10.6</u>) on the Effective Date (or, if such notice is delivered after the Effective Date, promptly after the Borrower's receipt of such notice) a Note or Notes to evidence such Lender's Term Loan, New Term Loan or Revolving Loan, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8.** **Interest on Loans**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as otherwise set forth herein, each Class of Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)in the case of Revolving Loans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)if a Base Rate Loan, at the Base Rate *plus* the Applicable Margin; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)if a Term SOFR Rate Loan, at the Adjusted Term SOFR Rate *plus* the Applicable Margin; **<u>or</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **<u>if a Term CORRA Loan, at Term CORRA</u> *<u>plus</u>* <u>the</u> <u>Applicable Margin;</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)[Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)in the case of Term Loans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)if a Base Rate Loan, at the Base Rate *plus* the Applicable Margin; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)if a Term SOFR Rate Loan, at the Adjusted Term SOFR Rate *plus* the Applicable Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The basis for determining the rate of interest with respect to any Loan, and the Interest Period with respect to any Term SOFR Rate Loan **<u>or Term</u> <u>CORRA Loan</u>**, shall be selected by the Borrower and notified to Administrative Agent and Lenders pursuant to the applicable Funding Notice or Conversion/Continuation Notice, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In connection with Term SOFR Rate Loans there shall be no more than ten (10) Interest Periods outstanding at any time. In the event the Borrower fails to specify between a Base Rate Loan or**,** a Term SOFR Rate **<u>Loan or a Term CORRA</u>** Loan in the applicable Funding Notice or Conversion/Continuation Notice, such Loan (if outstanding as a Term SOFR Rate Loan) will be automatically converted into a Base Rate Loan on the last day of the then-current Interest Period for such Loan (or if outstanding as a Base Rate Loan will remain as, or (if not then outstanding) will be made as, a Base Rate Loan). In the event the Borrower fails to specify an Interest Period for any Term SOFR Rate Loan **<u>or Term CORRA Loan</u>** in the applicable Funding Notice or Conversion/Continuation Notice, the Borrower shall be deemed to have selected an Interest Period of one month. As soon as practicable after 10:00 a.m. (New York City time) on each Interest Rate Determination Date, Administrative Agent shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon all parties) the interest rate that shall apply to the Term SOFR Rate Loans **<u>and Term CORRA Loans</u>** for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to the Borrower and each Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Interest payable pursuant to <u>Section 2.8(a)</u> shall be computed (i) in the case of Base Rate Loans on the basis of a 360-day year (or, in the case of Base Rate Loans determined by reference to the "Prime Rate," a 365-day or 366-day year, as applicable), as the case may be, and (ii) in the case of Term SOFR Rate Loans **<u>and</u> <u>Term CORRA Loans</u>**, on the basis of a 360-day year, in each case for the actual number of days elapsed in the period during which it accrues. In computing interest on any Loan, the date of the making of such Loan or the first day of an Interest Period applicable to such Loan or, with respect to a Term Loan, the last Interest Payment Date with respect to such Term Loan or, with respect to a Base Rate Loan being converted from a Term SOFR Rate Loan **<u>or a Term CORRA Loan</u>**, the date of conversion of such Term SOFR Rate **<u>Loan or Term CORRA</u>** Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such Loan or the expiration date of an Interest Period applicable to such Loan or, with respect to a Base Rate Loan being converted to a Term SOFR Rate Loan **<u>or a Term</u>**

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**<u>CORRA Loan</u>**, the date of conversion of such Base Rate Loan to such Term SOFR Rate Loan **<u>or Term CORRA</u> <u>Loan</u>**, as the case may be, shall be excluded; <u>provided</u>, if a Loan is repaid on the same day on which it is made, one day's interest shall be paid on that Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Except as otherwise set forth herein, interest on each Loan (i) shall accrue on a daily basis and shall be payable in arrears on each Interest Payment Date with respect to interest accrued on and to each such payment date; (ii) shall accrue on a daily basis and shall be payable in arrears upon any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid; and (iii) shall accrue on a daily basis and shall be payable in arrears at maturity of the Loans, including final maturity of the Loans; <u>provided</u>, <u>however</u>, with respect to any voluntary prepayment of a Base Rate Loan, accrued interest shall instead be payable on the applicable Interest Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Borrower agrees to pay to Issuing Bank, with respect to drawings honored under any Letter of Credit or any Bank Guarantee, interest on the amount paid by Issuing Bank in respect of each such honored drawing from the date such drawing is honored to but excluding the date such amount is reimbursed by or on behalf of the Borrower at a rate equal to (i) for the period from the date such drawing is honored to but excluding the applicable Reimbursement Date, the rate of interest otherwise payable hereunder with respect to Revolving Loans that are Base Rate Loans, and (ii) thereafter, a rate which is 2% *per annum* in excess of the rate of interest otherwise payable hereunder with respect to Revolving Loans that are Base Rate Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Interest payable pursuant to <u>Section 2.8(f)</u> shall be computed on the basis of a 365/366-day year for the actual number of days elapsed in the period during which it accrues, and shall be payable on demand or, if no demand is made, on the date on which the related drawing under a Letter of Credit or a Bank Guarantee is reimbursed in full. Promptly upon receipt by Issuing Bank of any payment of interest pursuant to <u>Section 2.8(f)</u>, Issuing Bank shall distribute to each Lender, out of the interest received by Issuing Bank in respect of the period from the date such drawing is honored to but excluding the date on which Issuing Bank is reimbursed for the amount of such drawing (including any such reimbursement out of the proceeds of any Revolving Loans), the amount that such Lender would have been entitled to receive in respect of the letter of credit fee that would have been payable in respect of such Letter of Credit or such Bank Guarantee for such period if no drawing had been honored under such Letter of Credit or such Bank Guarantee. In the event Issuing Bank shall have been reimbursed by Lenders for all or any portion of such honored drawing, Issuing Bank shall distribute to each Lender which has paid all amounts payable by it under <u>Section 2.4(e)</u> with respect to such honored drawing such Lender's Pro Rata Share of any interest received by Issuing Bank in respect of that portion of such honored drawing so reimbursed by Lenders for the period from the date on which Issuing Bank was so reimbursed by Lenders to but excluding the date on which such portion of such honored drawing is reimbursed by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9.** **Conversion/Continuation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to <u>Section 2.18</u> and so long as no Event of Default under <u>Section 8.1(a)</u>, <u>(f)</u> or <u>(g)</u> shall have occurred and then be continuing, the Borrower shall have the option:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to convert at any time all or any part of any Term Loan equal to $1,000,000 and integral multiples of $250,000 in excess of that amount from one Type of Loan to another Type of Loan; <u>provided</u>, a Term SOFR Rate Loan may only be converted on the expiration of the Interest Period applicable to such Term SOFR Rate Loan unless the Borrower shall pay all amounts due under <u>Section 2.18</u> in connection with any such conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to convert at any time all or any part of any Revolving Loan equal to $1,000,000 (or, with respect to any Revolving Loans drawn in an Alternative Currency, the Dollar Amount**<u>Equivalent</u>** equivalent) and integral multiples of $250,000 (or, with respect to any Revolving Loans drawn in an Alternative Currency, the Dollar Amount**<u>Equivalent</u>** equivalent) in excess of that amount from one Type of Loan to another Type of Loan; <u>provided</u>, a Term SOFR Rate **<u>Loan and a Term CORRA</u>** Loan may only be converted on the expiration of the Interest Period applicable to such Term SOFR Rate Loan unless the Borrower shall pay all amounts due under <u>Section 2.18</u> in connection with any such conversion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)upon the expiration of any Interest Period applicable to any Term SOFR Rate Loan **<u>or Term CORRA Loan</u>**, to continue all or any portion of such Loan equal to $1,000,000 (or, with respect to any Term SOFR Rate**<u>Revolving</u>** Loans drawn in an Alternative Currency, the Dollar Amount**<u>Equivalent</u>** equivalent) and integral multiples of $250,000 (or, with respect to any Term SOFR Rate**<u>Revolving</u>** Loans drawn in an Alternative Currency, the Dollar Amount**<u>Equivalent</u>** equivalent) in excess of that amount as a Term SOFR Rate Loan; **<u>or Term</u> <u>CORRA Loan, as applicable</u><u>.</u>**

provided, that Revolving Loans denominated in an Alternative Currency may only be continued as Term SOFR Rate Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Subject to <u>Section 3.2(b)</u>, the Borrower shall deliver a Conversion/Continuation Notice to Administrative Agent no later than 11:00 a.m. (New York City time) **<u>in the case of any Loan denominated in Dollars or Canadian</u> <u>Dollars and not later than the Applicable Time specified by the Administrative</u> <u>Agent in the case of any Loan denominated in an Alternative Currency, (i)</u>** at least one **<u>(1)</u>** Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and**<u>, (ii)</u>** at least three **<u>(3)</u>** Business Days in advance of the proposed conversion/continuation date (in the case of a conversion to, or a continuation of, a Term SOFR Rate Loan **<u>or Term CORRA Loan) and (iii) at least</u> <u>five (5) Business Days in advance of the proposed conversion/continuation date (in</u> <u>the case of a conversion, or a continuation of any</u>** <u>Revolving Loans denominated in an</u> <u>Alternative Currency</u> **<u>(other than Canadian Dollars)</u>**). Except as otherwise provided herein (including <u>Section 2.18</u>), a Conversion/Continuation Notice for conversion to (solely with respect to Dollar Term Loans, or continuation of, any Term SOFR Rate Loans) **<u>or Term CORRA Loans</u>** shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to Administrative Agent in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10.** **Default Interest**. Upon the occurrence and during the continuance of an Event of Default under <u>Section 8.1(a)</u>, <u>(f)</u> or <u>(g)</u>, all past due amounts shall thereafter bear interest (including

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post-petition interest in any proceeding under Debtor Relief Laws) payable on demand at a rate that is 2% *per annum* in excess of the interest rate otherwise payable hereunder with respect to the applicable Loans (or, in the case of any such fees and other amounts, at a rate which is 2% *per annum* in excess of the interest rate otherwise payable hereunder for Base Rate Loans that are Revolving Loans). Payment or acceptance of the increased rates of interest provided for in this <u>Section 2.10</u> is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Administrative Agent or any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11.** **Fees**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrower agrees to pay to Lenders having Revolving

Exposure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)commitment fees equal to (1) the actual daily unused difference between (A) the Revolving Commitments and (B) the aggregate principal amount of (x) all outstanding Revolving Loans *plus* (y) the Letter of Credit Usage, times (2) the Applicable Revolving Commitment Fee Percentage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)letter of credit fees equal to (1) the Applicable Margin for Revolving Loans that are Term SOFR Rate Loans, times (2) the actual daily unused maximum amount available to be drawn under all such Letters of Credit or such Bank Guarantees (regardless of whether any conditions for drawing could then be met and determined as of the close of business on any date of determination).

All fees referred to in this <u>Section 2.11(a)</u> shall be paid to Administrative Agent at its Principal Office and upon receipt, Administrative Agent shall promptly distribute to each Lender its Pro Rata Share thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrower agrees to pay directly to Issuing Bank, for its own account, the following fees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a fronting fee equal to 0.125%, *per annum*, times the actual daily unused maximum amount available to be drawn under all Letters of Credit and Bank Guarantees (determined as of the close of business on any date of determination); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)such documentary and processing charges for any issuance, amendment, transfer or payment of a Letter of Credit or a Bank Guarantee, as applicable, as are in accordance with Issuing Bank's standard schedule for such charges and as in effect at the time of such issuance, amendment, transfer or payment, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)All fees referred to in <u>Section 2.11(a)</u> and <u>2.11(b)(i)</u> shall be calculated on the basis of a 360-day year and the actual number of days elapsed and shall be payable quarterly in arrears on the last Business Day of March, June, September and December of each year during the Revolving Commitment Period, commencing on the first such date to occur after the Effective Date, and on the Revolving Commitment Termination Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In addition to any of the foregoing fees, the Borrower agrees to pay to Agents such other fees in the amounts and at the times separately agreed upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12.** **Scheduled Payments**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The principal amount of the Initial Term Loans shall be repaid in Dollars

&nbsp;&nbsp;&nbsp;&nbsp;&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) on each quarterly scheduled Interest Payment Date applicable to Initial Term Loans, commencing June 30, 2025 in an amount equal to 0.25% of the aggregate principal amount of the Initial Term Loans incurred on the Effective Date (each such payment, an "**Initial Term Loan Installment**") (which, for the avoidance of doubt, results in $6,350,000 per quarter following the Third Amendment Effective Date) and (ii) on the Maturity Date for the Initial Term Loans, in an amount equal to the aggregate principal amount of all Initial Term Loans outstanding on such date, together, in each case, with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The principal amount of the 2025 Incremental Term Loans shall be repaid in Dollars (i) on each quarterly scheduled Interest Payment Date applicable to 2025 Incremental Term Loans, commencing September 30, 2025 in an amount equal to 0.25% of the aggregate principal amount of the 2025 Incremental Term Loans incurred on the Fourth Amendment Effective Date (each such payment, a "**2025 Incremental Term Loan Installment**") (which, for the avoidance of doubt, results in $4,375,000 per quarter following the Fourth Amendment Effective Date) and (ii) on the Maturity Date for the 2025 Incremental Term Loans, in an amount equal to the aggregate principal amount of all 2025 Incremental Term Loans outstanding on such date, together, in each case, with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The principal amount of the 2025 Repriced Incremental Term Loans shall be repaid in Dollars (i) on each quarterly scheduled Interest Payment Date applicable to 2025 Repriced Incremental Term Loans, commencing March 31, 2026 in an amount equal to 0.25% of the aggregate principal amount of the 2025 Repriced Incremental Term Loans incurred on the Fifth Amendment Effective Date (each such payment, a "**2025 Repriced Incremental Term Loan Installment**", together with the Initial Term Loan Installments and the 2025 Incremental Term Loan Installments, the "**Installments**") and (ii) on the Maturity Date for the 2025 Repriced Incremental Term Loans, in an amount equal to the aggregate principal amount of all 2025 Repriced Incremental Term Loans outstanding on such date, together, in each case, with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment; <u>provided</u> that, the proceeds received from the voluntary prepayment described in that certain notice of prepayment dated as of November 3, 2025, shall be applied in full to the remaining scheduled 2025 Repriced Incremental Term Loan Installments pursuant to <u>Section 2.15(a)</u> on the Fifth Amendment Effective Date and shall be credited against the remaining scheduled 2025 Repriced Incremental Term Loan Installments due on or after the Fifth Amendment Effective Date (which, for the avoidance of doubt, results in $0 per quarter following the Fifth Amendment Effective Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In the event any New Term Loans are made (other than the 2025 Incremental Term Loans or the 2025 Repriced Incremental Term Loans), such New Term Loans shall be repaid on each quarterly scheduled Interest Payment Date occurring on or after the applicable Increased Amount Date in the manner specified in the Joinder Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Notwithstanding the foregoing, (x) such Installments shall be reduced in connection with any voluntary or mandatory prepayments of the Initial Term Loans, the 2025 Incremental Term Loans or the 2025 Repriced Incremental Term Loans in accordance with <u>Sections 2.13</u>, <u>2.14</u> and <u>2.15</u>, as applicable; and (y) the Term Loans, together with all other amounts owed hereunder with respect thereto, shall, in any event, be paid in full no later than the Maturity Date applicable to such Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13.** **Voluntary Prepayments**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Voluntary Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Any time and from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)with respect to Base Rate Loans, the Borrower may prepay any such Loans on any Business Day in whole or in part, in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess of that amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)with respect to Term SOFR Rate Loans **<u>and Term</u> <u>CORRA Loans</u>**, the Borrower may prepay any such Loans on any Business Day in whole or in part in an aggregate minimum amount of $1,000,000 (or, with respect to any Term SOFR Rate**<u>Revolving</u>** Loans drawn in an Alternative Currency, the Dollar Amount**<u>Equivalent</u>** equivalent) and integral multiples of $250,000 (or, with respect to any Term SOFR Rate**<u>Revolving</u>** Loans drawn in an Alternative Currency, the Dollar Amount**<u>Equivalent</u>** equivalent) in excess of that amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)All such prepayments shall be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)upon not less than one Business Day's prior written or telephonic notice in the case of Base Rate Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)upon not less than three**<u>two</u>** Business Days' prior written or telephonic notice in the case of Term SOFR Rate Loans **<u>and Term CORRA</u> <u>Loans</u>**; and in each case given to Administrative Agent, as the case may be, by 1:00 p.m**<u>11:00 a.m</u>**. (New York City time) on the date required and, if given by telephone, promptly confirmed by delivery of written notice thereof to Administrative Agent (and Administrative Agent will promptly transmit such original notice for Term Loans or Revolving Loans, as the case may be, by facsimile or telephone to each Lender). Upon the giving of any such notice, the principal amount of the Loans specified in such notice shall become due and payable on the prepayment date specified therein (<u>provided</u>, that any such prepayment may be conditioned upon the closing of a transaction or refinancing, in which case, upon the failure of such transaction or refinancing to close, such notice of prepayment may be withdrawn). Any such voluntary prepayment shall be applied as specified in <u>Section 2.15(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Voluntary Commitment Reductions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Borrower may, upon not less than three Business Days' prior written or telephonic notice promptly confirmed by delivery of written notice thereof to Administrative Agent (which original written notice Administrative Agent will promptly transmit by facsimile or telephone to each applicable Lender), at any time and from time to time terminate in whole or permanently reduce in part, without premium or penalty, the Revolving Commitments in an amount up to the amount by which

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the Revolving Commitments exceed the Total Utilization of Revolving Commitments at the time of such proposed termination or reduction; <u>provided</u>, any such partial reduction of the Revolving Commitments shall be in an aggregate minimum amount of $1,000,000 (or, with respect to any Revolving Commitments in an Alternative Currency, the Dollar Amount**<u>Equivalent</u>** equivalent) and integral multiples of $250,000 (or, with respect to any Revolving Commitments in an Alternative Currency, the Dollar Amount**<u>Equivalent</u>** equivalent) in excess of that amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Borrower's notice to Administrative Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of the Revolving Commitments shall be effective on the date specified in the Borrower's notice and shall reduce the Revolving Commitment of each Lender proportionately to its Pro Rata Share thereof (<u>provided</u> that any such termination or reduction may be conditioned upon the closing of a transaction or refinancing, in which case upon the failure of such transaction or refinancing to close, such notice of termination or reduction may be cancelled).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Term Loan Call Protection</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If, prior to the six-month anniversary of the Third Amendment Effective Date, the Borrower (i) repays, prepays, refinances or replaces any Initial Term Loans in connection with a Repricing Transaction or (ii) effects any amendment, modification or waiver of, or consent under, this Agreement that results in a Repricing Transaction (including any Initial Term Loans that are prepaid, repaid, refinanced or replaced pursuant to <u>Section 2.23</u>), the Borrower shall pay to the Administrative Agent, for the ratable account of each Lender with an outstanding Initial Term Loan (x) in the case of clause (i), a premium equal to 1.00% of the aggregate principal amount of Initial Term Loans so prepaid, repaid, refinanced or replaced and (y) in the case of clause (ii) a fee equal to 1.00% of the aggregate principal amount of the Initial Term Loans that are the subject of such Repricing Transaction outstanding immediately prior to such amendment, modification, waiver or consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If, prior to the six-month anniversary of the Fourth Amendment Effective Date, the Borrower (i) repays, prepays, refinances or replaces any 2025 Incremental Term Loans in connection with a Repricing Transaction or (i) effects any amendment, modification or waiver of, or consent under, this Agreement that results in a Repricing Transaction (including any 2025 Incremental Term Loans that are prepaid, repaid, refinanced or replaced pursuant to <u>Section 2.23</u>), the Borrower shall pay to the Administrative Agent, for the ratable account of each Lender with an outstanding 2025 Incremental Term Loan (x) in the case of clause (i), a premium equal to 1.00% of the aggregate principal amount of 2025 Incremental Term Loans so prepaid, repaid, refinanced or replaced and (y) in the case of clause (ii) a fee equal to 1.00% of the aggregate principal amount of the 2025 Incremental Term Loans that are the subject of such Repricing Transaction outstanding immediately prior to such amendment, modification, waiver or consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)If, prior to the six-month anniversary of the Fifth Amendment Effective Date, the Borrower (i) repays, prepays, refinances or replaces any 2025 Repriced Incremental Term Loans in connection with a Repricing Transaction or (ii) effects any amendment, modification or waiver of, or consent under, this Agreement that results in a Repricing Transaction (including any 2025 Repriced Incremental Term Loans that are prepaid, repaid, refinanced or replaced pursuant to <u>Section 2.23</u>), the Borrower shall pay to the Administrative Agent, for the ratable account of each Lender with an outstanding 2025 Repriced Incremental Term Loan (x) in the case of clause (i), a premium equal to 1.00% of the aggregate principal amount of 2025 Repriced Incremental Term Loans so prepaid, repaid, refinanced or

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replaced and (y) in the case of clause (ii) a fee equal to 1.00% of the aggregate principal amount of the 2025 Incremental Term Loans that are the subject of such Repricing Transaction outstanding immediately prior to such amendment, modification, waiver or consent.

All such amounts shall be due and payable on the effective date of the applicable Repricing Transaction. Notwithstanding anything to the contrary herein, no prepayment premium shall be required in connection with any mandatory prepayment required under <u>Section 2.14</u> except for mandatory prepayments required under <u>Section 2.14(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14.** **Mandatory Prepayments**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Asset Sales</u>. No later than the seventh Business Day following the date of receipt by the Borrower of any Net Asset Sale Proceeds from any Asset Sale pursuant to <u>Sections 6.8(c) and</u> <u>(o)</u> in excess of the greater of $85,000,000 and 15% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period in the aggregate during any Fiscal Year (and only in respect of amounts in excess of the annual aggregate threshold thereof), the Borrower shall prepay the Loans as set forth in <u>Section 2.15(b)</u> in an aggregate amount equal to the Applicable Asset Sale Percentage of such Net Asset Sale Proceeds; <u>provided</u>, the Borrower shall have the option, directly or through one or more of its Subsidiaries, to, within five hundred and forty days of receipt of Net Asset Sale Proceeds, (i) invest such Net Asset Sale Proceeds in long-term assets used or useful in the business of the Borrower and its Subsidiaries (including, for the avoidance of doubt, Permitted Acquisitions) or (ii) enter into a legally binding commitment to invest such Net Asset Sale Proceeds in long-term assets used or useful in the business of the Borrower or any of its Subsidiaries no later than one hundred and eighty days after the end of such five hundred and forty day period; <u>provided</u>, <u>further</u>, that if at any time any Net Asset Sale Proceeds are no longer intended to be or cannot be so invested, an amount equal to any such Net Asset Sale Proceeds shall be applied within five Business Days after the Borrower or such Subsidiary reasonably determines that such Net Asset Sale Proceeds are no longer intended to be or cannot be so reinvested to the prepayment of the Term Loans as set forth in <u>Section 2.15(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Insurance/Condemnation Proceeds</u>. No later than the seventh Business Day following the date of receipt by the Borrower or any of its Subsidiaries, or Administrative Agent as loss payee, of any Net Insurance/Condemnation Proceeds in excess of $85,000,000 and 15% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period in the aggregate during any Fiscal Year (and only in respect of amounts in excess of the annual aggregate threshold thereof), the Borrower shall prepay the Loans as set forth in <u>Section 2.15(b)</u> in an aggregate amount equal to such Net Insurance/Condemnation Proceeds; <u>provided</u>, the Borrower shall have the option, directly or through one or more of its Subsidiaries, to, within five hundred and forty days of receipt of Net Insurance/Condemnation Proceeds, (i) invest such Net Insurance/Condemnation Proceeds in long-term assets used or useful in the business of the Borrower or any of its Subsidiaries (including, for the avoidance of doubt, Permitted Acquisitions), which investment may include the repair, restoration or replacement of the applicable assets thereof or (ii) enter into a legally binding commitment to invest such Net Insurance/Condemnation Proceeds long-term assets used or useful in the business of the Borrower and its Subsidiaries, which investment may include the repair, restoration or replacement of the applicable assets thereof, no later than one hundred and eighty days after the end of such five hundred and forty day period; <u>provided</u>, <u>further</u>, that if at any time any such Net Insurance/Condemnation Proceeds are no longer intended to be or cannot be so invested, an amount equal to any such Net Insurance/Condemnation Proceeds shall be applied within five Business Days after the Borrower or such Subsidiary reasonably

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determines that such Net Insurance/Condemnation Proceeds are no longer intended to be or cannot be so reinvested to the prepayment of the Term Loans as set forth in <u>Section 2.15(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Issuance of Debt</u>. On the seventh Business Day after receipt by the Borrower or any of its Subsidiaries of any Cash proceeds from the incurrence of any Indebtedness of the Borrower or any of its Subsidiaries (other than with respect to any Indebtedness permitted to be incurred pursuant to <u>Section 6.1</u>), the Borrower shall prepay the Loans as set forth in <u>Section 2.15(b)</u> in an aggregate amount equal to 100% of such proceeds, net of underwriting discounts and commissions and other reasonable costs and expenses associated therewith, including reasonable legal fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Consolidated Excess Cash Flow</u>. In the event that there shall be Consolidated Excess Cash Flow for any Fiscal Year (commencing with the Fiscal Year ending December 31, 2022), the Borrower shall, no later than the seventh Business Day after the Borrower is required to deliver financial statements of the Borrower and its Subsidiaries pursuant to <u>Section 5.1(c)</u>, prepay the Loans as set forth in <u>Section 2.15(b)</u> in an aggregate amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Applicable ECF Percentage of such Consolidated Excess Cash Flow *minus*,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)at the election of the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)all voluntary prepayments, prepayments utilizing the yank-a-bank provisions (including, without limitation, <u>Section 2.23</u>) and debt buybacks (including, without limitation, pursuant to <u>Section 10.6(i)</u>, with such reduction of the amount of such prepayments being equal to the face value of the Loans) of Term Loans, any New Term Loans and any Additional Permitted Debt and any permanent commitment reductions of the Revolving Commitments and any New Revolving Loan Commitments during such Fiscal Year or after such Fiscal Year and prior to the date of the required Consolidated Excess Cash Flow payment (<u>provided</u> that, for the avoidance of doubt, any such voluntary prepayments that have not been applied to reduce the payments which may be due from time to time pursuant to this <u>Section 2.14(d)</u> shall be carried over to subsequent periods, and may reduce the payments due from time to time pursuant to this <u>Section 2.14(d)</u> during such subsequent periods, until such time as such voluntary prepayments reduce such payments which may be due from time to time) (in each case (I) excluding repayment of Loans made with Cash proceeds of any Refinancing Indebtedness, (II) only to the extent such Loans or Commitments are secured on a *pari passu* basis with the Term Loans and (III) to the extent such amounts were not financed with the proceeds received from the issuance or incurrence of long-term Indebtedness (other than revolving Indebtedness) of the Borrower or the Restricted Subsidiaries (unless such Indebtedness has been repaid) and other than intercompany loans made to effect the underlying transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the amount of Capital Expenditures or acquisitions of Intellectual Property accrued or made in cash during such period, except to the extent that such Capital Expenditures or acquisitions were financed with the proceeds of long- term Indebtedness (other than revolving Indebtedness) of the Borrower or the Restricted Subsidiaries (unless such Indebtedness has been repaid other than with the proceeds of long-term Indebtedness (other than revolving Indebtedness)) other than intercompany loans;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)the aggregate amount of cash consideration paid by the Borrower and the Restricted Subsidiaries (on a consolidated basis) in connection with Investments (including acquisitions (but excluding Investments of the type described in <u>Sections 6.6(a)</u> and <u>(x)</u>) made during such period to the extent that such Investments were not financed with the proceeds received from (I) the issuance or incurrence of long-term Indebtedness (other than revolving Indebtedness) or (II) the issuance of Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)the amount of dividends paid in cash during such period (on a consolidated basis) by the Borrower and the Restricted Subsidiaries, to the extent such dividends were not financed with the proceeds received from

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 issuance or incurrence of long-term Indebtedness (other than revolving Indebtedness) or (II) the issuance of Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)payments in cash by the Borrower and the Restricted Subsidiaries during such period in respect of any purchase price holdbacks, earn-out obligations, and long-term liabilities of the Borrower and the Restricted Subsidiaries other than Indebtedness, to the extent not already deducted from Consolidated Net Income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)the aggregate amount of expenditures actually made by the Borrower and the Restricted Subsidiaries in cash during such period (including expenditures for the payment of financing fees) to the extent that such expenditures are not expensed during such period and are not deducted in calculating Consolidated Net Income;

<u>provided</u>, that if the Borrower would otherwise be required for any Fiscal Year to make a prepayment pursuant to this <u>Section 2.14(d)</u> that would be less than or equal to the greater of $85,000,000 and 15% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period, the Borrower shall not be required to make any prepayments pursuant to this <u>Section 2.14(d)</u> (with only amounts in excess of such threshold being required for such prepayment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)If for any reason the aggregate Revolving Exposures at any time exceeds the aggregate Revolving Commitments then in effect (including, for the avoidance of doubt, as a result of the termination of any Class of Revolving Commitments on the Maturity Date with respect thereto), the Borrower shall promptly prepay or cause to be promptly prepaid Revolving Credit Loans and/or Cash Collateralize the Letter of Credit Obligations in an aggregate amount equal to such excess; <u>provided</u> that the Borrower shall not be required to Cash Collateralize the Letter of Credit Obligations pursuant to this <u>Section 2.14(e)</u> unless after the prepayment in full of the Revolving Loans such aggregate Outstanding Amount exceeds the aggregate Revolving Commitments then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15.** **Application of Prepayments/Reductions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Application of Voluntary Prepayments by Type of Loans</u>. Any prepayment of any Loan pursuant to <u>Section 2.13(a)</u> shall be applied as specified by the Borrower in the applicable notice of prepayment; <u>provided</u>, in the event the Borrower fails to specify the Loans to which any such prepayment shall be applied, such prepayment shall be applied as follows:

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*first*, to repay outstanding Revolving Loans to the full extent thereof; and

*second*, to prepay the Term Loans *first* in forward order to the next eight scheduled Installments of principal of the Term Loans and *second* on a pro rata basis (in accordance with the respective outstanding principal amounts thereof); and further

applied on a pro rata basis to reduce the scheduled remaining Installments of principal of the Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Application of Mandatory Prepayments by Type of Loans</u>. Any amount required to be paid pursuant to <u>Sections 2.14(a)</u> through <u>2.14(d)</u> shall be applied as follows:

*first*, to prepay Term Loans on a pro rata basis (in accordance with the respective outstanding principal amounts thereof) and further applied *first* in forward order to accrued interest and fees due on the amount of the prepayment with respect to the Term Loans, *second* the next eight scheduled Installments of principal of the Term Loans and *third* on a pro rata basis to the remaining scheduled Installments of principal of the Term Loans; <u>provided</u> that if at the time any amount is required to be paid pursuant to <u>Section 2.14(a)</u> or <u>(b)</u>, the Borrower is required to offer to repurchase Other First Priority Debt pursuant to the terms of the documentation governing such Indebtedness with any Consolidated Excess Cash Flow, Net Asset Sale Proceeds or Net Insurance/Condemnation Proceeds, (such Other First Priority Debt required to be offered to be so repurchased, "**Other Applicable Indebtedness**"), then the Borrower may apply such Consolidated Excess Cash Flow, Net Asset Sale Proceeds or Net Insurance/Condemnation Proceeds, as applicable, on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and Other Applicable Indebtedness at such time; <u>provided</u> that the portion of such Cash proceeds allocated to Other Applicable Indebtedness shall not exceed the amount of such Cash proceeds required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such Cash proceeds shall be allocated to the Term Loans in accordance with the terms hereof) to the prepayment of the Term Loans and to the repurchase of Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to <u>Section 2.14(a)</u> or <u>(b)</u>, as applicable, shall be reduced accordingly; <u>provided</u> <u>further</u> that to the extent the holders of Other Applicable Indebtedness decline to have such Indebtedness purchased, the declined amount shall promptly (and in any event within ten

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Business Days after the date of such rejection) be applied to prepay the Term Loans in accordance with the terms hereof.

*second*, to prepay the Revolving Loans to the full extent thereof;

*third*, to prepay outstanding reimbursement obligations with respect to Letters of Credit and Bank Guarantees; and

*fourth*, to Cash Collateralize Letters of Credit and Bank Guarantees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Waivable Mandatory Prepayment</u>. Anything contained herein to the contrary notwithstanding, in the event the Borrower is required to make any mandatory prepayment (a "**Waivable Mandatory Prepayment**") of the Term Loans, not less than four Business Days prior to the date (the "**Required Prepayment Date**") on which the Borrower is required to make such

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Waivable Mandatory Prepayment, the Borrower shall notify Administrative Agent of the amount of such prepayment, and

Administrative Agent will promptly thereafter notify each Lender holding an outstanding Term Loan of the amount of such Lender's Pro Rata Share of such Waivable Mandatory Prepayment and such Lender's option to refuse such amount (such refused amounts, the "**Declined Proceeds**"). Each such Lender may exercise such option by giving written notice to the Borrower and Administrative Agent of its election to do so on or before the second Business Day prior to the Required Prepayment Date (it being understood that any Lender which does not notify the Borrower and Administrative Agent of its election to exercise such option on or before the second Business Day prior to the Required Prepayment Date shall be deemed to have elected, as of such date, not to exercise such option). On the Required Prepayment Date, the Borrower shall pay to Administrative Agent the amount of the Waivable Mandatory Prepayment, which amount shall be applied in an amount equal to that portion of the Waivable Mandatory Prepayment payable to those Lenders that have elected not to exercise such option, to prepay the Term Loans of such Lenders (which prepayment shall be applied to the scheduled Installments of principal of the Term Loans in accordance with <u>Section 2.15(b)</u>). Declined Proceeds may be retained by the Borrower (in which event the Borrower may use the proceeds for any purpose not prohibited by the Credit Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In the case of a prepayment required pursuant to (i) <u>Section 2.14(a)</u> due to an Asset Sale by a Foreign Subsidiary (or a Subsidiary thereof), (ii) <u>Section 2.14(b)</u> due to Net Insurance/Condemnation Proceeds received by a Foreign Subsidiary (or a Subsidiary thereof), or (iii) <u>Section 2.14(d)</u> where all or a portion of the applicable Consolidated Excess Cash Flow is attributable to Foreign Subsidiaries (or a Subsidiary thereof), as the case may be, (x) if such Net Asset Sale Proceeds, Net Insurance/Condemnation Proceeds or Consolidated Excess Cash Flow are prohibited by applicable local law in such foreign jurisdiction from being repatriated to the United States, the portion of such Net Asset Sale Proceeds, Net Insurance/Condemnation Proceeds or Consolidated Excess Cash Flow so subject to such prohibition will not be required to be applied to repay Loans at the times provided in <u>Section 2.14</u> but may be retained by the applicable Foreign Subsidiary (or a Subsidiary thereof) so long as the applicable local law will not permit repatriation to the United States (and the Borrower hereby agrees to cause the applicable Foreign Subsidiary (or a Subsidiary thereof) to promptly take all commercially reasonable actions required by the applicable local law to permit such repatriation), and once such repatriation of any of such affected Net Asset Sale Proceeds, Net Insurance/Condemnation Proceeds or Consolidated Excess Cash Flow is permitted under the applicable local law, such repatriation will be promptly effected and such repatriated Net Asset Sale Proceeds, Net Insurance/Condemnation Proceeds or Consolidated Excess Cash Flow will be promptly (and in any event not later than five Business Days after such repatriation) applied (net of additional taxes payable or reserved against as a result thereof) to the repayment of the Loans pursuant to this <u>Section 2.15</u> and (y) to the extent that the Borrower has determined in good faith that repatriation to the Borrower of any of or all the Net Asset Sale Proceeds, Net Insurance/Condemnation Proceeds or Consolidated Excess Cash Flow attributable to Foreign Subsidiaries would cause material adverse tax or regulatory consequences to the Borrower and its Restricted Subsidiaries, such Net Asset Sale Proceeds, Net Insurance/Condemnation Proceeds or Consolidated Excess Cash Flow so affected may be retained by the applicable Foreign Subsidiary, <u>provided</u> that once such material adverse consequences no longer apply, such repatriation will be promptly effected and such repatriated Net Asset Sale Proceeds, Net Insurance/Condemnation Proceeds or Consolidated Excess Cash Flow will be promptly (and in any event not later than five Business Days after such repatriation) applied (net

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of additional taxes payable or reserved against as a result thereof) to the repayment of the Loans pursuant to this <u>Section 2.15</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Application of Prepayments of Loans to Base Rate Loans and</u> <u>Term SOFR Rate Loans</u>. Considering each Class of Loans being prepaid separately, any prepayment thereof shall be applied first to Base Rate Loans to the full extent thereof before application to Term SOFR Rate Loans, in each case in a manner which minimizes the amount of any payments required to be made by the Borrower pursuant to <u>Section 2.18(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.16.** **General Provisions Regarding Payments**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All**<u>Except as otherwise expressly provided herein and except</u> <u>with respect to principal of and interest on Loans denominated in an Alternative</u> <u>Currency or any amount payable in an Alternative Currency, all</u>** payments by the Borrower of principal, interest, fees and other Obligations shall be made in Dollars (or, with respect to any Obligations in an Alternative Currency, in such Alternative Currency) in same day funds**<u>Same Day Funds</u>**, without defense, recoupment, setoff or counterclaim, free of any restriction or condition, and delivered to Administrative Agent not later than 1:00 p.m. (New York City time) on the date due at the Principal Office of Administrative Agent for the account of Lenders; for purposes of computing interest and fees, funds received by Administrative Agent after that time on such due date shall be deemed to have been paid by the Borrower on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)All payments in respect of the principal amount of any Loan (other than voluntary prepayments of Revolving Loans) shall be accompanied by payment of accrued interest on the principal amount being repaid or prepaid, and all such payments (and, in any event, any payments in respect of any Loan on a date when interest is due and payable with respect to such Loan) shall be applied to the payment of interest then due and payable before application to principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Administrative Agent (or its agent or sub-agent appointed by it) shall promptly distribute to each Lender at such address as such Lender shall indicate in writing, such Lender's applicable Pro Rata Share of all payments and prepayments of principal and interest due hereunder, together with all other amounts due thereto, including all fees payable with respect thereto, to the extent received by Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding the foregoing provisions hereof, if any Conversion/ Continuation Notice is withdrawn as to any Affected Lender or if any Affected Lender makes Base Rate Loans in lieu of its Pro Rata Share of any Term SOFR Rate Loans **<u>or Term CORRA Loans</u>**, Administrative Agent shall give effect thereto in apportioning payments received thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Subject to the provisos set forth in the definition of "Interest Period" as they may apply to Revolving Loans, whenever any payment to be made hereunder with respect to any Loan shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and, with respect to Revolving Loans only, such extension of time shall be included in the computation of the payment of interest hereunder or of the Revolving Commitment fees hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Administrative Agent shall deem any payment by or on behalf of the Borrower hereunder that is not made in same day funds**<u>Same Day Funds</u>** prior to 1:00 p.m. (New York City time) to be a non-conforming payment. Any such payment shall not be deemed to have been received by Administrative Agent until the later of (i) the time such funds become available funds, and (ii) the applicable next Business Day. Administrative Agent shall give prompt telephonic notice to the Borrower and each applicable Lender (confirmed in writing) if any payment is non-conforming. Any non-conforming payment may constitute or become a Default or Event of Default in accordance with the terms of <u>Section 8.1(a)</u>. Interest shall continue to accrue on any principal as to which a non-conforming payment is made until such funds become available funds (but in no event less than the period from the date of such payment to the next succeeding applicable Business Day) at the rate determined pursuant to <u>Section 2.10</u> from the date such amount was due and payable until the date such amount is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)If an Event of Default shall have occurred and not otherwise been waived or cured, and the maturity of the Obligations shall have been accelerated pursuant to <u>Section 8.1</u> or pursuant to any sale of, any collection from, or other realization upon all or any part of the Collateral, all payments or proceeds received by Agents in respect of any of the Obligations, shall be applied in accordance with the application arrangements described in Section 9.2 of the Pledge and Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** **<u>Except as otherwise expressly provided herein, with respect to</u> <u>principal of and interest on Loans denominated in an Alternative Currency or any</u> <u>amounts payable in an Alternative Currency, each payment by the Borrower on</u> <u>account of the principal of or interest on the Loans or of any fee, commission or</u> <u>other amounts (including reimbursement obligations) payable to the Lenders</u> <u>under this Agreement shall be made not later than the Applicable Time specified</u> <u>by the Administrative Agent on the date specified for payment under this</u> <u>Agreement to the Administrative Agent at the applicable Administrative Agent's</u> <u>Office for the account of the Lenders entitled to such payment in such Alternative</u> <u>Currency, in Same Day Funds and shall be made without any setoff, counterclaim</u> <u>or deduction whatsoever. Any payment received after such time but before 2:00</u>**

**<u>p.m. (New York City time) (or, with respect to a payment to be made in an</u> <u>Alternative Currency, the Applicable Time specified by the Administrative Agent)</u>**

**<u>on such day shall be deemed a payment on such date for the purposes of</u> <u>Section 8.1, but for all other purposes shall be deemed to have been made on the</u> <u>next succeeding Business Day. Any payment received after 2:00 p.m. (New York</u> <u>City time) (or, with respect to a payment to be made in an Alternative Currency,</u> <u>the Applicable Time specified by the Administrative Agent) shall be deemed to</u> <u>have been made on the next succeeding Business Day for all purposes. If, for any</u> <u>reason, the Borrower is prohibited by any applicable law from making any</u> <u>required payment hereunder in an Alternative Currency, the Borrower shall make</u> <u>such payment in Dollars in the Dollar Equivalent of the Alternative Currency</u> <u>payment amount.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17.** **Ratable Sharing.** Lenders hereby agree among themselves that if any of them shall, whether by voluntary payment (other than a voluntary prepayment of Loans made and applied in accordance with the terms hereof), through the exercise of any right of set-off or banker's lien, by counterclaim or cross action or by the enforcement of any right under the Credit Documents or otherwise, or as adequate protection of a deposit treated

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as Cash Collateral under the Bankruptcy Code, receive payment or reduction of a proportion of the aggregate amount of principal, interest, amounts payable in respect of Letters of Credit, Bank Guarantees, fees and other amounts then due and owing to such Lender hereunder or under the other Credit Documents (collectively, the "**Aggregate Amounts Due**" to such Lender) which is greater than the proportion received by any other Lender in respect of the Aggregate Amounts Due to such other Lender, then the Lender receiving such proportionately greater payment shall (a) notify Administrative Agent and each other Lender of the receipt of such payment and (b) apply a portion of such payment to purchase participations (which it shall be deemed to have purchased from each seller of a participation simultaneously upon the receipt by such seller of its portion of such payment) in the Aggregate Amounts Due to the other Lenders so that all such recoveries of Aggregate Amounts Due shall be shared by all Lenders in proportion to the Aggregate Amounts Due to them; <u>provided</u>, if all or part of such proportionately greater payment received by such purchasing Lender is thereafter recovered from such Lender upon the bankruptcy or reorganization of the Borrower or otherwise, those purchases shall be rescinded and the purchase prices paid for such participations shall be returned to such purchasing Lender ratably to the extent of such recovery, but without interest. The Borrower expressly consents to the foregoing arrangement and agrees that any holder of a participation so purchased may exercise any and all rights of banker's lien, consolidation, set-off or counterclaim with respect to any and all monies owing by the Borrower to that holder with respect thereto as fully as if that holder were owed the amount of the participation held by that holder, subject to <u>Section 10.4</u>. The provisions of this <u>Section 2.17</u> shall not be construed to apply to (a) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (b) any payment obtained by any Lender as consideration for the assignment or sale of a participation in any of its Loans or other Obligations owed to it or (c) any payment of any fee in connection with any amendment, waiver or consent or in connection with any extension or commitment of funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.18.** **Making or Maintaining Term SOFR Rate Loans <u>and Term CORRA Loans</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Inability to Determine Applicable Interest Rate</u>. Subject to <u>Section</u> <u>2.28</u>, in the event that (a) Administrative Agent shall have determined (whichdetermination shall be final and conclusive and binding upon all parties hereto absent manifest error), on any Interest Rate Determination Date with respect to any Term SOFR Rate Loans **<u>or Term CORRA Loans</u>**, that the Adjusted Term SOFR Rate or**,** the Term SOFR Rate **<u>or Term CORRA</u>**, as applicable, cannot be determined pursuant to the definitions thereof, or (b) the Requisite Lenders determine that for any reason in connection with any request for a Term SOFR Rate Loan**<u>, a Term CORRA Loan</u>** or a conversion thereto or a continuation thereof that the Adjusted Term SOFR Rate or**,** the Term SOFR Rate **<u>or Term CORRA</u>**, as applicable, for any requested Interest Period with respect to a proposed Term SOFR Rate **<u>Loan or Term CORRA</u>** Loan does not adequately and fairly reflect the cost to such Lenders of making and maintaining such Loan, and the Requisite Lenders have provided notice of such determination to the Administrative Agent, the Administrative Agent will promptly so notify the Borrower and each Lender. Upon notice thereof by the Administrative Agent to the Borrower, any obligation of the Lenders to make Term SOFR Rate Loans **<u>or Term CORRA Loans</u>**, and any right of the Borrower to continue Term SOFR Rate Loans or **<u>Term CORRA</u> <u>Loans or</u>** to convert Base Rate Loans to Term SOFR Rate Loans **<u>or Term CORRA</u> <u>Loans, as applicable</u>**, shall be suspended (to the extent of the affected Term SOFR Rate Loans**<u>, Term CORRA Loans</u>** or affected Interest Periods) until the Administrative Agent (with respect to clause (b), at the instruction of the Requisite Lenders) revokes such notice. Upon receipt of such notice, (i) the Borrower may revoke any pending request for a borrowing**<u>Borrowing</u>** of, conversion to or continuation of Term SOFR Rate Loans **<u>or Term CORRA Loan</u>** (to the extent of the affected Term SOFR Rate Loans**<u>, Term CORRA Loans</u>** or affected Interest Periods) or, failing that, the

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Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans in the amount specified therein and (ii)**<u>, (ii) any Funding</u> <u>Notice given by the Borrower with respect to Term SOFR Rate Loans or Term</u> <u>CORRA Loan, as applicable, shall be deemed to be a request for Base Rate Loans</u> <u>in the Dollar Equivalent determined by the Administrative Agent, to the extent</u> <u>such request was for an Alternative Currency (provided that the Borrower shall</u> <u>have the option, subject to the provisions of Section 2.18(c), to rescind such</u> <u>Funding Notice) and (iii)</u>** any outstanding affected Term SOFR Rate Loans **<u>or Term</u> <u>CORRA Loans, as applicable,</u>** will be deemed to have been converted into Base Rate Loans at the end of the applicable Interest Period. Upon any such conversion, the Borrower shall also pay accrued interest on the amount so converted, together with any additional amounts required pursuant to <u>Section 2.18</u> or <u>Section 2.19</u>, as applicable. Subject to <u>Section 2.28</u>, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Adjusted Term SOFR Rate cannot be determined pursuant to the definitions thereof on any given day, the interest rate on Base Rate Loans shall be determined by the Administrative Agent without reference to clause (iii) of the definition of "Base Rate" until the Administrative Agent revokes such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Illegality or Impracticability of Term SOFR Rate Loans</u> **<u>and Term CORRA Loans</u>.** In the event that on any date (i) any Lender shall have determined (which determination shall be final and conclusive and binding upon all parties hereto absent manifest error) that the making, maintaining, converting to or continuation of its Term SOFR Rate Loans **or Term CORRA Loans** has become unlawful as a result of compliance by such Lender in good faith with any law, treaty, governmental rule, regulation, guideline or order (or would conflict with any such treaty, governmental rule, regulation, guideline or order not having the force of law even though the failure to comply therewith would not be unlawful), or (ii) Administrative Agent is advised by the Requisite Lenders (which determination shall be final and conclusive and binding upon all parties hereto absent manifest error) that the making, maintaining, converting to or continuation of its Term SOFR Rate Loans **or Term CORRA Loans** has become impracticable, as a result of contingencies occurring after the Effective Date which materially and adversely affect the secured overnight financing rate or the position of the Lenders or, on any Interest Rate Determination Date with respect to any Term SOFR Rate Loans **or Term CORRA Loans,** the interest rate for such Loans for any requested Interest Period does not adequately and fairly reflect the cost to Requisite Lenders of funding such Term SOFR Rate Loans in**or Term CORRA Loans, as applicable, in** that market, then, and in any such event, such Lenders (or in the case of the preceding clause (i), such Lender) shall be an "Affected Lender" and such Affected Lender shall on that day give notice (by e-mail or by telephone confirmed in writing) to the Borrower and Administrative Agent of such determination (which notice Administrative Agent shall promptly transmit to each other Lender). If Administrative Agent receives a notice from (x) any Lender pursuant to clause (i) of the preceding sentence or (y) a notice from Lenders constituting Requisite Lenders pursuant to clause (ii) of the preceding sentence, then (1) the obligation of the Lenders (or, in the case of any notice pursuant to clause (i) of the preceding sentence, such Lender) to make Loans as, or to convert Loans to, Term SOFR Rate Loans **or Term CORRA Loans, as applicable,** shall be suspended until such notice shall be withdrawn by each Affected Lender, (2) to the extent such determination by the Affected Lender relates to a Term SOFR Rate Loan **or Term CORRA Loan, as applicable,** then being requested by the Borrower pursuant to a Funding Notice or a Conversion/Continuation Notice, the Lenders (or in the case of any notice pursuant to clause (i) of the preceding sentence, such Lender) shall make such Loan as (or continue such Loan as or convert such Loan to, as the case may be) a Base Rate Loan in the Dollar Amount**Equivalent** determined

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by the Administrative Agent, to the extent such request was for an Alternative Currency (provided, the Borrower shall have the option, subject to the provisions of Section 2.18(c), to rescind such Funding Notice), (3) the Lenders' (or in the case of any notice pursuant to clause (i) of the preceding sentence, such Lender's) obligations to maintain their respective outstanding Term SOFR Rate Loans **or Term CORRA Loans, as applicable** (the "Affected Loans") shall be terminated at the earlier to occur of the expiration of the Interest Period then in effect with respect to the Affected Loans or when required by law, and (4) the Affected Loans shall automatically convert into Base Rate Loans on the date of such termination. Notwithstanding the foregoing, to the extent a determination by an Affected Lender as described above relates to a Term SOFR Rate Loan **or Term CORRA Loan** then being requested by the Borrower pursuant to a Funding Notice or a Conversion/Continuation Notice, the Borrower shall have the option, subject to the provisions of Section 2.18(c), to rescind such Funding Notice or Conversion/Continuation Notice as to all Lenders by giving written or telephonic notice (promptly confirmed by delivery of written notice thereof) to Administrative Agent of such rescission on the date on which the Affected Lender gives notice of its determination as described above (which notice of rescission Administrative Agent shall promptly transmit to each other Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Compensation for Breakage or Non-Commencement of Interest</u> <u>Periods</u>. The Borrower shall compensate each Lender, upon written request by such Lender (which request shall set forth the basis for requesting such amounts), for all actual reasonable losses, expenses and liabilities (including any interest paid or payable by such Lender to Lenders of funds borrowed by it to make or carry its Term SOFR Rate Loans **<u>or Term CORRA Loans</u>** and any actual reasonable loss, expense or liability sustained by such Lender in connection with the liquidation or re-employment of such funds but excluding loss of anticipated profits) which such Lender may sustain: (i) if for any reason (other than a default by such Lender) a borrowing**<u>Borrowing</u>** of any Term SOFR Rate Loan **<u>or Term CORRA Loan</u>** does not occur on a date specified therefor in a Funding Notice or a telephonic request for borrowing**<u>Borrowing</u>**, or a conversion to or continuation of any Term SOFR Rate Loan **<u>or Term CORRA Loan</u>** does not occur on a date specified therefor in a Conversion/Continuation Notice or a telephonic request for conversion or continuation; (ii) if any prepayment or other principal payment of, or any conversion of, any of its Term SOFR Rate Loans **<u>or Term CORRA Loans</u>** occurs on a date prior to the last day of an Interest Period applicable to that Loan; or (iii) if any prepayment of any of its Term SOFR Rate Loans **<u>or Term CORRA Loans</u>** is not made on any date specified in a notice of prepayment given by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Booking of Term SOFR Rate Loans</u> **<u>and Term CORRA Loans</u>**. Any Lender may make, carry or transfer Term SOFR Rate Loans **<u>or Term CORRA</u> <u>Loans</u>** at, to, or for the account of any of its branch offices or the office of an Affiliate of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Assumptions Concerning Funding of Term SOFR Rate Loans</u> **<u>and</u> <u>Term CORRA Loans</u>**. Calculation of all amounts payable to a Lender under this <u>Section 2.18</u> and under <u>Section 2.19</u> shall be made as though such Lender had actually funded each of its relevant Term SOFR Rate Loans **<u>and Term CORRA Loans</u>** through the purchase of a Term SOFR **<u>or Term CORRA</u>** deposit**<u>, as applicable,</u>** bearing interest at **<u>(i) for Term SOFR Rate Loans,</u>** the rate obtained pursuant to clause (i) of the definition of "Adjusted Term SOFR Rate" in an amount equal to the amount of such Term SOFR **<u>Rate</u>** Loan and having a maturity comparable to the relevant Interest Period and through the transfer of such Term SOFR deposit from an offshore office of such Lender to a domestic office of such Lender in the United States of America **<u>and (ii) for</u> <u>Term CORRA</u>**

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**<u>Loans, Term CORRA</u>** <u>in an amount equal to</u> **<u>the amount of such</u> <u>Term CORRA Loan and having a maturity comparable to the relevant Interest</u> <u>Period and through the transfer of such Term CORRA deposit from an offshore</u> <u>office of such Lender to a domestic office of such Lender in the United States of</u> <u>America</u>**; <u>provided</u>, <u>however</u>, each Lender may fund each of its Term SOFR Rate Loans **<u>and Term CORRA Loans</u>** in any manner it sees fit and the foregoing assumptions shall be utilized only for the purposes of calculating amounts payable under this <u>Section 2.18</u> and under <u>Section 2.19</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.19.** **Increased Costs; Capital Adequacy**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Compensation for Increased Costs and Taxes</u>. In the event that any Lender (which term shall include Issuing Bank for purposes of this <u>Section 2.19(a)</u>) shall determine (which determination shall, absent manifest error, be final and conclusive and binding upon all parties hereto) that (A) any law, treaty or governmental rule, regulation or order, or any change therein or in the interpretation, administration or application thereof (regardless of whether the underlying law, treaty or governmental rule, regulation or order was issued or enacted prior to the Effective Date), including the introduction of any new law, treaty or governmental rule, regulation or order but excluding solely proposals thereof, or any determination of a court or Governmental Authority, in each case that becomes effective after the Effective Date, or (B) any guideline, request or directive by any central bank or other governmental or quasi-Governmental Authority (whether or not having the force of law) or any implementation rules or interpretations of previously issued guidelines, requests or directives, in each case that is issued or made after the Effective Date: (i) subject any Lender to any new Taxes (other than (A) Non-Excluded Taxes (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) any Taxes resulting from the imposition of a new rate of an existing Tax) on its loans, loan principal, letters of credit, bank guarantees, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or (ii) imposes, modifies or holds applicable any reserve (including any marginal, emergency, supplemental, special or other reserve), special deposit, liquidity, compulsory loan, FDIC insurance or similar requirement against assets held by, or deposits or other liabilities in or for the account of, or advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of such Lender or any company controlling such Lender; or (iii) imposes any other condition (other than with respect to a Tax matter) on or affecting such Lender (or its applicable lending office) or any company controlling such Lender or such Lender's obligations hereunder or the secured overnight financing rate; and the result of any of the foregoing is to increase the cost to such Lender of agreeing to make, making or maintaining Loans hereunder or to reduce any amount received or receivable by such Lender (or its applicable lending office) with respect thereto; then, in any such case, the Borrower shall promptly pay to such Lender, upon receipt of the statement referred to in the next sentence, such additional amount or amounts (in the form of an increased rate of, or a different method of calculating, interest or in a lump sum or otherwise as such Lender in its sole discretion shall determine) as may be necessary to compensate such Lender for any such increased cost or reduction in amounts received or receivable hereunder. Such Lender shall deliver to the Borrower (with a copy to Administrative Agent) a written statement, setting forth in reasonable detail the basis for calculating the additional amounts owed to such Lender under this <u>Section 2.19(a)</u>, which statement shall be conclusive and binding upon all parties hereto absent manifest error.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Capital Adequacy Adjustment</u>. In the event that any Lender (which term shall include Issuing Bank for purposes of this <u>Section 2.19(b)</u>) shall have determined (which determination shall, absent manifest error, be final and conclusive and binding upon all parties hereto) that (A) the adoption, effectiveness, phase-in or applicability of any law, rule or regulation (or any provision thereof) regarding capital adequacy or liquidity requirements, or any change therein or in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or (B) compliance by any Lender (or its applicable lending office) or any company controlling such Lender with any guideline, request or directive regarding capital adequacy or liquidity (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, in each case after the Effective Date, has or would have the effect of reducing the rate of return on the capital of such Lender or any company controlling such Lender as a consequence of, or with reference to, such Lender's Loans or Revolving Commitments, Bank Guarantees or Letters of Credit, or participations therein or other obligations hereunder with respect to the Loans, Bank Guarantees or the Letters of Credit to a level below that which such Lender or such controlling company could have achieved but for such adoption, effectiveness, phase-in, applicability, change or compliance (taking into consideration the policies of such Lender or such controlling company with regard to capital adequacy or liquidity, as applicable), then from time to time, within ten Business Days after receipt by the Borrower from such Lender of the statement referred to in the next sentence, the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or such controlling company on an after-tax basis for such reduction. Such Lender shall deliver to the Borrower (with a copy to Administrative Agent) a written statement, setting forth in reasonable detail the basis for calculating the additional amounts owed to Lender under this <u>Section 2.19(b)</u>, which statement shall be conclusive and binding upon all parties hereto absent manifest error. For the avoidance of doubt, subsections (a) and (b) of this <u>Section 2.19</u> shall apply to all requests, rules, guidelines or directives concerning liquidity and capital adequacy issued by any United States or foreign regulatory authority (i) under or in connection with the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and (ii) in connection with the implementation of the recommendations of the Bank for International Settlements or the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority), regardless of the date adopted, issued, promulgated or implemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Delay in Requests; Similarly Situated Persons</u>. Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to the foregoing provisions of this <u>Section 2.19</u> shall not constitute a waiver of such Lender's or the Issuing Bank's right to demand such compensation; <u>provided</u> that the Borrower shall not be required to compensate a Lender or the Issuing Bank pursuant to the foregoing provisions of this <u>Section 2.19</u> for any increased costs incurred or reductions suffered more than six months prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the event giving rise to such increased costs or reductions and of such Lender's or the Issuing Bank's intention to claim compensation therefor (except that, if any such event giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof). Notwithstanding anything to the contrary in this <u>Section 2.19</u>, the Lenders and Issuing Bank shall not be permitted to request compensation under this <u>Section 2.19</u> unless such Lender or Issuing Bank is also requesting compensation (to the extent contractually permitted to do so) from similarly situated Borrower.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.20.** **Taxes; Withholding, Etc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Payments to Be Free and Clear</u>. All sums payable by or on behalf of any Credit Party hereunder and under the other Credit Documents shall (except to the extent required by law) be paid free and clear of, and without any deduction or withholding on account of, any Tax imposed, levied, collected, withheld or assessed by any Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Withholding of Taxes</u>. If any Credit Party or any other Person (acting as a withholding agent) is (in such withholding agent's reasonable good faith discretion) required by law to make any deduction or withholding for Taxes from any sum paid or payable by any Credit Party to Administrative Agent or any Lender (which term shall include Issuing Bank for purposes of this <u>Section 2.20(b)</u>) under any of the Credit Documents: (i) the Borrower shall notify Administrative Agent of any such requirement or any change in any such requirement as soon as the Borrower becomes aware of it; (ii) the Borrower shall pay, or cause to be paid, any such Tax before the date on which penalties attach thereto, such payment to be made (if the liability to pay is imposed on any Credit Party) for its own account or (if that liability is imposed on Administrative Agent or such Lender, as the case may be) on behalf of and in the name of Administrative Agent or such Lender; (iii) in the case of Non-Excluded Taxes, the sum payable by such Credit Party in respect of which the relevant deduction, withholding or payment of Non-Excluded Taxes is required shall be increased to the extent necessary to ensure that, after the making of that deduction, withholding or payment of Non-Excluded Taxes, Administrative Agent or such Lender, as the case may be, receives on the due date a net sum equal to what it would have received had no such deduction, withholding or payment been required or made; (iv) in the case of Excluded Taxes, the sum payable shall not be increased, and (v) within thirty (30) days after the due date of payment of any Tax which it is required by clause (ii) above to pay, the Borrower shall deliver to Administrative Agent evidence satisfactory to the other affected parties of such deduction, withholding or payment and of the remittance thereof to the relevant taxing or other authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Evidence of Exemption From U.S. Withholding Tax</u>. Each Lender that is not a "United States person" (as such term is defined in Section 7701(a)(30) of the Internal Revenue Code) for U.S. federal income Tax purposes (a "**Non-U.S. Lender**") shall, to the extent such Lender is legally able to do so, deliver to Administrative Agent for transmission to the Borrower, on or prior to the Effective Date (in the case of each Lender listed on the signature pages hereof on the Effective Date) or on or prior to the date of the Assignment Agreement pursuant to which it becomes a Lender (in the case of each other Lender), and at such other times as may be necessary in the determination of the Borrower or Administrative Agent (each in the reasonable exercise of its discretion), (i) two copies of executed Internal Revenue Service Form W-8BEN, W-8BEN-E, W-8ECI, W-8EXP and/or W-8IMY (or, in each case, any successor forms), properly completed and duly executed by such Lender, and such other. documentation required under the Internal Revenue Code and reasonably requested by the Borrower to establish that such Lender is not subject to (or is subject to a reduced rate of) deduction or withholding of United States federal income tax with respect to any payments to such Lender of principal, interest, fees or other amounts payable under any of the Credit Documents and (ii) if such Lender is claiming exemption from U.S. federal withholding Tax under Section 871(h) or 881(c) of the Internal Revenue Code with respect to payments of "portfolio interest", a properly completed and duly executed IRS Form W-8BEN or W-8BEN-E (together with a certificate substantially in the form of <u>Exhibit M-1</u> representing that such Non-U.S. Lender is not a "bank" for purposes of Section 881(c) of the Code,

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is not a 10-percent shareholder (within the meaning of Section 871(h)(3)(B) of the Code) of the Borrower and is not a controlled foreign corporation related to the Borrower (within the meaning of Section 864(d)(4) of the Code) (a "**U.S. Withholding Certificate**")) and such other documentation required under the Internal Revenue Code and reasonably requested by the Borrower to establish that such Lender is not subject to (or is subject to a reduced rate of) deduction or withholding of United States federal income Tax with respect to any payments to such Lender of interest payable under any of the Credit Documents and (iii) to the extent a Non-U.S. Lender is not the beneficial owner (for example, where the Non-U.S. Lender is a partnership or a participating Lender granting a participation), properly completed and duly executed copies of Internal Revenue Service Form W-8IMY, accompanied by a Form W-8ECI, W-8BEN, W-8BEN-E, a US Withholding Certificate substantially in the form of <u>Exhibit M-2</u> or <u>Exhibit M-3</u>, Form W-9, and/or other certification documents from each beneficial owner, as applicable (<u>provided</u> that if the Non-U.S. Lender is a partnership for U.S. federal income tax purposes (and not a participating Lender) and one or more direct or indirect partners are claiming the portfolio interest exemption, the US Withholding Certificate may be provided by such Non-U.S. Lender on behalf of such direct or indirect partners and shall be substantially in the form of <u>Exhibit M-4</u>). Each Lender that is a "United States person" (as such term is defined in Section 7701(a)(30) of the Internal Revenue Code) (a "**U.S. Lender**") shall deliver to Administrative Agent and the Borrower on or prior to the Effective Date (or, if later, on or prior to the date on which such Lender becomes a party to this Agreement) two copies of executed Internal Revenue Service Form W-9 (or any successor form), properly completed by such Lender, certifying that such U.S. Lender is entitled to an exemption from United States backup withholding Tax, or otherwise prove that it is entitled to such an exemption. Each Lender required to deliver any forms, certificates or other evidence with respect to United States federal income tax withholding matters pursuant to this <u>Section 2.20(c)</u> hereby agrees, from time to time after the initial delivery by such Lender of such forms, certificates or other evidence, whenever a lapse in time or change in circumstances renders such forms, certificates or other evidence obsolete or inaccurate in any material respect, that such Lender shall promptly deliver to Administrative Agent for transmission to the Borrower two new copies of executed Internal Revenue Service Form W-8BEN, W-8BEN-E, W-8ECI, W-8EXP, W-8IMY and/or W-9 (or, in each case, any successor form), or a Certificate re Non-Bank Status and two copies of executed Internal Revenue Service Form W-8BEN or W-8BEN-E (or any successor form), as the case may be, properly completed and duly executed by such Lender, and such other documentation required under the Internal Revenue Code and reasonably requested by.the Borrower to confirm or establish that such Lender is not subject to deduction or withholding of United States federal income Tax with respect to payments to such Lender under the Credit Documents, or notify Administrative Agent and the Borrower of its inability to deliver any such forms, certificates or other evidence, and (iv) in addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in <u>Sections 2.20(c)(i)</u>-<u>(iii)</u> and clause (d) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. The Administrative Agent shall deliver to the Borrower two duly completed copies of IRS Form W-9, or any subsequent

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versions or successors to such form, certifying that it is exempt from U.S. federal backup withholding. On or before the date it becomes a party to this Agreement, any successor or supplemental Agent (i) that is not a "United States person" as defined in Section 7701(a)(30) of the Code, shall deliver to the Borrower (A) two duly completed copies of IRS Form W-8ECI (or any successor form) with respect to any amounts payable under any Credit Document to the Administrative Agent for its own account, and (B) two duly completed copies of IRS Form W-8IMY (or any other successor form) with respect to any amounts payable under any Credit Document to the Administrative Agent for the account of others, certifying that it is a "U.S. branch" and that the payments it receives for the account of others are not effectively connected with the conduct of its trade or business within the United States and that it is using such form as evidence of its agreement with the Borrower to be treated as a United States person and thus act as the withholding agent with respect to such payments (and the Borrower and the Administrative Agent agree to so treat the Administrative Agent as a United States person with respect to such payments as contemplated by Treasury Regulation Section 1.1441-1(b)(2)(iv)(A)), and (ii) that is a "United States person" as defined in Section 7701(a)(30) of the Code, shall deliver to the Borrower two duly completed copies of IRS Form W-9, or any subsequent versions or successors to such form, certifying that it is exempt from U.S. federal backup withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Each Lender shall deliver to the Borrower at the time or times prescribed by law and at such time or times reasonably requested by the Borrower such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrower as may be necessary for the Borrower to comply with its obligations under FATCA and to determine the amount to deduct and withhold from such payment, if any. Solely for purposes of this clause (d), "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Without limiting the provisions of <u>Section 2.20(b)</u>, the Borrower shall timely pay all Other Taxes to the relevant Governmental Authorities in accordance with applicable law. The Borrower shall deliver to Administrative Agent official receipts or other evidence of such payment reasonably satisfactory to Administrative Agent in respect of any Other Taxes payable hereunder promptly after payment of such Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Borrower shall indemnify Administrative Agent and any Lender for the full amount of Non-Excluded Taxes and Other Taxes for which additional amounts are required to be paid pursuant to <u>Section 2.20(b)</u> arising in connection with payments made under this Agreement or any other Credit Document and Other Taxes (including any such Non-Excluded Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this <u>Section 2.20</u>) paid by Administrative Agent or Lender and any reasonable expenses arising therefrom or with respect thereto, whether or not such Non-Excluded Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority; <u>provided</u>, that any Lender or Administrative Agent entitled to such indemnification shall make a demand (in writing) for such indemnification promptly, and in any case within six months of such Lender's or the Administrative Agent's knowledge that it would be entitled to such indemnification. Such payment shall be due within thirty (30) days of such Credit Party's receipt of such written demand.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)If the Administrative Agent or any Lender determines, in its sole discretion exercised in good faith, that it has received a refund (or credit against a future Tax in lieu of a refund) of any Taxes as to which it has been indemnified pursuant to this <u>Section 2.20</u> (including additional amounts pursuant to this <u>Section 2.20</u>), it shall pay to the Borrower an amount equal to such refund or credit (but only to the extent of indemnity payments made under this <u>Section 2.20</u> with respect to the Taxes giving rise to such refund), net of all reasonable out-of-pocket third party expenses (including Taxes) of the Administrative Agent or Lender, as applicable, in obtaining such refund or credit, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). The Borrower, upon the request of the Administrative Agent or such Lender, shall repay to the Administrative Agent or such Lender the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority or such credit is disallowed by such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the Administrative Agent or any Lender be required to pay any amount to the Borrower pursuant to this paragraph (g) the payment of which would place the Administrative Agent or such Lender in a less favorable net after-Tax position than the Administrative Agent or such Lender would have been in if the indemnification payments or additional amounts giving rise to such refund or credit had never been paid. This paragraph shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Notwithstanding anything herein to the contrary, no Borrower or any other Credit Party shall be required to pay any additional amounts hereunder or under any other Credit Document with respect to Taxes if such Taxes are Excluded Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Each party's obligations under this <u>Section 2.20</u> shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.21.** **Obligation to Mitigate**. Each Lender (which term shall include Issuing Bank for purposes of this <u>Section 2.21</u>) agrees that, as promptly as practicable after the officer of such Lender responsible for administering its Loans, Bank Guarantees or Letters of Credit, as the case may be, becomes aware of the occurrence of an event or the existence of a condition that would cause such Lender to become an Affected Lender or that would entitle such Lender to receive payments under <u>Section 2.18</u>, <u>2.19</u> or <u>2.20</u>, it will, to the extent not inconsistent with the internal policies of such Lender and any applicable legal or regulatory restrictions, use reasonable efforts to (a) make, issue, fund or maintain its Credit Extensions, including any Affected Loans, through another office of such Lender, or (b) take such other measures as such Lender may deem reasonable, if as a result thereof the circumstances which would cause such Lender to be an Affected Lender would cease to exist or the additional amounts which would otherwise be required to be paid to such Lender pursuant to <u>Section 2.18</u>, <u>2.19</u> or <u>2.20</u> would be materially reduced and if, as determined by such Lender in its sole discretion, the making, issuing, funding or maintaining of such Revolving Commitments, Loans, Bank Guarantees or Letters of Credit through such other office or in accordance with such other measures, as the case may be, would not otherwise adversely affect such Revolving Commitments, Loans, Bank Guarantees or Letters of Credit or the interests of such Lender; <u>provided</u>, such Lender will not be obligated to utilize such other office pursuant to this <u>Section 2.21</u> unless the Borrower agrees to pay all incremental and reasonable out-of-pocket expenses incurred by such Lender as a result

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of utilizing such other office as described above. A certificate as to the amount of any such expenses payable by the Borrower pursuant to this <u>Section 2.21</u> (setting forth in reasonable detail the basis for requesting such amount) submitted by such Lender to the Borrower (with a copy to Administrative Agent) shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.22.** **Defaulting Lenders**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Defaulting Lender Adjustments</u>. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Defaulting Lender Waterfall</u>. Any payment of principal, interest, fees or other amounts received by Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Section 8</u> or otherwise) or received by Administrative Agent from a Defaulting Lender pursuant to <u>Section 10.4</u> shall be applied at such time or times as may be determined by Administrative Agent as follows: *first*, to the payment of any amounts owing by such Defaulting Lender to Administrative Agent hereunder; *second*, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to Issuing Bank hereunder; *third*, to Cash Collateralize Issuing Bank's Fronting Exposure with respect to such Defaulting Lender in accordance with <u>Section 2.22(d)</u>; *fourth*, as the Borrower may request (so long as no Default or Event of Default shall have occurred and be continuing), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by Administrative Agent; *fifth*, if so determined by Administrative Agent and the Borrower, to be held in a Deposit Account and released pro rata in order to (x) satisfy such Defaulting Lender's potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize Issuing Bank's future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit or future Bank Guarantees issued under this Agreement, in accordance with <u>Section 2.22(d)</u>; *sixth*, to the payment of any amounts owing to the Lenders, Issuing Bank as a result of any judgment of a court of competent jurisdiction obtained by any Lender or Issuing Bank against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; *seventh*, so long as no Default or Event of Default shall have occurred and be continuing, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and *eighth*, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that if (x) such payment is a payment of the principal amount of any Loans or reimbursement obligations with respect to Letters of Credit or Bank Guarantees in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit or Bank Guarantees were issued at a time when the conditions set forth in <u>Section 3.2</u> were satisfied and waived, such payment shall be applied solely to pay the Loans of, and reimbursement obligations with respect to Letters of Credit or Bank Guarantees owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or reimbursement obligations with respect to Letters of Credit or Bank Guarantees owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in Letters of Credit and Bank Guarantees are held by the Lenders pro rata in accordance with the applicable Commitments without giving effect to <u>Section 2.22(a)(iii)</u>. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to

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post Cash Collateral pursuant to this <u>Section 2.22(a)(i)</u> shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Certain Fees.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)No Defaulting Lender shall be entitled to receive any fee pursuant to <u>Section 2.11(a)</u> for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender); <u>provided</u> such Defaulting Lender shall be entitled to receive fees pursuant to <u>Section 2.11(a)(ii)</u> for any period during which that Lender is a Defaulting Lender only to extent allocable to its Pro Rata Share of the stated amount of Letters of Credit or Bank Guarantees for which it has provided Cash Collateral pursuant to <u>Section 2.22(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)With respect to any fees not required to be paid to any Defaulting Lender pursuant to clause (A) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender's participation in Letters of Credit or Bank Guarantees that has been reallocated to such Non-Defaulting Lender pursuant to clause (iii) below, (y) pay to Issuing Bank the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to Issuing Bank's Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>Reallocation of Participations to Reduce Fronting Exposure</u>. All or any part of such Defaulting Lender's participation in Letters of Credit and Bank Guarantees shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Pro Rata Shares (calculated without regard to such Defaulting Lender's Commitment) but only to the extent that (x) the conditions set forth in <u>Section 3.2</u> are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender's Revolving Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender's increased exposure following such reallocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u>Cash Collateral</u>. If the reallocation described in clause (iii) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, Cash Collateralize Issuing Bank's Fronting Exposure in accordance with the procedures set forth in <u>Section 2.22(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Defaulting Lender Cure</u>. If the Borrower, Administrative Agent and each Issuing Bank agree in writing that a Lender is no longer a Defaulting Lender, Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Bank Guarantees to be held pro rata by the Lenders in accordance with the applicable

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Commitments (without giving effect to <u>Section 2.22(a)(iii)</u>), whereupon such Lender will cease to be a Defaulting Lender; <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and <u>provided</u> <u>further</u>, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender having been a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>New Letters of Credit and Bank Guarantees</u>. So long as any Lender is a Defaulting Lender, Issuing Bank shall not be required to issue, extend, renew or increase any Letter of Credit or any Bank Guarantee unless it is reasonably satisfied that the participations in any existing Letters of Credit or any existing Bank Guarantees as well as the new, extended, renewed or increased Letter of Credit or Bank Guarantee has been or will be fully allocated among the Non-Defaulting Lenders in a manner consistent with clause (a)(iii) above and such Defaulting Lender shall not participate therein except to the extent such Defaulting Lender's participation has been or will be fully Cash Collateralized in accordance with <u>Section 2.22(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Cash Collateral</u>. At any time that there shall exist a Defaulting Lender, within one Business Day following the written request of Administrative Agent or Issuing Bank (with a copy to Administrative Agent) the Borrower shall Cash Collateralize Issuing Bank's Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to <u>Section 2.22(a)(iii)</u> and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Grant of Security Interest</u>. The Borrower and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to Administrative Agent, for the benefit of Issuing Bank, and agrees to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting Lenders' obligation to fund participations in respect of Letters of Credit or Bank Guarantees, to be applied pursuant to clause (ii) below. If at any time Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than Administrative Agent and Issuing Bank as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by Administrative Agent, pay or provide to Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Application</u>. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this <u>Section 2.22</u> in respect of Letters of Credit or Bank Guarantees shall be applied to the satisfaction of the Defaulting Lender's obligation to fund participations in respect of Letters of Credit or Bank Guarantees (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>Termination of Requirement</u>. Cash Collateral (or the appropriate portion thereof) provided to reduce Issuing Bank's Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this <u>Section 2.22</u> following (i) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender) or (ii) the determination by Administrative Agent and Issuing Bank that there exists excess Cash Collateral; <u>provided</u> that, subject to the other provisions of this <u>Section 2.22</u>, the Person

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providing Cash Collateral and Issuing Bank may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations; <u>provided further</u> that to the extent that such Cash Collateral was provided by the Borrower, such Cash Collateral shall remain subject to the security interest granted pursuant to the Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Lender Counterparties</u>. So long as any Lender is a Defaulting Lender, such Lender shall not be a Lender Counterparty with respect to any Hedge Agreement or Cash Management Bank with respect to any Cash Management Services, in each case, entered into while such Lender was a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.23.** **Removal or Replacement of a Lender**. Anything contained herein to the contrary notwithstanding, in the event that: (a)(i) any Lender (an **"Increased-Cost Lender"**) shall give notice to the Borrower that such Lender is an Affected Lender or that such Lender is entitled to receive payments under <u>Section 2.18</u>, <u>2.19</u> or <u>2.20</u>, (ii) the circumstances which have caused such Lender to be an Affected Lender or which entitle such Lender to receive such payments shall remain in effect, and (iii) such Lender shall fail to withdraw such notice within five Business Days after the Borrower's request for such withdrawal; or (b)(i) any Lender shall become and continues to be a Defaulting Lender, and (ii) such Defaulting Lender shall fail to cure the default pursuant to <u>Section 2.22(b)</u> within five Business Days after the Borrower's request that it cure such default; or (c) in connection with any proposed amendment, modification, termination, waiver or consent with respect to any of the provisions hereof as contemplated by <u>Section 10.5(b)</u>, the consent of Requisite Lenders shall have been obtained but the consent of one or more of such other Lenders (each a **"Non-Consenting Lender"**) whose consent is required shall not have been obtained; then, with respect to each such Increased-Cost Lender, Defaulting Lender or Non-Consenting Lender (the **"Terminated Lender"**), the Borrower may, by giving written notice to Administrative Agent and any Terminated Lender of its election to do so, elect to cause such Terminated Lender (and such Terminated Lender hereby irrevocably agrees) to assign its outstanding Loans and its Revolving Commitments, if any, in full to one or more Eligible Assignees (each a **"Replacement Lender"**) in accordance with the provisions of <u>Section 10.6</u> (or terminate the applicable Commitments of such Lender, and repay in full in cash all Obligations (other than any premium with respect to a Defaulting Lender) of the Borrower then due and owing to such Lender relating to the applicable Loans and participations held by such Lender as of such termination date) and the Borrower shall pay the reasonable-out-of-pocket fees, if any, payable thereunder in connection with any such assignment from an Increased-Cost Lender, a Non-Consenting Lender or a Defaulting Lender; <u>provided</u>, (1) on the date of such assignment, the Replacement Lender shall pay to Terminated Lender an amount equal to the sum of (A) an amount equal to the principal of, and all accrued interest on, all outstanding Loans of the Terminated Lender, (B) an amount equal to all unreimbursed drawings that have been funded by such Terminated Lender, together with all then unpaid interest with respect thereto at such time and (C) an amount equal to all accrued, but theretofore unpaid fees owing to such Terminated Lender pursuant to <u>Section 2.11</u>; (2) on the date of such assignment or payment, the Borrower shall pay any amounts payable to such Terminated Lender pursuant to <u>Section 2.13(c)</u>, <u>2.18(c)</u>, <u>2.19</u> or <u>2.20</u>; or otherwise as if it were a prepayment; (3) in the event such Terminated Lender is a Non-Consenting Lender, each Replacement Lender shall consent, at the time of such assignment, to each matter in respect of which such Terminated Lender was a Non-Consenting Lender; and (4) in the case of any such assignment or payment resulting from a claim for compensation under <u>Section 2.19</u> or payments required to be made pursuant to <u>Section 2.20</u>, such assignment or payment will result in a reduction in such compensation or payments thereafter; <u>provided</u>, the Borrower may not make such election with respect to any Terminated Lender that is also an Issuing Bank unless, prior to the effectiveness of such election, the Borrower shall have caused each outstanding Letter of Credit or each outstanding Bank Guarantee issued thereby to be cancelled, backstopped or Cash Collateralized on terms reasonably satisfactory to Administrative Agent and such Issuing Bank. Upon the prepayment of all amounts owing to any Terminated Lender and the termination of such Terminated Lender's Revolving Commitments, if any, such Terminated Lender shall no longer constitute a

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"Lender" for purposes hereof; <u>provided</u>, any rights of such Terminated Lender to indemnification hereunder shall survive as to such Terminated Lender. Each Lender agrees that if the Borrower exercises its option hereunder to cause an assignment by such Lender as a Non-Consenting Lender or Terminated Lender, such Lender shall, promptly after receipt of written notice of such election, execute and deliver all documentation necessary to effectuate such assignment in accordance with <u>Section 10.6</u>. In the event that a Lender does not comply with the requirements of the immediately preceding sentence within one Business Day after receipt of such notice, each Lender hereby authorizes and directs Administrative Agent to execute and deliver such documentation as may be required to give effect to an assignment in accordance with <u>Section 10.6</u> on behalf of a Non-Consenting Lender or Terminated Lender and any such documentation so executed by Administrative Agent shall be effective for purposes of documenting an assignment pursuant to <u>Section 10.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.24.** **Incremental Facilities**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrower may by written notice to Administrative Agent elect to request (A) prior to the Revolving Commitment Termination Date, an increase to the existing Revolving Commitments (any such increase, the **"New Revolving Loan Commitment Increases"**) or the establishment of one or more new Revolving Commitments (any such new commitments, **"New Incremental Revolving Loan Commitments"** and, collectively with any New Revolving Loan Commitment Increases, the **"New Revolving Loan Commitments"**) and/or (B) prior to the Maturity Date, an increase to the existing Term Loans or the establishment of one or more new term loan commitments (the **"New Term Loan Commitments"**), by the Available Incremental Amount, and not less than $5,000,000 (or, with respect to any New Revolving Loan Commitments to be established in an Alternative Currency, the Dollar Amount**<u>Equivalent</u>** equivalent) individually (or such lesser amount which shall reasonably be approved by Administrative Agent or such lesser amount that shall constitute the difference between the Available Incremental Amount and all such New Revolving Loan Commitments and New Term Loan Commitments obtained prior to such date), and integral multiples of $1,000,000 (or, with respect to any New Revolving Loan Commitments to be established in an Alternative Currency, the Dollar Amount**<u>Equivalent</u>** equivalent) in excess of that amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each such notice shall specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)the date (each, an **"Increased Amount Date"**) on which the Borrower proposes that the New Revolving Loan Commitments or New Term Loan Commitments, as applicable, shall be effective, which shall be a date not less than 3 Business Days after the date on which such notice is delivered to Administrative Agent or such shorter period of time as reasonably consented to by Administrative Agent,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)whether or not such New Revolving Loan Commitments or New Term Loan Commitments are incurred under the Available Incremental Amount and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)the identity of each Lender or other Person that is an Eligible Assignee (each, a **"New Revolving Loan Lender"** or **"New Term Loan Lender"**, as applicable) to whom the Borrower proposes any portion of such New Revolving Loan Commitments or New Term Loan Commitments, as applicable, be allocated and the amounts of such allocations;

<u>provided</u> that each Arranger may elect or decline to arrange such New Revolving Loan Commitments or New Term Loan Commitments in its sole discretion (it being understood that this

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proviso shall not require the Borrower to engage any Arranger as an arranger with respect thereto) and any Lender approached to provide all or a portion of the New Revolving Loan Commitments or New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Revolving Loan Commitment or a New Term Loan Commitment. Notwithstanding anything to the contrary herein, the aggregate amount of New Term Loans, when added to the aggregate amount of New Incremental Revolving Loan Commitments and any Additional Permitted Debt incurred on or prior to the date of incurrence of such New Term Loans and/or New Incremental Revolving Loan Commitments, as applicable, shall not exceed the Available Incremental Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Such New Revolving Loan Commitments or New Term Loan Commitments shall become effective, as of such Increased Amount Date; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)no Event of Default under <u>Section 8.1(a)</u>, <u>(f)</u> or <u>(g)</u> shall exist on such Increased Amount Date before or after giving effect to such New Revolving Loan Commitments or New Term Loan Commitments, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)solely to the extent required by the Lenders providing such commitments, as of such Increased Amount Date, the representations and warranties contained herein and in the other Credit Documents shall be true and correct in all material respects on and as of such Increased Amount Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date; <u>provided</u> that (i) in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof and (ii) solely in the case of a New Loan in connection with a Permitted Acquisition or other Investment permitted hereunder, such requirement shall be subject to customary "Sungard" limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)the New Revolving Loan Commitments or New Term Loan Commitments, as applicable, shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower, the New Revolving Loan Lender or New Term Loan Lender, as applicable, and Administrative Agent, and each of which shall be recorded in the Register and each New Revolving Loan Lender and New Term Loan Lender shall be subject to the requirements set forth in <u>Section 2.20(c)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)the Borrower shall make any payments required pursuant to <u>Section 2.18(c)</u> in connection with the New Revolving Loan Commitments or New Term Loan Commitments, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)As determined by the Administrative Agent, any New Term Loans made on an Increased Amount Date shall be designated a separate series (a "**Series**") of New Term Loans for all purposes of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)such new Term Loans and New Revolving Loan Commitments shall not be subject to any Guaranty by any affiliate of a Credit Party unless such Person also Guaranties the Obligations and shall not be secured by any Collateral that does not secure the Term Loans.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)On any Increased Amount Date on which New Revolving Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Revolving Loan Lenders shall assign to each of the New Revolving Loan Lenders, and each of the New Revolving Loan Lenders shall purchase from each of the Revolving Loan Lenders, at the principal amount thereof (together with accrued interest), such interests in the Revolving Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Loans will be held by existing Revolving Loan Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Commitments after giving effect to the addition of such New Revolving Loan Commitments to the Revolving Commitments, (b) each New Revolving Loan Commitment Increase shall be deemed for all purposes a Revolving Commitment and each Loan made thereunder (an **"New Revolving Loan Increase"**) shall be deemed, for all purposes, a Revolving Loan, (c) each New Incremental Revolving Loan Commitment shall be deemed for all purposes a Revolving Commitment and each Loan made thereunder (a **"New Incremental Revolving Loan"** and, together with any New Revolving Loan Increase, a **"New Revolving Loan"**) shall be deemed, for all purposes, a Revolving Loan and (d) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Loan Commitment and all matters relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each New Term Loan Lender of any Series shall make a Loan to the Borrower (a **"New Term Loan"** and, together with any New Revolving Loan, a **"New Loan"**) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Administrative Agent shall notify Lenders promptly upon receipt of the Borrower's notice of each Increased Amount Date and in respect thereof (y) the New Revolving Loan Commitments and the New Revolving Loan Lenders or the Series of New Term Loan Commitments and the New Term Loan Lenders of such Series, as applicable, and (z) in the case of each notice to any Revolving Loan Lender, the respective interests in such Revolving Loan Lender's Revolving Loans, in each case subject to the assignments contemplated by this <u>Section 2.24</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The terms and provisions of the New Revolving Loan Increases shall be identical to the Revolving Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The terms and provisions of the New Incremental Revolving Loans and New Revolving Loan Commitment Increases of any Series shall be as set forth herein or in the Joinder Agreement. In any event (i) the applicable Maturity Date of each Series shall be no shorter than the latest of the Latest Maturity Date and no mandatory commitment reductions shall be required prior to the Latest Maturity Date of the Revolving Loans and (ii) any terms of any New Incremental Revolving Loans and New Incremental Revolving Loan Commitments that are more restrictive than the terms of the Revolving Loans must be either (x) reasonably acceptable to the Administrative Agent or (y) incorporated in the Credit Documents (which may be done only with the consent of the Administrative Agent in its reasonable discretion without the need for consent by any Lender) for the benefit of the existing Lenders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be as set forth herein or in the Joinder Agreement. In any event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)subject to the Inside Maturity Exception, the weighted average life to maturity of all New Term Loans of any Series shall be no shorter than the remaining weighted average life to maturity of the Initial Term Loans and any existing New Term Loans (whichever is longest),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)subject to the Inside Maturity Exception, the applicable Maturity Date of each Series shall be no shorter than the Latest Maturity Date (or, in the case of unsecured, subordinated or junior secured Indebtedness, such Series shall mature no earlier than 91 days after the Latest Maturity Date of the Initial Term Loans and any existing New Term Loans),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the pricing, interest rate margins, discounts, premiums, rate floors, fees and amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; <u>provided</u>, <u>however</u>, that (A) if incurred solely within the 6-month period following the Third Amendment Effective Date, the All-in Yield applicable to New Term Loans that are Qualified Term Loans and incurred under any of the Incremental Ratio Tests (or any other applicable leverage based tests under <u>Section 6.1</u> permitting the incurrence of pari passu Indebtedness) shall not be greater than the applicable All-in Yield payable pursuant to the terms of this Agreement as amended through the date of such calculation with respect to Initial Term Loans plus 0.75% *per annum* unless the interest rate with respect to the Initial Term Loans is increased so as to cause the then applicable All-in Yield under this Agreement on the Initial Term Loans to equal the All-in Yield then applicable to the New Term Loans less 0.75%, (B) if incurred solely within the 6-month period following the Fourth Amendment Effective Date, the All-in Yield applicable to New Term Loans that are Qualified Term Loans and incurred under any of the Incremental Ratio Tests (or any other applicable leverage based tests under <u>Section 6.1</u> permitting the incurrence of pari passu Indebtedness) shall not be greater than the applicable All-in Yield payable pursuant to the terms of this Agreement as amended through the date of such calculation with respect to 2025 Incremental Term Loans plus 0.75% *per annum* unless the interest rate with respect to the 2025 Incremental Term Loans is increased so as to cause the then applicable All-in Yield under this Agreement on the 2025 Incremental Term Loans to equal the All-in Yield then applicable to the New Term Loans less 0.75% and (C) if incurred solely within the 6-month period following the Fifth Amendment Effective Date, the All-in Yield applicable to New Term Loans that are Qualified Term Loans and incurred under any of the Incremental Ratio Tests (or any other applicable leverage based tests under <u>Section 6.1</u> permitting the incurrence of pari passu Indebtedness) shall not be greater than the applicable All-in Yield payable pursuant to the terms of this Agreement as amended through the date of such calculation with respect to 2025 Repriced Incremental Term Loans plus 0.75% *per annum* unless the interest rate with respect to the 2025 Repriced Incremental Term Loans is increased so as to cause the then applicable All-in Yield under this Agreement on the 2025 Repriced Incremental Term Loans to equal the All-in Yield then applicable to the New Term Loans less 0.75%; <u>provided</u> that the foregoing shall not apply to New Term Loans that (1) are incurred in connection with a Permitted Acquisition or other Investments, (2) with respect to clause (A) of this <u>Section</u> <u>2.24(i)(iii)</u>, are scheduled to mature more than two years after the Maturity Date of the Initial Term Loans, or with respect to clause (B) of this <u>Section 2.24(i)(iii)</u>, are scheduled to mature more than two years after the Maturity Date of the 2025 Incremental Term Loans, or with respect to clause (C) of this <u>Section 2.24(i)(iii)</u>, are scheduled to mature more than two years after the Maturity Date of the 2025 Repriced Incremental Term Loans or (3) in the aggregate, do not exceed the greater of (x) $542,000,000 and (y) 100% of Consolidated

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Adjusted EBITDA as of the last day of the most recently ended Test Period (the "**MFN Provision**"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any mandatory prepayment (other than any scheduled amortization payment) of New Term Loans shall be made on a pro rata basis with any existing Initial Term Loans, existing 2025 Incremental Term Loans and existing 2025 Repriced Incremental Term Loans except that the Borrower and the lenders providing the relevant New Term Loans shall be permitted, in their sole discretion, to elect to prepay or receive, as applicable, any such prepayment on a less than pro rata basis (but not on a greater than pro rata basis),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any voluntary prepayment of New Term Loans may provide for the ability to participate on a pro rata basis or non-pro rata basis in any voluntary prepayments of any other Term Loans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)the New Term Loans may otherwise have terms and conditions different from those of the Initial Term Loans, 2025 Incremental Term Loans and 2025 Repriced Incremental Term Loans (including currency denomination); <u>provided further</u>, that, if such terms and conditions are not substantially consistent with the terms of the then existing Term Loans, except with respect to matters contemplated by clauses (i) – (v) above, any differences shall (1) reflect market terms at the time of incurrence or issuance thereof (as determined by the Borrower and the lenders or financing sources providing the applicable Indebtedness) or (2) be reasonably satisfactory to the Administrative Agent (including, without limitation, to (i) add covenants and other provisions applicable only to the periods after the Latest Maturity Date applicable to the then-existing Initial Term Loans, then-existing 2025 Incremental Term Loans and then-existing 2025 Repriced Incremental Term Loans (it being understood that, to the extent that any covenants or other provisions are added for the benefit of any such Indebtedness, no consent shall be required by the Administrative Agent or any of the Lenders if such covenants or other provisions are also added for the benefit of any then outstanding Term Loan), (ii) increase the All-in Yield of the applicable Class of Term Loans and/ or amend the amortization applicable thereto, in each case, to the extent necessary in order to ensure that any applicable Class of Term Loans are "fungible" with the applicable Incremental**<u>New</u>** Term Loans; <u>provided</u> that any such amendment to the amortization applicable to any existing Class of Term Loans shall not result in the decrease of any amortization payment any Lender of such Class of Term Loans would have received prior to giving effect to such amendment, (iii) add, modify or extend "soft call" or add, modify or extend any other "call protection," in either case, for the benefit of any existing Class of Loans and (iv) modify the terms of this Agreement to appropriately incorporate revolving facility mechanics (including those related to payments, prepayments, purchases of participations and reallocation mechanisms and letter of credit and/or swingline subfacilities) and other provisions and commitment schedules relating to revolving facilities generally)).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Notwithstanding <u>Section 10.5</u>, each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent to effect the provision of this <u>Section 2.24</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.25.** **Extensions of Loans**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrower may from time to time, pursuant to the provisions of this <u>Section 2.25</u>, agree with one or more Lenders holding Loans and Commitments of any Class to extend the maturity date and to provide for other terms consistent with this <u>Section 2.25</u> (each such modification, an **"Extension"**) pursuant to one or more written offers (each an **"Extension Offer"**) made from time to time by the Borrower to all Lenders under any Class that is proposed to be extended under this <u>Section 2.25</u>, in each case on a pro rata basis (based on the relative principal amounts of the outstanding Loans of each Lender in such Class) and on the same terms to each such Lender. In connection with each Extension, the Borrower will provide notification to Administrative Agent (for distribution to the Lenders of the applicable Class), no later than 30 days prior to the maturity of the applicable Class or Classes to be extended of the requested new maturity date for the extended Loans of each such Class (each an **"Extended Maturity Date"**) and the due date for Lender responses. In connection with any Extension, each Lender of the applicable Class wishing to participate in such Extension shall, prior to such due date, provide Administrative Agent with a written notice thereof in a form reasonably satisfactory to Administrative Agent. Any Lender that does not respond to an Extension Offer by the applicable due date shall be deemed to have rejected such Extension. In connection with any Extension, the Borrower shall agree to such procedures, if any, as may reasonably be established by, or reasonably acceptable to, Administrative Agent to accomplish the purposes of this <u>Section 2.25</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)After giving effect to any Extension, the Term Loans or Revolving Commitments so extended shall cease to be a part of the Class that they were a part of immediately prior to the Extension and shall be a new Class hereunder; <u>provided</u> that at no time shall there be more than three (3) different Classes of Term Loans and two (2) different classes of Revolving Commitments; <u>provided</u> <u>further,</u> that, in the case of any Extension Amendment relating to Revolving Commitments or Revolving Loans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)all borrowings**<u>Borrowings</u>** and all prepayments of Revolving Loans shall continue to be made on a ratable basis among all Revolving Lenders, based on the relative amounts of their Revolving Commitments, until the repayment of the Revolving Loans attributable to the non-extended Revolving Commitments on the relevant Maturity Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the allocation of the participation exposure with respect to any then-existing or subsequently issued or made Letter of Credit or Bank Guarantee as between the Revolving Commitments of such new "Class" and the remaining Revolving Commitments shall be made on a ratable basis in accordance with the relative amounts thereof until the Maturity Date relating to such non-extended Revolving Commitments has occurred,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)no termination of Extended Revolving Commitments and no repayment of extended Revolving Loans accompanied by a corresponding permanent reduction in Loans made under Extended Revolving Commitments shall be permitted unless such termination or repayment (and corresponding reduction) is accompanied by at least a pro rata termination or permanent repayment (and corresponding pro rata permanent reduction), as applicable, of the Loans made under Existing Revolving Commitments and Existing Revolving Commitments (or all Existing Revolving Commitments of such Class and related Revolving Loans shall have otherwise been terminated and repaid in full) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)with respect to Letters of Credit, Bank Guarantees, the Maturity Date with respect to the Revolving Commitments may not be extended without the prior written consent of the Issuing Bank. If the Total Utilization of Revolving Commitments exceeds the Revolving Commitment as a result of the occurrence of the Maturity Date with respect to any Class of Revolving Commitments while an extended Class of Revolving Commitments remains outstanding, the Borrower shall make such payments as are necessary in order to eliminate such excess on such Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The consummation and effectiveness of each Extension shall be subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)no Default or Event of Default shall have occurred and be continuing at the time any Extension Offer is delivered to the Lenders or at the time of such Extension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Term Loans or Revolving Commitments, as applicable, of any Lender extended pursuant to any Extension (as applicable, "**Extended Term Loans**" or "**Extended Revolving Commitments**") shall have the same terms as the Class of Term Loans or Revolving Commitments, as applicable, subject to the related Extension Amendment (as applicable, "**Existing Term Loans**" or "**Existing Revolving Commitments**"); except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)the Latest Maturity Date of any Extended Term Loans or Extended Revolving Commitments of a Class to be extended pursuant to an Extension shall be later than the Latest Maturity Date at the time of such Extension, and the weighted average life to maturity of any Extended Term Loans or Extended Revolving Commitments of a Class to be extended pursuant to an Extension shall be no shorter than the remaining weighted average life to maturity of the Class of Existing Term Loans or Existing Revolving Commitments, as applicable, subject to the Latest Maturity Date at the time of such Extension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the all-in pricing (including, without limitation, margins, fees and premiums) with respect to the Extended Term Loans or Extended Revolving Commitments, as applicable, may be higher or lower than the all-in pricing (including, without limitation, margins, fees and premiums) for the Existing Term Loans or Existing Revolving Commitments, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)the Revolving Loan commitment fee rate with respect to the Extended Revolving Commitments may be higher or lower than the Revolving Loan commitment fee rate for Existing Revolving Commitments, in each case, to the extent provided in the applicable Extension Amendment;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)no repayment of any Extended Term Loans or Extended Revolving Commitments, as applicable, shall be permitted unless such repayment is accompanied by an at least pro rata repayment of all earlier maturing Loans (including previously extended Loans) (or all earlier maturing Loans (including previously extended Loans) shall otherwise be or have been terminated and repaid in full);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)the Extended Term Loans and/or Extended Revolving Commitments may contain a "most favored nation" provision for the benefit of Lenders holding Extended Term Loans or Extended Revolving Commitments, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)the other terms and conditions applicable to Extended Term Loans and/or Extended Revolving Commitments may be terms different than those with respect to the Existing Term Loans or Existing Revolving Commitments, as applicable, so long as such terms and conditions only apply after the Latest Maturity Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)each Extension Amendment may, without the consent of any Lender other than the applicable extending Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent and the Borrower, to give effect to the provisions of this <u>Section 2.25</u>, including any amendments necessary to treat the applicable Loans and/or Commitments of the extending Lenders as a new "Class" of loans and/or commitments hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H)no Extension Amendment may provide for any Class of Extended Term Loans or Extended Revolving Commitments to be secured by any Collateral or other assets of any Credit Party that does not also secure the Existing Term Loans or Existing Revolving Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)all documentation in respect of such Extension shall be consistent with the foregoing, and all written communications by the Borrower generally directed to the applicable Lenders under the applicable Class in connection therewith shall be in form and substance consistent with the foregoing and otherwise reasonably satisfactory to Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)a minimum amount in respect of such Extension (to be determined in Borrower's discretion and specified in the relevant Extension Offer, but in no event less than $25,000,000 (or, with respect to any Extension of Loans or Commitments established in an Alternative Currency, the Dollar Amount**<u>Equivalent</u>** equivalent) unless another amount is reasonably agreed to by Administrative Agent) shall be satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)no Extension shall become effective unless, on the proposed effective date of such Extension, the representations and warranties contained herein and in the other Credit Documents shall be true and correct in all material respects on and as of such date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date and, if applicable, Administrative Agent shall have received a certificate to that effect dated the applicable date of such Extension and executed by an Authorized Officer of the Borrower; <u>provided</u> that (i) in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof and (ii) solely in the case of an Extension

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in connection with a Permitted Acquisition, the Lenders so extending may waive some or all of such representations and warranties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For the avoidance of doubt, it is understood and agreed that the provisions of <u>Section 2.17</u> and <u>Section 10.5</u> will not apply to Extensions of Term Loans or Revolving Commitments, as applicable, pursuant to Extension Offers made pursuant to and in accordance with the provisions of this <u>Section 2.25</u>, including to any payment of interest or fees in respect of any Extended Term Loans or Extended Revolving Commitments, as applicable, that have been extended pursuant to an Extension at a rate or rates different from those paid or payable in respect of Loans of any other Class, in each case as is set forth in the relevant Extension Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)No Lender who rejects any request for an Extension shall be deemed a Non-Consenting Lender for purposes of <u>Section 2.23</u>; <u>provided</u>, <u>however</u>, that if so requested by the Borrower in an Extension Offer, Requisite Lenders may approve an amendment to have such Lenders be deemed Non-Consenting Lenders and subject to the terms and conditions of <u>Section 2.23</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Lenders hereby irrevocably authorize Administrative Agent to enter into amendments (collectively, "**Extension Amendments**") to this Agreement and the other Credit Documents as may be necessary in order to establish new Classes of Term Loans or Revolving Commitments, as applicable, created pursuant to an Extension, in each case on terms consistent with this <u>Section 2.25</u>. Notwithstanding the foregoing, Administrative Agent shall have the right (but not the obligation) to seek the advice or concurrence of the Requisite Lenders with respect to any matter contemplated by this <u>Section 2.25</u> and, if Administrative Agent seeks such advice or concurrence, Administrative Agent shall be permitted to enter into such amendments with the Borrower in accordance with any instructions received from such Requisite Lenders and shall also be entitled to refrain from entering into such amendments with the Borrower unless and until it shall have received such advice or concurrence; <u>provided</u>, <u>however</u>, that whether or not there has been a request by Administrative Agent for any such advice or concurrence, all such Extension Amendments entered into with the Borrower by Administrative Agent hereunder shall be binding on the Lenders. Without limiting the foregoing, in connection with any Extension, (i) the appropriate Credit Parties shall (at their expense) amend (and Administrative Agent is hereby directed to amend) any Mortgage (or any other Credit Document that Administrative Agent or Collateral Agent reasonably requests to be amended to reflect an Extension) that has a maturity date prior to the latest Extended Maturity Date so that such maturity date is extended to the then latest Extended Maturity Date (or such later date as may be advised by local counsel to Administrative Agent) and (ii) the Borrower shall deliver board resolutions, secretary's certificates, officer's certificates and other documents as shall reasonably be requested by the Administrative Agent in connection therewith and, to the extent reasonably requested by the Administrative Agent, a legal opinion of counsel reasonably acceptable to the Administrative Agent (i) as to the enforceability of such Extension Amendment and the amendments to such of the other Credit Documents (if any) as may be amended in connection therewith and (ii) to the effect that such Extension Amendment, including without limitation, the Extended Term Loans or Extended Revolving Commitments provided for therein, does not conflict with or violate the terms and provisions of <u>Section 10.5</u> (giving effect to this <u>Section 2.25</u>).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Promptly following the consummation and effectiveness of any Extension, the Borrower will furnish to Administrative Agent (who shall promptly furnish to each Lender) written notice setting forth the Extended Maturity Date and material economic terms of the Extension and the aggregate principal amount of each Class of Loans and Commitments after giving effect to the Extension and attaching a copy of the fully executed Extension Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.26.** **[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.27.** **Currency Equivalents<u>Alternative Currencies</u>**. The Administrative Agent, acting on behalf of the Requisite Revolving Lenders, shall determine in its reasonable and good faith discretion the Dollar Amount of each Revolving Loan denominated in an Alternative Currency and each Letter of Credit Obligation in respect of Letters of Credit or Bank Guarantees denominated in an Alternative Currency (i) as of the first day of each Interest Period applicable thereto and (ii) as of the end of each Fiscal Quarter of the Borrower, and shall promptly notify the Borrower and the Lenders of each Dollar Amount so determined by it. Each such determination shall be based on the Exchange Rate (A) on the date of the related Borrowing request for purposes of the initial determination for any Revolving Loan and (B) on the fourth Business Day prior to the date as of which such Dollar Amount is to be determined, for purposes of any subsequent determination

**<u>. If, after the designation by the Lenders of any currency as an Alternative</u> <u>Currency, any change in currency controls or exchange regulations or any change in</u> <u>national or international financial, political or economic conditions are imposed in the</u> <u>country in which such currency is issued, and such change results in, in the reasonable</u> <u>opinion of the Administrative Agent (i) such currency no longer being readily available,</u> <u>freely transferable and convertible into Dollars, (ii) a Dollar Equivalent no longer being</u> <u>readily calculable with respect to such currency, (iii) such currency being impracticable for</u> <u>the Lenders to loan or (iv) such currency no longer being a currency in which the Requisite</u> <u>Revolving Lenders are willing to make Credit Extensions (each of clauses (i), (ii), (iii) and</u> <u>(iv), a "Disqualifying Event"), then the Administrative Agent shall promptly notify the</u> <u>Lenders and the Borrower, and such currency shall no longer be an Alternative Currency</u> <u>until such time as the Disqualifying Event(s) no longer exist. Within fifteen (15) Business</u> <u>Days after receipt of such notice from the Administrative Agent, the Borrower shall repay</u> <u>all Loans denominated in such currency to which the Disqualifying Event(s) apply or</u> <u>convert such Loans into the Dollar Equivalent in Dollars, bearing interest at the Base Rate,</u> <u>subject to the other terms contained herein.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.28.** **Alternate Rate of Interest**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Benchmark Replacement</u>. Notwithstanding anything to the contrary herein or in any other Credit Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Credit Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Benchmark Replacement Conforming Changes</u>. In connection with the implementation of a Benchmark Replacement, the Administrative Agent and the Borrower will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Credit Document, any amendments

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implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Notices; Standards for Decisions and Determinations</u>. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (d) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this <u>Section 2.28</u>, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Credit Document, except, in each case, as expressly required pursuant to this <u>Section 2.28</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Unavailability of Tenor of Benchmark</u>. Notwithstanding anything to the contrary herein or in any other Credit Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including **<u>the</u>** Term SOFR **<u>Reference Rate or</u> <u>the Term CORRA Reference Rate</u>**) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of "Interest Period" for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Benchmark Unavailability Period</u>. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, **<u>with respect to a</u> <u>given Benchmark, (A)</u>** the Borrower may revoke any **<u>pending</u>** request for a Term SOFR Borrowing**<u>borrowing</u>** of, conversion to or continuation of Term SOFR **<u>Rate</u>** Loans **<u>or Term CORRA Loans, in each case,</u>** to be made, converted or continued during any Benchmark Unavailability Period **<u>denominated in the applicable Currency</u>** and, failing that, the**<u>(I) in the case of any request for any affected Term SOFR</u> <u>Loans, if applicable, the</u>** Borrower will be deemed to have converted any such request into a request for a Borrowing**<u>borrowing</u>** of or conversion to Base Rate Loans. During any **<u>in the amount specified therein and (II) in the case of any request for any</u> <u>affected Term CORRA Loan, if applicable, then such request shall be ineffective</u> <u>and (B)(I) any outstanding affected Term SOFR Loans, if applicable, will be</u> <u>deemed to have been converted into Base Rate Loans at the end of the applicable</u> <u>Interest Period and (II) any outstanding affected Term CORRA Loan, at the</u> <u>Borrower's election, shall either (1) be converted into Base Rate Loans</u> <u>denominated in Dollars (in an amount equal to the Dollar Equivalent of such</u>** 

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**<u>Alternative Currency) at the end of the applicable Interest Period or (2) be prepaid</u> <u>at the end of the applicable Interest Period; provided that, with respect to any</u> <u>Term CORRA Loan, if no election is made by the Borrower by the earlier of (x)</u> <u>the date that is three (3) Business Days after receipt by the Borrower of such notice</u> <u>and (y) the last day of the current Interest Period for the applicable Term CORRA</u> <u>Loan, the Borrower shall be deemed to have elected clause (1) above. Upon any</u> <u>such prepayment or conversion, the Borrower shall also pay accrued interest on</u> <u>the amount so prepaid or converted, together with any additional amounts</u> <u>required pursuant to Section 2.18(c). During a</u>** Benchmark Unavailability Period **<u>with respect to any Benchmark</u>** or at any time that a tenor for the**<u>any</u>** then-current Benchmark is not an Available Tenor, the component of **<u>the</u>** Base Rate based upon the then-current Benchmark **<u>that is the subject of such Benchmark Unavailability Period</u>** or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.

# SECTION 3. CONDITIONS PRECEDENT
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** **Effective Date**. The obligation of each Lender or Issuing Bank, as applicable, to make a Credit Extension on the Effective Date is subject to the satisfaction, or waiver in accordance with <u>Section 10.5</u>, of the following conditions on or before the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Credit Documents</u>. The Administrative Agent and the Arrangers shall have received copies of this Agreement, the Notes (to the extent requested at least three Business Days prior to the Effective Date), the Intercreditor Agreement and the Pledge and Security Agreement, executed and delivered by each applicable Credit Party and each other party thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Organizational Documents; Incumbency</u>. The Administrative Agent and the Arrangers shall have received, in respect of each Credit Party, (i) copies of each Organizational Document, and, to the extent applicable, certified as of the Effective Date or a recent date prior thereto by the appropriate Governmental Authority; (ii) signature and incumbency certificates of the officers of such Credit Party; (iii) resolutions of the Board of Directors or similar governing body of such Credit Party approving and authorizing the execution, delivery and performance of this Agreement and the other Credit Documents to which it is a party or by which it or its assets may be bound as of the Effective Date, certified as of the Effective Date by its secretary or an assistant secretary or other Authorized Officer as being in full force and effect without modification or amendment; (iv) a good standing certificate (to the extent applicable in the relevant jurisdiction) from the applicable Governmental Authority of such Credit Party's jurisdiction of incorporation, organization or formation, each dated within 30 days of the Effective Date; and (v) signature and incumbency certificates of one or more officers of the Borrower who are authorized to execute Funding Notices delivered under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>No Target Material Adverse Effect</u>. Since the date of the Acquisition Agreement, there has been no Target Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)[Reserved].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Personal Property Collateral</u>. In order to create in favor of Collateral Agent, for the benefit of Secured Parties, a valid, perfected First Priority security interest in the personal property Collateral, each Credit Party shall have delivered to Collateral Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)evidence reasonably satisfactory to Collateral Agent of the compliance by each Credit Party of their obligations under the Pledge and Security Agreement and the other Collateral Documents (including their obligations to execute or authorize, as applicable, and deliver UCC financing statements, originals of certain securities, instruments and chattel paper);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a completed Collateral Questionnaire dated the Effective Date and executed by an Authorized Officer of each Credit Party, together with all attachments contemplated thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)fully executed Intellectual Property Security Agreements, in proper form for filing or recording in all appropriate places in all applicable jurisdictions, memorializing and recording the encumbrance of the Intellectual Property Assets listed in Schedule 5.2 to the Pledge and Security Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)evidence that each Credit Party shall have taken or caused to be taken any other action, executed and delivered or caused to be executed and delivered any other agreement, document and instrument (including any intercompany notes evidencing Indebtedness permitted to be incurred pursuant to <u>Section 6.1(b)</u>) and made or caused to be made any other filing and recording (other than as set forth herein) reasonably required by Collateral Agent;

<u>provided</u>, <u>however</u>, that each of the requirements set forth in this <u>clause (e)</u>, including the delivery of any document(s) or instrument(s) necessary (except for the execution and delivery of the Pledge and Security Agreement and to the extent that a Lien on Collateral may be perfected by (x) the filing of a financing statement under the UCC or (y) the delivery of the stock certificate of the Target and the wholly-owned Domestic Subsidiaries that are not Immaterial Restricted Subsidiaries of the Target (or stock certificates of such wholly-owned Domestic Subsidiaries that are not Immaterial Restricted Subsidiaries delivered to the Borrower on the Effective Date, if the Borrower has used commercially reasonable efforts to procure the delivery thereof prior to the Effective Date)) will not constitute conditions precedent to the Borrowing on the Effective Date after the Borrower's use of commercially reasonable efforts to provide such items on or prior to the Effective Date if the Borrower agrees to deliver, or cause to be delivered, such documents and instruments, or take or cause to be taken such other actions as may be required to perfect such security interests within ninety (90) days after the Effective Date (subject to extensions approved by the Administrative Agent in its reasonable discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Representations and Warranties</u>. On the Effective Date, the Specified Representations shall be true and correct in all material respects (<u>provided</u> that any such Specified Representation, which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects) and the Company Representations shall be true and correct in all material respects (<u>provided</u> that any such Company Representations which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Arrangers shall have received from the Borrower the Historical Financial Statements. (I) with respect to the Borrower, (a) the audited consolidated balance sheets as of December 31, 2020 and December 31, 2019 and the related audited consolidated statements of operations and comprehensive income and cash flows of the Borrower and its Subsidiaries and (b) the unaudited consolidated balance sheets and the

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related unaudited consolidated statements of operations and comprehensive income and cash flows of the Borrower and its Subsidiaries as of and for each fiscal quarter ended at least 45 days prior to the Effective Date (and the same period in the prior fiscal year) and (II) with respect to the Target, (a) the audited non-statutory carve-out balance sheets of the Nortek Air Management Businesses (as defined in the Audited Financial Statements (as defined in the Acquisition Agreement)) as of December 31, 2020, 2019 and 2018, and the related audited carve-out income statements, carve-out statements of comprehensive income, cash flows, and changes in total invested capital of the Nortek Air Management Businesses (as defined in the Audited Financial Statements (as defined in the Acquisition Agreement)) for the years ended December 31, 2020, 2019 and 2018 and (b) (x) the unaudited non-statutory carve-out balance sheet of Nevada Holdco Corp. and its Subsidiaries as of March 31, 2021, and the related unaudited management accounts for the three-months ended March 31, 2021 and 2020 and (y) the unaudited non-statutory carve-out balance sheet of Nevada Holdco Corp. and its Subsidiaries and the related unaudited management accounts as of and for each fiscal quarter ended at least 45 days prior to the Effective Date (and the same period in the prior fiscal year);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Arrangers shall have received a pro forma consolidated balance sheet and related pro forma statement of income of the Borrower (based on the financial statements required by clause (i) above) as of and for the 12-month period ending on the last day of the most recently completed four-fiscal quarter period (or fiscal year period, if applicable) for which financial statements are required to be delivered pursuant to clause (i) above, prepared after giving effect to the Transactions as if the Transactions had occurred as of such dates (in the case of such balance sheet) or at the beginning of such period (in the case of such income statement), which need not be prepared in compliance with Regulation S-X of the Securities Act of 1933, as amended, or include adjustments for purchase accounting (including adjustments of the type contemplated by Financial Accounting Standards Board Accounting Standards Codification 805, Business Combinations (formerly SFAS 141R)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Opinions of Counsel to Credit Parties</u>. Agents and Lenders and their respective counsel shall have received executed copies of the favorable written opinions of Kirkland & Ellis LLP, counsel for Credit Parties, as to such matters as Administrative Agent or the Arrangers may reasonably request, dated as of the Effective Date and in form and substance reasonably satisfactory to Administrative Agent and the Arrangers (and each Credit Party hereby instructs such counsel to deliver such opinions to Agents and Lenders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Fees</u>. The Agents and Lenders shall have received, substantially simultaneously with the funding of the Initial Term Loans, fees and, to the extent invoiced at least three Business Days prior to the Effective Date (except as otherwise reasonably agreed by the Borrower) reasonable out-of-pocket expenses in the amounts previously agreed in writing to be received on the Effective Date (which amounts may, at the Borrower's option, be offset against the proceeds of the Initial Term Loans).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Solvency Certificate</u>. On the Effective Date, Administrative Agent and the Arrangers shall have received a Solvency Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Effective Date Certificate</u>. The Borrower shall have delivered to Administrative Agent and the Arrangers an originally executed Effective Date Certificate, together with all attachments thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>PATRIOT Act</u>. The Agents shall have received at least three days Business Days prior to the Effective Date all documentation and other information about the Borrower and the Guarantors as shall have been reasonably requested in writing by any Agent at least ten calendar days prior to the Effective Date and as required by U.S. regulatory authorities under applicable "know your customer" and anti-money laundering laws. For the avoidance of doubt, to the extent the Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, any Lender that has requested, in a written notice to the Borrower at least ten Business Days prior to the Effective Date, a certification regarding beneficial ownership in relation to the Borrower as required by the Beneficial Ownership Regulation (the "**Beneficial Ownership Certification**"), shall have received such certification at least three Business Days prior to the Effective Date. As of the Effective Date, the information included in the Beneficial Ownership Certification with respect to any beneficial owner of the Borrower is true and correct in all material respects to the best knowledge of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)<u>Acquisition.</u> The Acquisition shall have been immediately prior to or, substantially concurrently with the initial Borrowing of the Initial Term Loans shall be, consummated in all material respects in accordance with the terms of the Acquisition Agreement, without giving effect to any modifications, amendments or express waivers or consents by the Borrower (or one of its Affiliates) thereto that are materially adverse to the Lenders in their capacities as such without the consent of the Arrangers (not to be unreasonably withheld, conditioned or delayed) (it being understood and agreed that (a) any change to the definition of Target Material Adverse Effect, shall be deemed materially adverse to the Lenders and (b) any modification, amendment or express waiver or consents by the Borrower (or one of its Affiliates) that results in an increase or reduction in the purchase price shall be deemed to not be materially adverse to the Lenders so long as (i) any increase in the purchase price shall not be funded with additional Indebtedness (excluding the Credit Facilities) (it being understood and agreed that no purchase price, working capital or similar adjustment provisions set forth in the Acquisition Agreement as in effect on the date hereof shall constitute a reduction or increase in the purchase price) and (ii) any reduction shall be allocated as agreed between the Borrower and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)<u>Equity Contribution</u>. The Equity Contribution shall have been, or substantially concurrently with the Borrowing of the Initial Term Loans and the issuance of the Senior Unsecured Notes and the Senior Secured Notes shall be, made in an amount as agreed between the Arrangers, the Administrative Agent and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)<u>Refinancing.</u> Substantially simultaneously with the Borrowing of the Initial Term Loans, the Refinancing shall be consummated and the Senior Unsecured Notes and the Senior Secured Notes shall be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.** **Conditions to Each Credit Extension**. After the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Conditions Precedent</u>. The obligation of each Lender to make any Loan, or Issuing Bank to issue any Letter of Credit or any Bank Guarantee, on any Credit Date is subject to the satisfaction, or waiver in accordance with <u>Section 10.5</u>, of the following conditions precedent:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Administrative Agent shall have received a fully executed and delivered Funding Notice or Issuance Notice, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)[Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)other than as provided in <u>Section 2.24(c)(2)</u>, as of such Credit Date, the representations and warranties contained herein and in the other Credit Documents shall be true and correct in all material respects on and as of that Credit Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date; <u>provided</u> that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)other than as provided in <u>Section 2.24(c)(1)</u>, as of such Credit Date, no event shall have occurred and be continuing or would immediately result from the consummation of the applicable Credit Extension that would constitute an Event of Default or a Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Notices</u>. Any Notice shall be executed by an Authorized Officer in a writing delivered to Administrative Agent. In lieu of delivering a Notice, the Borrower may give Administrative Agent telephonic notice by the required time of any proposed borrowing**<u>Borrowing</u>**, conversion/continuation or issuance of a Letter of Credit or a Bank Guarantee, as the case may be; provided**,** each such notice shall be promptly confirmed in writing by delivery of the applicable Notice to Administrative Agent on or before the close of business on the date that the telephonic notice is given. In the event of a discrepancy between the telephone notice and the written Notice, the written Notice shall govern. In the case of any Notice that is irrevocable once given, if the Borrower provides telephonic notice in lieu thereof, such telephone notice shall also be irrevocable once given. Neither Administrative Agent nor any Lender shall incur any liability to the Borrower in acting upon any telephonic notice referred to above that Administrative Agent believes in good faith to have been given by a duly Authorized Officer or other person authorized on behalf of the Borrower or for otherwise acting in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **<u>Alternative Currency. In the case of a Loan to be denominated</u> <u>in an Alternative Currency, there shall not have occurred any change in national</u> <u>or international financial, political or economic conditions or currency exchange</u> <u>rates or exchange controls which in the reasonable opinion of the Administrative</u> <u>Agent or the Requisite Revolving Lenders would make it impracticable for such</u> <u>Loan to be denominated in the relevant applicable Currency.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **<u>Each Funding Notice, Letter of Credit application or</u> <u>Conversion/Continuation Notice, as applicable, submitted by the Borrower shall be</u> <u>deemed to be a representation and warranty that the conditions specified in</u> <u>Sections 3.2(a)(iii) and (iv) have been satisfied on and as of the date of the</u> <u>applicable Credit Extension.</u>**

# SECTION 4. REPRESENTATIONS AND WARRANTIES
In order to induce Agents, Lenders and Issuing Bank to enter into this Agreement and to make each Credit Extension to be made thereby, each Credit Party represents and warrants to each Agent, Lender and Issuing Bank, on the Effective Date and on each Credit Date, that the following statements are true and correct:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.** **Organization; Requisite Power and Authority; Qualification**. Each of the Borrower and its Restricted Subsidiaries (a) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, (b) has all requisite corporate or other entity power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Credit Documents to which it is a party and to carry out the transactions contemplated thereby, except where a failure in any aspect of this clause (b) would not reasonably be expected to have a Material Adverse Effect (other than with respect to Holdings and the Borrower) and (c) is qualified to do business and in good standing in every jurisdiction where its assets are located and wherever necessary to carry out its business and operations, except, in each case, in jurisdictions where the failure to be so qualified or in good standing would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.** **Subsidiaries**. Schedule 4.2 lists each Subsidiary of Holdings and the Borrower (and the direct and indirect ownership interest of Holdings and the Borrower therein), in each case existing on the Effective Date after giving effect to the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.** **Due Authorization**. The execution, delivery and performance of the Credit Documents have been duly authorized by all necessary action on the part of each Credit Party that is a party thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.** **No Conflict**. The execution, delivery and performance by Credit Parties of the Credit Documents to which they are parties and the consummation of the transactions contemplated by the Credit Documents do not and will not (a) violate (2) any provision of any law or any governmental rule or regulation applicable to the Borrower or any of its Restricted Subsidiaries, except to the extent such violation would not reasonably be expected to have a Material Adverse Effect, (3) any of the Organizational Documents of the Borrower or any of its Restricted Subsidiaries, or (iii) any order, judgment or decree of any court or other agency of government binding on the Borrower or any of its Restricted Subsidiaries, except to the extent such violation would not reasonably be expected to have a Material Adverse Effect; and (b) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of the Borrower or any of its Restricted Subsidiaries except to the extent such conflict, breach or default would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.** **Governmental and Third Party Consents**. The execution, delivery and performance by Credit Parties of the Credit Documents to which they are parties and the consummation of the transactions contemplated by the Credit Documents do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental Authority or other third party, except for (i) filings and recordings with respect to the Collateral to be made, or otherwise delivered to Collateral Agent for filing and/or recordation, as of the Effective Date and any necessary continuations thereof under applicable law and (ii) those registrations, consents, approvals, notices or other actions, the failure of which to obtain or make would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6.** **Binding Obligation**. Each Credit Document has been duly executed and delivered by each Credit Party that is a party thereto and is the legally valid and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with its respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors' rights generally or by equitable principles relating to enforceability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7.** **Historical Financial Statements**. The Madison IAQ Historical Financial Statements were prepared in conformity with GAAP and the Target Historical Financial Statements were prepared in conformity with IFRS, with customary adjustments and carve-outs as agreed between the Arrangers and the Borrower and

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fairly present, in all material respects, the financial position, on a consolidated basis, of the Persons described in such financial statements as at the respective dates thereof and the results of operations and cash flows, on a consolidated basis, of the entities described therein for each of the periods then ended, subject, in the case of any such unaudited financial statements, to changes resulting from audit and normal year-end adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8.** **[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9.** **No Material Adverse Effect**. Since the Effective Date, no event, circumstance or change has occurred that has caused or evidences, or would reasonably be expected to result in, either in any case or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.10.** **Adverse Proceedings, Etc.** There are no Adverse Proceedings, individually or in the aggregate, that would reasonably be expected to have a Material Adverse Effect. Neither the Borrower nor any of its Restricted Subsidiaries (a) is in violation of any applicable laws (including Environmental Laws) that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect, or (b) is subject to or in default with respect to any final judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.11.** **Payment of Taxes**. Except as otherwise permitted under <u>Section 5.3</u>, all Tax returns and reports of the Borrower and its Restricted Subsidiaries required to be filed by any of them have been timely filed, except where the failure to so file would not reasonably be expected to result in a Material Adverse Effect, and all Taxes to be due and payable have been paid when due and payable, except those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP or except where the failure to pay such Taxes would not reasonably be expected to result in a Material Adverse Effect. There is no proposed Tax assessment against the Borrower or any of its Restricted Subsidiaries that would, if made, reasonably be expected to have a Material Adverse Effect and which is not being actively contested by the Borrower or such Restricted Subsidiary in good faith and by appropriate proceedings; <u>provided</u>, such reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP shall have been made or provided therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.12.** **Properties**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Title</u>. Each of the Borrower and its Restricted Subsidiaries has (i) good, sufficient and legal title to (in the case of fee interests in real property), (ii) valid leasehold interests in (in the case of leasehold interests in real or personal property), (iii) valid licensed rights in (in the case of licensed interests in intellectual property) and (iv) good title to (in the case of all other personal property), all of their respective properties and assets reflected in their respective Historical Financial Statements referred to in <u>Section 4.7</u> and in the most recent financial statements delivered pursuant to <u>Section 5.1</u>, in each case except for assets disposed of since the date of such financial statements in the ordinary course of business or as otherwise permitted under <u>Section 6.8</u> and in each case except for such defects in title as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Except as permitted by this Agreement, all such properties and assets are free and clear of Liens (other than Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Real Estate</u>. As of the Effective Date, Schedule 4.12 contains a true, accurate and complete list of all locations of all Real Estate Assets.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.13.** **Environmental Matters**. Neither the Borrower nor any of its Restricted Subsidiaries nor any of their respective Facilities or operations are subject to any pending or, to each of the Borrower's and its Restricted Subsidiaries' knowledge, threatened Environmental Claim that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. There are and, to each of the Borrower's and its Restricted Subsidiaries' knowledge, have been, no conditions, occurrences, or Hazardous Materials Activities which would reasonably be expected to form the basis of an Environmental Claim against the Borrower or any of its Restricted Subsidiaries that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. Neither the Borrower nor any of its Restricted Subsidiaries is conducting, funding or responsible for any investigation, remediation, remedial action or cleanup of any Hazardous Materials at any location that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. The operations of the Borrower and each of its Restricted Subsidiaries are in compliance with all Environmental Laws, except for any failure to comply that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. To the knowledge of the Borrower and its Restricted Subsidiaries, compliance with all current or reasonably foreseeable future requirements pursuant to or under Environmental Laws would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. No event or condition has occurred or is occurring with respect to the Borrower or any of its Restricted Subsidiaries relating to any Environmental Law, any Release of Hazardous Materials, or any Hazardous Materials Activity which, individually or in the aggregate would reasonably be expected to have, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.14.** **Governmental Regulation**. No Credit Party is required to be registered as an "investment company" under the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.15.** **Federal Reserve Regulations; Exchange Act**. Neither the Borrower nor any of its Restricted Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of buying or carrying Margin Stock. No portion of the proceeds of any Credit Extension shall be used in any manner, whether directly or indirectly, that causes or would reasonably be expected to cause, such Credit Extension or the application of such proceeds to violate Regulation T, Regulation U or Regulation X of the Board of Governors or any other regulation thereof or to violate the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.16.** **[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.17.** **Employee Benefit Plans**. Except, in each case, where the failure to so comply would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect: (a) the Borrower, each of its Restricted Subsidiaries are in compliance with all applicable provisions and requirements of ERISA and the Internal Revenue Code and the regulations and published interpretations thereunder with respect to each Employee Benefit Plan, and have performed all their obligations under each Employee Benefit Plan; (b) each Employee Benefit Plan which is intended to qualify under Section 401(a) of the Internal Revenue Code has received a favorable determination letter from the Internal Revenue Service indicating that such Employee Benefit Plan is so qualified and nothing has occurred subsequent to the issuance of such determination letter which would cause such Employee Benefit Plan to lose its qualified status; (c) no liability to the PBGC (other than required premium payments), the Internal Revenue Service, any Pension Plan or any trust established under Title IV of ERISA has been or is expected to be incurred by the Borrower, any of its Restricted Subsidiaries or any of their ERISA Affiliates; (d) no ERISA Event has occurred or is reasonably expected to occur; (e) except to the extent required under <u>Section 4</u>980B of the Internal Revenue Code or similar state laws, no Employee Benefit Plan provides health or welfare benefits (through the purchase of insurance or otherwise) for any retired or former employee of the Borrower or any of its Restricted Subsidiaries; and (f) the Borrower, each of its Restricted Subsidiaries and each of their ERISA Affiliates have complied with the requirements of Section 515 of ERISA

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with respect to each Multiemployer Plan and are not in material "default" (as defined in Section 4219(c)(5) of ERISA) with respect to payments to a Multiemployer Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.18.** **[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.19.** **Solvency**. As of the Effective Date, the Credit Parties are and, upon the incurrence of any Obligation by any Credit Party on any date on which this representation and warranty is made, will be, on a consolidated basis, Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.20.** **[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.21.** **Disclosure**. No representation or warranty of any Credit Party contained in any Credit Document or in any other documents, certificates or written statements furnished to any Agent or Lender by or on behalf of the Borrower or any of its Restricted Subsidiaries for use in connection with the transactions contemplated hereby contains any untrue statement of a material fact or omits to state a material fact (known to the Borrower, in the case of any document not furnished by any of them) necessary in order to make the statements contained herein or therein (in each case, taken as a whole) not materially misleading in light of the circumstances in which the same were made, as supplemented. Any projections, budgets and other forward looking information and pro forma financial information contained in such materials are based upon good faith estimates and assumptions believed by the Borrower to be reasonable at the time made, it being recognized by Lenders that such projections as to future events are not to be viewed as facts and that actual results during the period or periods covered by any such projections may differ from the projected results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.22.** **Compliance with Statutes, etc.** (a) Each of the Borrower and its Restricted Subsidiaries is in compliance with all applicable statutes, regulations and orders of, and all applicable restrictions imposed by, all Governmental Authorities, in respect of the conduct of its business and the ownership of its property, except such non-compliance that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, including, without limitation, none of the Borrower or any of its subsidiaries or any of their respective directors, officers or, to the knowledge of the Borrower, employees, agents, advisors or Affiliates is subject to any sanctions or economic embargoes administered or enforced by the U.S. Department of State, the U.S. Department of Treasury (including the Office of Foreign Assets Control), the United Nations Security Council, the European Union, His Majesty's Treasury of the United Kingdom, or any other applicable sanctions authority (collectively, "**Sanctions**", and the associated laws, rules, regulations and orders, collectively, "**Sanctions Laws**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each of the Borrower and its subsidiaries and their respective directors, officers and, to the knowledge of the Borrower, employees, agents, advisors and Affiliates is in compliance, in all material respects, with (i) applicable Sanctions Laws, (ii) the United States Foreign Corrupt Practices Act of 1977, as amended, the United Kingdom Bribery Act of 2010 and any other applicable anti-bribery or anti-corruption laws, rules, regulations and orders (collectively, "**Anti-Corruption Laws**") and any other applicable terrorism and money laundering laws, rules, regulations and orders and (iii) the PATRIOT Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)No part of the proceeds of the Loans will be used, directly or indirectly, by the Borrower (i) in violation of Anti-Corruption Laws or (ii) for the purpose of financing any activities or business of or with any Person, or in any country or territory, that, at the time of such financing, is the target of any Sanctions, including the Crimea and non-government controlled areas of Ukraine, Cuba, Iran and North Korea, except to the extent authorized under applicable Sanctions Laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.23.** **Use of Proceeds**. The proceeds of the Loans shall be used for the purposes set forth in <u>Section 2.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.24.** **Collateral Documents**. The provisions of each of the Collateral Documents (whether executed and delivered prior to or on the Effective Date or thereafter) are and will be effective to create in favor of the Administrative Agent, for its benefit and the benefit of the Secured Parties, a valid and enforceable security interest in and Lien upon all right, title and interest of the Borrower and each of its Restricted Subsidiaries that is a party thereto in and to the Collateral purported to be pledged, charged, mortgaged or assigned by it thereunder and described therein, and upon (i) the initial Credit Extension hereunder, (ii) the filing of appropriately completed UCC financing statements and continuations thereof in the jurisdictions specified therein, (iii) with respect to United States copyright registrations, United States patents and pending patent applications, and United States federal trademark registrations and trademark applications, in each case, the recordation of an appropriately completed short-form Intellectual Property Security Agreement in the United States Patent and Trademark Office or United States Copyright Office, as applicable and (iv) the possession by the Administrative Agent of any certificates evidencing the certificated securities pledged thereby, duly endorsed or accompanied by duly executed stock powers (where applicable), such security interest and Lien shall constitute a fully perfected and First Priority security interest in and Lien upon such right, title and interest of the Borrower or its applicable Restricted Subsidiary, in and to such Collateral, to the extent that such security interest and Lien can be perfected by such filings, actions, giving of notice and possession, subject only to Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.25.** **[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.26.** **Intellectual Property**. Each of the Borrower and the Restricted Subsidiaries owns or has the right to use all Intellectual Property that is used in or is otherwise necessary for the operation of their respective businesses as currently conducted, except where the failure to own or have a right to use such Intellectual Property would not reasonably be expected to have a Material Adverse Effect. To the knowledge of the Borrower, the operation of their respective businesses by each of the Borrower, and the Restricted Subsidiaries does not infringe upon, misappropriate, violate or otherwise conflict with the Intellectual Property of any third party, except as would not reasonably be expected to have a Material Adverse Effect.

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# SECTION 5. AFFIRMATIVE COVENANTS
Each Credit Party covenants and agrees that, so long as any Commitment is in effect and until Payment in Full of all Obligations, each Credit Party shall perform, and shall cause each of its Restricted Subsidiaries to perform, all covenants in this <u>Section 5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.** **Financial Statements and Other Reports**. The Borrower will deliver to Administrative Agent for prompt further distribution by the Administrative Agent to each Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)[Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Quarterly Financial Statements</u>. Within 60 days (or, with respect to the first Fiscal Quarter ending following the Effective Date, 90 days, and with respect to the next two Fiscal Quarters thereafter, 75 days, and with respect to the first two Fiscal Quarters ended after the consummation of any Permitted Acquisition in excess of $100,000,000, 75 days; <u>provided</u>, that upon and following the consummation of a Qualified IPO, extensions granted by the SEC for such filings shall automatically extend the corresponding financial report deadline under this <u>Section 5.1(b)</u>) after the end of each of the first three Fiscal Quarters of each Fiscal Year, commencing with the Fiscal Quarter ended September 30, 2021, the consolidated balance sheets of the Borrower and its Restricted Subsidiaries as at the end of such Fiscal Quarter (including any adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) (which may be in footnote form only) from the consolidated financial statements) and the related consolidated statements of income and cash flows of the Borrower and its Restricted Subsidiaries for such Fiscal Quarter and for the period from the beginning of the then current Fiscal Year to the end of such Fiscal Quarter, setting forth in each case in comparative form solely with respect to the consolidated statement of income the corresponding figures for the corresponding periods of the previous Fiscal Year, all in reasonable detail;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Annual Financial Statements</u>. Within 120 days after the end of each Fiscal Year (or, with respect to the first Fiscal Year ending following the Effective Date, 150 days; <u>provided</u>, that upon and following the consummation of a Qualified IPO, extensions granted by the SEC for such filings shall automatically extend the corresponding financial report deadline under this <u>Section 5.1(c)</u>), commencing with the Fiscal Year in which the Effective Date occurs, (i) the consolidated balance sheets of the Borrower and its Restricted Subsidiaries as at the end of such Fiscal Year (including any adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) which may be in footnote form only) from the consolidated financial statements) and the related consolidated statements of income, stockholders' equity and cash flows of the Borrower and its Restricted Subsidiaries for such Fiscal Year; and (ii) with respect to such consolidated financial statements a report thereon of PricewaterhouseCoopers or other independent certified public accountants of recognized national standing selected by the Borrower, and other accounting firm reasonably satisfactory to Administrative Agent (which report and/or the accompanying financial statements shall be unqualified as to going concern (except to the extent that such a "going concern" qualification relates to (x) an upcoming maturity date under any Indebtedness, (y) any potential inability to satisfy a financial maintenance covenant on a future date or in a future period and (z) the activities, operations, financial results, assets or liabilities of Unrestricted Subsidiaries) and scope of audit, and shall state that such consolidated financial statements fairly present, in all material respects, the consolidated financial position of the Borrower and its Restricted Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated in conformity with GAAP and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Compliance Certificate</u>. Together with each delivery of financial statements of the Borrower and its Restricted Subsidiaries pursuant to <u>Sections 5.1(b)</u> and <u>5.1(c)</u>, a duly executed and completed Compliance Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)[Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Notice of Default</u>. Promptly upon any Authorized Officer of the Borrower obtaining knowledge (i) of any condition or event that constitutes a Default or an Event of Default or that notice has been given to the Borrower with respect thereto; <u>provided</u>, that, subject to Section 8.1(c), the delivery of a notice of Default at any time will cure an Event of Default arising from the failure of the Borrower to timely deliver such notice of Default; (ii) that any Person has given any notice to the Borrower or any of its Restricted Subsidiaries or taken any other action with respect to any event or condition set forth in <u>Section 8.1(b)</u>; or (iii) of the occurrence of any event or change that has caused or evidences, either in any case or in the aggregate, a Material Adverse Effect, a certificate of an Authorized Officer specifying the nature and period of existence of such condition, event or change, or specifying the notice given and action taken by any such Person and the nature of such claimed Event of Default, Default, default, event or condition, and what action the Borrower has taken, is taking and proposes to take with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Notice of Litigation</u>. Promptly upon any Authorized Officer of the Borrower obtaining knowledge of (i) any Adverse Proceeding not previously disclosed in writing by the Borrower to Lenders, or (ii) any development in any Adverse Proceeding that, in the case of either clause (i) or (ii), is reasonably expected to be adversely determined and, if reasonably expected to be adversely determined, such adverse determination would reasonably be expected to have a Material Adverse Effect, written notice thereof together with such other information as may be reasonably available to the Borrower to enable Lenders and their counsel to evaluate such matters (<u>provided</u>, that the Borrower shall not be obligated to provide information relating to such matters solely to the extent the provision of such information would result in a loss of attorney-client privilege or other similar privilege);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)[Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Budgets. Prior to a Qualified IPO, together with delivery of financial statements of the Borrower and its Restricted Subsidiaries pursuant to Section 5.1(c), a consolidated plan and financial forecast for such Fiscal Year on annual basis in reasonable detail and as customarily prepared by management of the Borrower (**"Projections"**), including a forecasted consolidated balance sheet and forecasted consolidated statements of income and cash flows of the Borrower and its Restricted Subsidiaries for such Fiscal Year, and a reasonable explanation of the assumptions on which such forecasts are based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(i)</u>** **<u>[Reserved];</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)[Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Alternative Reporting</u>. Notwithstanding anything to the contrary contained in this Agreement or in any other Credit Document, **<u>:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)(A) any financial statements, forecasts, other information and other documents required to be provided in the relevant financial reporting sections therein, may be those of the Borrower or any other direct or indirect parent company of the Borrower substantially

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all the assets of which are equity interests of the Borrower (or one or more of such entity's direct parent entities) (any such parent company of the Borrower, a "**Parent Company**"), so long as the same is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to the Borrower (and other direct or indirect Parent Companies included in such information, if any), on the one hand, and the information relating to the Borrower and its Restricted Subsidiaries on a standalone basis, on the other hand (which, for the avoidance of doubt, such consolidating information referred to in the preceding sentence need not be audited), **<u>;</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the obligations referred to in Section 5.1(b) and 5.1(c) may be satisfied by furnishing the Borrower's or a Parent Company's Form 10-K or 10-Q, as applicable, filed with the SEC (and the public filing of such report with the SEC shall constitute delivery under this Section 5.1), <u>provided</u> that any such report of a Parent Company shall be subject to the requirements of clause (A) hereof and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)upon delivery of any such financial statements of any such Parent Company pursuant to clause (A) or (B) hereof, any reference herein to financial statements shall be deemed a reference to such Parent Company's financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>[Reserved]</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>Other Information</u>. (A) Promptly upon their becoming available, copies of (i) all financial statements, reports, notices and proxy statements sent or made available generally by the Borrower or made available by any Restricted Subsidiary of the Borrower to its material bondholders or holders of any other of its material debt securities acting in such capacity or made available by any Restricted Subsidiary of the Borrower to its debt security holders other than the Borrower or another Restricted Subsidiary of the Borrower, (ii) all regular and periodic reports and all registration statements and prospectuses, if any, filed by the Borrower or any of its Restricted Subsidiaries with any securities exchange or with the SEC or any other Governmental Authority, (iii) all press releases and other statements made available generally by the Borrower or any of its Restricted Subsidiaries to the public concerning material developments in the business of the Borrower or any of its Restricted Subsidiaries; <u>provided</u>, that subclauses (i) and (ii) of this clause (A) shall not require delivery of any such information as the result of customary reporting or filing requirements in foreign jurisdictions, and (B) promptly following written request, such other information and data with respect to the Borrower or any of its Restricted Subsidiaries as from time to time may be reasonably requested by Administrative Agent or any Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>Certification of Public Information</u>. The Borrower and each Lender acknowledge that certain of the Lenders may be Public Lenders and, if documents or notices required to be delivered pursuant to this <u>Section 5.1</u> or otherwise are being distributed through IntraLinks/IntraAgency, SyndTrak or another relevant website or other information platform (the "**Platform**"), solely to the extent the Borrower has indicated that a document or notice contains only Public-Side Information should such document or notice shall be posted on that portion of the Platform designated for such Public Lenders. The Borrower agrees to clearly designate all information provided to Administrative Agent by or on behalf of the Borrower which contains only Public-Side Information, and by doing so shall be deemed to have represented that such information contains only Public-Side Information. If the Borrower has not indicated whether a document or notice delivered pursuant to this <u>Section 5.1</u> contains Private-Side Information, Administrative Agent reserves the right to post such document or notice solely on that portion of the

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Platform designated for Private Lenders. The Borrower acknowledges and agrees that the list of Disqualified Institutions shall be deemed to be suitable for posting on a portion of the Platform for Public Lenders and may be posted on the Effective Date to all Lenders by the Administrative Agent, and thereafter all written supplements updating the list of Disqualified Institutions may be posted to all Lenders by the Administrative Agent after receipt thereof from the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.** **Existence**. Except as otherwise permitted under <u>Section 6.8</u>, each Credit Party will, and will cause each of its Restricted Subsidiaries to, at all times preserve and keep in full force and effect its existence and all rights and franchises, licenses and permits material to its business, except as expressly permitted by <u>Section 6.8</u>; <u>provided</u>, no Credit Party (other than the Borrower with respect to existence) or any of its Restricted Subsidiaries shall be required to preserve any such existence, right or franchise, licenses and permits if the failure to so preserve would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.** **Payment of Taxes**. Each Credit Party will, and will cause each of its Restricted Subsidiaries to, pay all Taxes imposed upon it or any of its properties or assets or in respect of any of its income before any penalty or fine accrues thereon; <u>provided</u>, no such Tax need be paid if (a) it is being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so long as (x) adequate reserve or other appropriate provision, as shall be required in conformity with GAAP shall have been made therefor, and (y) in the case of a Tax or claim which has or may become a Lien against any of the Collateral, such contest proceedings conclusively operate to stay the sale of any portion of the Collateral to satisfy such Tax or claim or (b) the failure to pay such Taxes would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4.** **Maintenance of Properties**. Each Credit Party will, and will cause each of its Restricted Subsidiaries to, maintain or cause to be maintained in good repair, working order and condition, ordinary wear and tear, casualty and condemnation excepted, all material properties used or useful in the business of the Borrower and its Restricted Subsidiaries and from time to time will make or cause to be made all appropriate repairs, renewals and replacements thereof, except, in each case, where the failure to do so would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5.** **Insurance**. The Borrower will maintain or cause to be maintained, with reputable insurers, such public liability insurance, third party property damage insurance, business interruption insurance and casualty insurance with respect to liabilities, losses or damage in respect of the assets, properties and businesses of the Borrower and its Restricted Subsidiaries as may customarily be carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses, in each case in such amounts (giving effect to self-insurance), with such deductibles, covering such risks and otherwise on such terms and conditions as shall be customary for such Persons, in each case as determined by the Borrower in its business judgment. Without limiting the generality of the foregoing, the Borrower will maintain or cause to be maintained (a) flood insurance with respect to each Flood Hazard Property in respect of any Material Real Estate Asset that is located in a community that participates in the Flood Program, in each case in compliance with any applicable regulations of the Board of Governors to the extent required by law, and (b) replacement value casualty insurance on the Collateral under such policies of insurance, with such insurance companies, in such amounts, with such deductibles, and covering such risks as are at all times carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses. Each such policy of insurance shall (i) in the case of each liability insurance policy, name Collateral Agent, for the benefit of the Secured Parties, as an additional insured thereunder as its interests may appear, and (ii) in the case of each casualty insurance policy, contain a loss payable clause or endorsement, reasonably satisfactory in form and substance to Collateral Agent, that names Collateral Agent, for the benefit of the Secured Parties, as the loss payee thereunder and provide for at least thirty

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days' prior written notice to Collateral Agent of any modification or cancellation of such policy (or ten days' prior notice in the case of non-payment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6.** **Books and Records; Inspections**. Each Credit Party will, and will cause each of its Restricted Subsidiaries to, keep proper books of record and accounts in which full, true and correct entries in conformity in all material respects with GAAP shall be made of all dealings and transactions in relation to its business and activities. Each Credit Party will, and will cause each of its Restricted Subsidiaries to, permit any authorized representatives designated by the Administrative Agent to visit and inspect any of the properties of any Credit Party and any of its respective Restricted Subsidiaries, to inspect, copy and take extracts from its and their financial and accounting records, and to discuss its and their affairs, finances and accounts with its and their officers and independent public accountants (<u>provided</u> that an officer of the Borrower shall be given a reasonable opportunity to be present at all meetings with the accountants of the Credit Parties), all upon reasonable notice and at such reasonable times during normal business hours; <u>provided</u>, that absent an Event of Default, only one such visit per Fiscal Year shall be permitted (and such visit shall be limited to the chief executive office and such other facilities as reasonably determined by the Administrative Agent and the Borrower); <u>provided</u> <u>further</u>, that, absent an Event of Default, only one such visit per Fiscal Year shall be required to be reimbursed by the Credit Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7.** **[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8.** **Compliance with Laws**. Each Credit Party will comply, and shall cause each of its subsidiaries and all other Persons, if any, on or occupying any Facilities to comply, with the requirements of all applicable laws, rules, regulations and orders of any Governmental Authority (including all Environmental Laws), except to the extent that non-compliance therewith would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect (or, in the case of the laws, rules, regulations and orders referred to in <u>Section 4.22</u>, except to the extent that non-compliance therewith is not material); <u>provided</u> that with respect to Anti-Corruption Laws, anti-money laundering laws and Sanctions Laws, the Borrower will, and will cause each of its subsidiaries to, comply with such laws in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9.** **[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.10.** **Additional Guarantors and Grantors**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event that any Person becomes a Domestic Subsidiary of the Borrower or any Unrestricted Subsidiary is converted into a Restricted Subsidiary that is a Domestic Subsidiary after the Effective Date and such Person is not an Excluded Subsidiary, the Borrower shall within 60 days of such event (as extended in the sole discretion of the Administrative Agent) (i) cause such Domestic Subsidiary to become a Guarantor hereunder and a Grantor under the Pledge and Security Agreement by executing and delivering to Administrative Agent and Collateral Agent a Counterpart Agreement, and (ii) take all such actions and execute and deliver, or cause to be executed and delivered, all such documents, instruments, agreements, and certificates reasonably requested by Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event that any Person becomes a first-tier Foreign Subsidiary of a Credit Party or any Unrestricted Subsidiary is converted into a Restricted Subsidiary that is a first-tier Foreign Subsidiary of a Credit Party after the Effective Date, and the ownership interests of such Foreign Subsidiary are owned by a Credit Party, the Borrower shall, or shall cause such Credit Party to, within 60 days of such event (as extended in the sole discretion of the Administrative Agent), take, or shall cause such Credit Party to take, all of the actions necessary to grant and to perfect a First Priority Lien in favor

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of Collateral Agent, for the benefit of Secured Parties, under the Pledge and Security Agreement in 66% of the Voting Stock and 100% of the Equity Interests other than Voting Stock of such Foreign Subsidiary (<u>provided</u> that, for the avoidance of doubt, in no event shall Excluded Collateral be subject to this sentence).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding anything to the contrary contained herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)no actions in any non-U.S. jurisdiction shall be required under the Credit Documents in order to create any security interests in assets located or titled outside of the U.S. (which shall include Intellectual Property not registered in the United States) or to perfect any security interests (it being understood that there shall be no security agreements or pledge agreements governed under the laws of any non-U.S. jurisdiction, so long as all applicable Equity Interests that are certificated are in the possession of the Collateral Agent to the extent constituting Collateral);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)deposit account and security account control agreements shall not be required under the Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)third party landlord, bailee waivers, estoppel or collateral access letters shall not be required under the Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)no notice to obtain the consent of any Governmental Authority under the Federal Assignment of Claims Act (or any state or federal equivalent thereof) shall be required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)there shall be no requirement to enter into any source code escrow arrangement (or obligation to register intellectual property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)the Borrower shall provide any customary opinions of counsel that the Administrative Agent may reasonably request in relation to such Domestic Subsidiary becoming a Guarantor or granting a security interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)no Grantor shall be required to take any action to create and/or maintain the validity, perfection or priority of and protect any security interest granted or purported to be granted hereby where the costs of such action exceeds the practical benefit to the Lenders that would be afforded thereby (as reasonably determined by the Borrower and the Collateral Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.11.** **Additional Material Real Estate Assets**. In the event that any Credit Party acquires a Material Real Estate Asset or a Real Estate Asset owned on the Effective Date becomes a Material Real Estate Asset or any Unrestricted Subsidiary that owns a Material Real Estate Asset is converted into a Restricted Subsidiary that is a Credit Party after the Effective Date and such interest in such Material Real Estate Asset has not otherwise been made subject to the Lien of the Collateral Documents in favor of Collateral Agent, for the benefit of Secured Parties, then such Credit Party shall promptly (and in any event within 60 days (as extended in the sole discretion of the Administrative Agent)) take all such actions and execute and deliver, or cause to be executed and delivered, all such mortgages, documents, instruments, agreements, opinions and certificates, including those which are similar to those described in <u>Sections 3.1(e)</u> and <u>5.15</u> with respect to each such Material Real Estate Asset that Collateral Agent shall reasonably request to create in favor of Collateral Agent, for the benefit of Secured Parties, a valid and, subject to any filing and/or recording referred to herein, perfected First Priority security interest in such Material Real Estate Assets including, without limitation, if any such Material Real Estate Assets are located in a Flood Zone, a signed notification form and evidence of the insurance required by <u>Section 5.5</u>; <u>provided</u> that no mortgages, documents, instruments or other agreements with respect to any such Material Real Estate Asset

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shall be recorded or executed before signed flood zone determinations with respect to such Material Real Estate Asset have been delivered to each Lender indicating that such Material Real Estate Asset is not located in a Flood Zone. In addition to the foregoing, the Borrower shall, at the reasonable request of Collateral Agent, deliver, from time to time, to Collateral Agent such appraisals as are required by law or regulation of Real Estate Assets with respect to which Collateral Agent has been granted a Lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.12.** **Further Assurances**. At any time or from time to time upon the reasonable request of Administrative Agent, each Credit Party will, at its expense, promptly execute, acknowledge and deliver such further documents and do such other acts and things as Administrative Agent or Collateral Agent may reasonably request in order to effect fully the purposes of the Credit Documents to the extent required under the Credit Documents. In furtherance and not in limitation of the foregoing but subject to the terms of the Credit Documents, each Credit Party shall take such actions as Administrative Agent or Collateral Agent may reasonably request from time to time to ensure that the Obligations are guaranteed by the Guarantors and are secured by substantially all of the assets of the Borrower, and its Restricted Subsidiaries and all of the outstanding Equity Interests of the Borrower and its Restricted Subsidiaries (subject to limitations contained in the Credit Documents with respect to Foreign Subsidiaries and the Excluded Collateral). Notwithstanding anything to the contrary herein, neither the Borrower nor any of its Subsidiaries shall be required to grant a security interest in the Excluded Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.13.** **Maintenance of Ratings**. At all times, the Borrower shall use commercially reasonable efforts to maintain (i) a public corporate family rating (but no specific rating) issued by Moody's and a public corporate credit rating issued by S&P and (ii) a public credit rating (but no specific rating) from each of Moody's and S&P with respect to the Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.14.** **Designation of Subsidiaries**. The board of directors (or similar governing body) of the Borrower may at any time designate any Restricted Subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; <u>provided</u> that (i) immediately before and after such designation, no Event of Default pursuant to <u>Section 8.1(a)</u>, <u>(f)</u> or <u>(g)</u> shall have occurred and be continuing and (ii) no Subsidiary may be designated as an Unrestricted Subsidiary if it is a "Restricted Subsidiary" for the purpose of any Seller Note, any Refinancing Indebtedness, the Senior Unsecured Notes, the Senior Secured Notes or any Additional Permitted Debt, in each case, with a principal balance in excess of $50,000,000. The designation of any subsidiary as an Unrestricted Subsidiary shall constitute an Investment by the Borrower therein at the date of designation in an amount equal to the fair market value of the Borrower's Investment therein to the extent such Investment was made after the Effective Date; <u>provided</u> that a redesignation of such subsidiary as a Restricted Subsidiary shall constitute a return on any Investment by the Borrower in such Unrestricted Subsidiary pursuant to this sentence in an amount equal to the fair market value at the date of such designation of the Borrower's Investment in such Subsidiary. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence at the time of designation of any Indebtedness or Liens of such Subsidiary existing at such time. Unrestricted Subsidiaries designated as such as of the Effective Date shall be set forth on Schedule 5.14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.15.** **Post-Closing Deliverables**. Each of the Credit Parties shall satisfy the requirements set forth on Schedule 5.15 on or before the date specified for such requirement or such later date as reasonably permitted by Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.16.** **Use of Proceeds**. The proceeds of the Loans shall be used for the purposes set forth in <u>Section 2.6</u>. No part of the proceeds of the Loans and no Bank Guarantees or Letters of Credit will be used, directly or indirectly, (A) for the purpose of financing any activities or business of or with any Person or in any country or territory that at such time is itself the subject of any Sanctions or (B) for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else

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acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of any Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.17.** **ERISA**. When applicable, (a) the Borrower will furnish to the Administrative Agent promptly following receipt thereof, copies of any documents described in Section 101(k) or 101(l) of ERISA that any Credit Party or any of its Subsidiaries may request with respect to any Multiemployer Plan to which a Credit Party or any of its Subsidiaries is obligated to contribute; provided that if the Credit Parties or any of their Subsidiaries have not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, then, upon reasonable request of the Administrative Agent, applicable Credit Party or Subsidiary shall promptly make a request for such documents or notices from such administrator or sponsor and the Borrower shall provide copies of such documents and notices to the Administrative Agent promptly after receipt thereof; provided, further, that the rights granted to the Administrative Agent in this <u>Section 5.17</u> shall be exercised not more than once during a 12-month period, and (b) the Borrower will notify the Administrative Agent promptly following the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, would reasonably be expected to result in liability of any Credit Party that would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.18.** **Conduct of Business**. From and after the Effective Date, no Credit Party shall, nor shall it permit any of its Restricted Subsidiaries to, engage in any business other than (i) the businesses engaged in by such Credit Party on the Effective Date and extensions thereof or otherwise similar, incidental, complementary, synergistic, reasonably related, or ancillary to any of the foregoing, in each case as determined by the Borrower in good faith and (ii) such other lines of business as may be consented to by Requisite Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.19.** **Fiscal Year**. No Credit Party shall, nor shall it permit any of its Restricted Subsidiaries to change its Fiscal Year-end from December 31, unless approved by the Administrative Agent, such consent not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.20.** **Transactions with Shareholders and Affiliates**. No Credit Party shall, nor shall it permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate of the Borrower on terms that are less favorable to the Borrower or that Restricted Subsidiary, as the case may be, than those that might be obtained at the time from a Person who is not such a holder or Affiliate; *provided*, the foregoing restriction shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any transaction between the Borrower and any Subsidiary, including loans and other transactions among the Borrower and the Restricted Subsidiaries or any entity that becomes a Restricted Subsidiary as a result of such loan or other transaction to the extent permitted under this <u>Section 5.20</u> (excluding, for the avoidance of doubt, any acquisition of an entity from a Person other than the Borrower or a Restricted Subsidiary);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)reasonable and customary fees paid to members of the board of directors (or similar governing body) of the Borrower and its Subsidiaries;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)compensation arrangements (including bonuses) and other benefits and indemnification arrangements for directors, officers and other employees of the Borrower and its Subsidiaries entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)transactions described in Schedule 5.20, and any amendments or modifications thereto so long as such amendment or modification is not materially less favorable to the Borrower or such Subsidiary than the terms in effect on the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)transactions or series of transactions involving amounts less than $10,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)transactions permitted by <u>Sections 6.1(w)</u>, <u>6.4(a)</u>, <u>(e)</u>, <u>(f)</u> (solely in the case of dividends with respect to the Equity Interests of the Borrower and payment of management and service fees to Madison), <u>(g)</u>, <u>(j)</u>, <u>(k)</u>, <u>(l)</u>, and <u>6.6(g)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)transactions with any Madison Affiliated Lender in its capacity as a Lender party to any Credit Document to the extent such Madison Affiliated Lender is being treated no more favorably than all other Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)non-exclusive licensing of intellectual property in the ordinary course of business that does not materially interfere with the business of the Borrower or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)payments to or from, and transactions with, Joint Ventures (to the extent any such Joint Venture is only an Affiliate as a result of Investments by the Borrower and the Restricted Subsidiaries in such Joint Venture) in the ordinary course of business and permitted by <u>Section 6.6</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)any Permitted Reorganization and any IPO Reorganization Transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)the payment of any Public Company Costs.

# SECTION 6. NEGATIVE COVENANTS
Each Credit Party covenants and agrees that, so long as any Commitment is in effect and until Payment in Full of all Obligations, such Credit Party shall perform, and shall cause each of its Restricted Subsidiaries to perform, all covenants in this <u>Section 6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.** **Indebtedness**. No Credit Party shall, nor shall it permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or guaranty, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Obligations (including any New Loans);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Indebtedness of any Subsidiary to the Borrower or to any other Subsidiary, or of the Borrower to any Subsidiary; <u>provided</u>, that (i) all such Indebtedness shall be evidenced by the Intercompany Note, and, if owed to a Credit Party, shall be subject to a First Priority Lien pursuant to the Pledge and Security Agreement, (ii) all such Indebtedness shall be unsecured and subordinated in right of payment to the Payment in Full of the Obligations pursuant to the terms of the Intercompany Note and (iii) such Indebtedness is permitted as an Investment under <u>Sections 6.6(e)</u>, <u>(k)</u>, <u>(l)</u> or <u>(m)</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(i) (A) Indebtedness incurred under the Senior Unsecured Notes Indenture and any other Senior Unsecured Notes Document in an aggregate principal amount not to exceed the sum of (x) $1,035,000,000 *plus* (y) all other obligations under the Senior Unsecured Notes Documents to the extent constituting Indebtedness but not constituting principal amounts thereunder, and (B) any Permitted Refinancing in respect thereof and (ii) (B) Indebtedness incurred under the Senior Secured Notes Indenture and any other Senior Secured Notes Document in an aggregate principal amount not to exceed the sum of (x) $700,000,000 *plus* (y) all other obligations under the Senior Secured Notes Documents to the extent constituting Indebtedness but not constituting principal amounts thereunder, and (B) any Permitted Refinancing in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Indebtedness incurred by the Borrower or any of its Subsidiaries arising from agreements providing for indemnification, adjustment of purchase price, holdbacks or similar obligations or from guaranties or letters of credit, bank guarantees, surety bonds or performance bonds securing the performance of the Borrower or any such Subsidiary pursuant to such agreements, in connection with Permitted Acquisitions or other Investments permitted hereunder or permitted dispositions of any business, assets or Subsidiary of the Borrower or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Indebtedness consisting of the deferred purchase price of property (including earn-outs) acquired in a Permitted Acquisition or other Investments permitted hereunder ("**Earn Out Indebtedness**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)obligations (including in respect of letters of credit, bank guarantees, bankers' acceptances, or similar instruments issued or created in the ordinary course of business or consistent with past practice) in respect of bids, tenders, trade contracts, governmental contracts and leases, statutory obligations, surety, stay, customs, bid, and appeal bonds, performance and return of money bonds, performance and completion guarantees, agreements with utilities and other obligations of a like nature (including those to secure health, safety and environmental obligations, including in respect of workers' compensation, unemployment insurance and other social security legislation, health, disability or other employee benefits or property, casualty or liability insurance), in each case (other than in the case of appeal bonds) in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Indebtedness arising from (i) the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business, in respect of netting services, overdraft protections and otherwise in connection with deposit accounts, employee credit card programs and (ii) other cash management and similar arrangements, in the case of clause (ii), in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)guaranties in the ordinary course of business of the obligations of suppliers, customers, franchisees and licensees of the Borrower and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)guaranties by the Borrower of Indebtedness of a Restricted Subsidiary or guaranties by a Restricted Subsidiary of Indebtedness of the Borrower or another Restricted Subsidiary with respect, in each case, to Indebtedness otherwise permitted to be incurred pursuant to this <u>Section 6.1</u>; <u>provided</u>, that if the Indebtedness that is being guarantied is unsecured and/or subordinated to the Obligations, the guaranty shall also be unsecured and/or subordinated to the Obligations; <u>provided</u>, <u>further</u>, that no Credit Party shall guarantee the Indebtedness of a Restricted Subsidiary that is not a Credit Party unless such guarantee is also permitted under <u>Section 6.6</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)(i) Indebtedness of the Borrower and/or any Restricted Subsidiary existing, or pursuant to commitments existing, on the Effective Date (and any Permitted Refinancing in respect thereof) and (ii) to the extent such Indebtedness is in excess of $5,000,000, described in Schedule 6.1 as of the Effective Date, but not any extensions, renewals or replacements of such Indebtedness except (i) renewals and extensions expressly provided for in the agreements evidencing any such Indebtedness as the same are in effect on the date of this Agreement and (ii) refinancings and extensions of any such Indebtedness if the terms and conditions thereof are not materially less favorable to the obligor thereon or to Lenders than the Indebtedness being refinanced or extended, and the average life to maturity thereof is greater than or equal to that of the Indebtedness being refinanced or extended as of the date of such refinancing or extension; <u>provided</u>, such Indebtedness permitted under the immediately preceding clause (i) or (ii) above shall not (A) include Indebtedness of an obligor that was not an obligor with respect to the Indebtedness being extended, renewed or refinanced, (B) exceed in a principal amount the Indebtedness being renewed, extended or refinanced plus accrued interest, fees and premiums (if any) thereon and reasonable fees and expenses associated with the refinancing or (C) be incurred, created or assumed if any Default or Event of Default under <u>Section 8.1(a)</u>, <u>(f)</u> or <u>(g)</u> has occurred and is continuing or would result therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)(i) Indebtedness of the Borrower or its Subsidiaries with respect to Capital Leases and purchase money Indebtedness in an aggregate amount not to exceed at any time the greater of (x) $140,000,000 and (y) 25% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period; <u>provided</u>, any such Indebtedness shall be secured only by the asset acquired in connection with the incurrence of such Indebtedness and the proceeds thereof and (ii) any Permitted Refinancing in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)(i) Indebtedness of a Person or Indebtedness attaching to assets of a Person that, in either case, becomes a Subsidiary or Indebtedness attaching to assets that are acquired by the Borrower or any of its Subsidiaries, in each case after the Effective Date as the result of a Permitted Acquisition or other Investments permitted hereunder, <u>provided</u> that the aggregate amount at any time outstanding of any such Indebtedness of non-Credit Parties under this clause (l) shall not exceed the greater of $275,000,000 and 50% of Consolidated Adjusted EBITDA; provided, further, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)such Indebtedness existed at the time such Person became a Subsidiary or at the time such assets were acquired and, in each case, was not created in anticipation thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)such Indebtedness is not guaranteed in any respect by the Borrower or any Subsidiary (other than by any such person that so becomes a Subsidiary), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)if such Indebtedness is secured on a *pari passu* basis with the existing Loans, the Credit Parties shall be in compliance with a First Lien Net Leverage Ratio of the greater of (x) 4.70:1.00 or less or (y) the First Lien Net Leverage Ratio immediately prior to such acquisition (<u>provided</u> that if any Indebtedness incurred pursuant to this clause (2)(I) is in the form of Qualified Term Loans, then such Indebtedness shall be subject to the MFN Provision),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)if such Indebtedness is secured on a junior basis, the Credit Parties shall be in compliance with a Secured Net Leverage Ratio of the greater of (x) 4.70:1.00 or less or (y) the Secured Net Leverage Ratio immediately prior to such acquisition and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III)if such Indebtedness is unsecured, the Credit Parties shall be in compliance with either (x) a Total Net Leverage Ratio of the greater of (x) 6.30:1.00 or less or (y) the Total Net Leverage Ratio immediately prior to such acquisition or (y) an Interest Coverage Ratio of at least (I) 2.00:1.00 or (II) equal or greater than the Interest Coverage Ratio immediately prior to such acquisition, in each case, on the date of incurrence of such Indebtedness determined on a Pro Forma Basis as of the last day of the most recently ended Test Period and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any Permitted Refinancing of such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)(i) Indebtedness of Subsidiaries of the Borrower that are non-Credit Parties not to exceed the greater of (x) $275,000,000 and (y) 50% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period, <u>provided</u> that such Indebtedness shall not be guaranteed by the Borrower or any Guarantor unless permitted under <u>Section 6.6</u> and (ii) any Permitted Refinancing in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)(i) other Indebtedness of the Borrower and its Subsidiaries in an aggregate amount not to exceed at any time the greater of (x) $542,000,000 and (y) 100% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period (the "**General Debt Basket**") and (ii) any Permitted Refinancing in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)Refinancing Indebtedness incurred by the Borrower pursuant to procedures reasonably specified by Administrative Agent and reasonably acceptable to the Borrower to the extent that 100% of the cash proceeds therefrom (net of underwriting discounts and commissions and other reasonable costs and expenses associated therewith, including reasonable legal fees and expenses) are, substantially concurrently with the receipt thereof, applied solely to the prepayment of Term Loans and the permanent reduction of Revolving Commitments being so refinanced in accordance with <u>Section 2.13</u> on a dollar-for-dollar basis (including all accrued interest, fees and premiums (if any));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)Seller Notes issued by the Borrower or any of its Subsidiaries in connection with Permitted Acquisitions or other Investments permitted hereunder (or any Permitted Refinancing in respect thereof); <u>provided</u> that, such Seller Notes shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)be subordinated in right of payment to the Obligations on terms reasonably acceptable to the Administrative Agent,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)mature at least 91 days after the Latest Maturity Date and not require any scheduled interest, amortization or other scheduled payments prior to at least one year after the Latest Maturity Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to the extent applicable, be subject to commercially reasonable payment-in-kind interest rates,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)not have financial maintenance covenants, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)not have covenants or any other terms or conditions that, taken as a whole, are more restrictive than the covenants, terms and restrictions contained in this Agreement and the other applicable Credit Documents;

<u>provided,</u> <u>further</u> that, the Borrower may issue up to an aggregate amount of the greater of (x) $165,000,000 and (y) 30% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period of Seller Notes at any one time outstanding that do not satisfy the foregoing conditions (it being understand that any Seller Notes issued in connection with the Acquisition shall not reduce the foregoing amounts) at any one time outstanding that do not satisfy the foregoing conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Additional Permitted Debt (or any Permitted Refinancing in respect thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)Indebtedness in respect of Permitted Receivables Financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)Attributable Indebtedness existing on the Effective Date and, after the Effective Date, with respect to any Sale and Leaseback Transaction permitted by <u>Section 6.10</u> (or any Permitted Refinancing in respect thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)Indebtedness representing deferred compensation to current or former officers, directors, managers, consultants and employees members of management and consultants of the Borrower and its Subsidiaries incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)Indebtedness to current officers, directors or employees or former officers, directors or employees (or their transferees, estates or beneficiaries under their estates) of the Borrower or any Subsidiary, to finance the purchase or redemption of Equity Interests of the Borrower or the direct parent of the Borrower permitted by <u>Section 6.4</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Indebtedness consisting (i) solely of obligations under Insurance Premium Financing Arrangements or (ii) of take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)Guaranties of Indebtedness of Unrestricted Subsidiaries in an aggregate principal amount at any time outstanding not to exceed the greater of (x) $275,000,000 and (y) 50% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)Indebtedness consisting of Interest Rate Agreements and Currency Agreements; <u>provided,</u> that such obligations are entered into in the ordinary course of business for the purpose of mitigating risks associated with liabilities, commitments, investments, assets or property held or reasonably anticipated by such Person, and not for purposes of speculation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)Additional Indebtedness (or any Permitted Refinancing in respect thereof) so long as either (i) the Interest Coverage Ratio as of the last day of the most recently ended Test Period is not less than 2.00:1.00 or (ii) the Total Net Leverage Ratio as of the last day of the most recently ended Test Period does not exceed 6.30:1.00, each calculated on a Pro Forma Basis; provided, that the aggregate amount at any time outstanding of any such Indebtedness of non-Credit Parties under this clause (y) shall not exceed the greater of $275,000,000 and 50% of Consolidated Adjusted EBITDA; provided, further, that such Indebtedness shall:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)if borrowed or issued by a Credit Party, not be guaranteed by any Person that is not a Credit Party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)other than as permitted under <u>Section 6.4(m)</u> and subject to the Inside Maturity Exception, not mature or require any scheduled amortization or scheduled payments of principal or be subject to any mandatory redemption, repurchase, repayment or sinking fund obligation (other than (x) payments as part of an "applicable high yield discount obligation" catch up payment, (y) customary offers to repurchase in connection with any change of control, disposition or casualty event and (z) customary acceleration rights after an event of default), in each case, prior to the date that is 91 days after the then-existing Latest Maturity Date of the Term Loans and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)to the extent constituting Qualified Term Loans, be subject to the MFN Provision (this clause (y), "**Permitted Ratio Debt**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)Indebtedness permitted to be incurred and/or remain outstanding on the Effective Date as permitted under the Acquisition Agreement as in effect on April 18, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) (i) Indebtedness of Joint Ventures in an aggregate principal amount at any time outstanding not to exceed the greater of (x) $275,000,000 and (y) 50% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period and (ii) any Permitted Refinancing in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) (i) Indebtedness of Subsidiaries of the Borrower that are non-Credit Parties incurred under working capital lines not to exceed the greater of (x) $275,000,000 and (y) 50% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period and (ii) any Permitted Refinancing in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Indebtedness of the Borrower or any Restricted Subsidiary in an aggregate principal amount (together with any Permitted Refinancing in respect thereof) up to 100% of the net cash proceeds received by the Borrower since immediately after the Effective Date from the issuance or sale of Equity Interests of the Borrower or cash contributed to the capital of the Borrower (in each case, other than any Specified Equity Contribution, any proceeds of Disqualified Equity Interests or sales of Equity Interests to the Borrower or any of its Subsidiaries) to the extent Not Otherwise Applied (the "**Contribution Debt Basket**"); and**<u>provided that, notwithstanding anything herein</u> <u>to the contrary, the aggregate net cash proceeds and fair market value of</u> <u>marketable securities or other property received by, or contributed to the capital</u> <u>of, the Borrower in connection with the Specified IPO shall not increase capacity</u> <u>under the Contribution Debt Basket; and</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Indebtedness in an amount not to exceed the unused portion of (i) the General RP Basket, (ii) the General Investment Basket and (iii) the General Subordinated Debt Payments Basket at the time of incurrence (which such amounts shall reduce the amount of the General RP Basket, General Investment Basket and/or General Subordinated Debt Payments Basket) and, in each case, any Permitted Refinancing in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.** **Liens**. No Credit Party shall, nor shall it permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or permit to exist any Lien on or with respect to any property or asset of any kind (including any document or instrument in respect of goods or accounts receivable) of the Borrower or any of its Restricted Subsidiaries, whether now owned or hereafter acquired or licensed, or any income, profits or royalties

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therefrom, or file or permit the filing of, or permit to remain in effect, any financing statement or other similar notice of any Lien with respect to any such property, asset, income, profits or royalties under the UCC of its State of organization or under any similar recording or notice statute or under any applicable intellectual property laws, rules or procedures, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(i) Liens on Indebtedness permitted by <u>Section 6.1(a)</u> and Liens otherwise granted to secure the Obligations pursuant to the Credit Documents (and any Permitted Refinancing thereof), (ii) Liens on cash or deposits to Cash Collateralize any Letters of Credit or Bank Guarantees as contemplated hereunder and (iii) Liens on Indebtedness permitted by <u>Section 6.1(c)(ii)</u>, subject to, in the case of this <u>clause (iii)</u>, the Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Liens for Taxes (i) if obligations with respect to such Taxes are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted and adequate reserves have been made in accordance with GAAP or (ii) if the failure to pay such amounts would not reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)statutory Liens of landlords, banks (and rights of set-off), of carriers, warehousemen, mechanics, repairmen, construction contractors, workmen and materialmen, and other Liens imposed by law (other than any such Lien imposed pursuant to Section 430(k) of the Internal Revenue Code or ERISA or a violation of Section 436 of the Internal Revenue Code), in each case incurred in the ordinary course of business (i) for amounts not yet overdue, (ii) for amounts that are overdue and that (in the case of any such amounts overdue for a period in excess of sixty days) are being contested in good faith by appropriate proceedings, so long as such reserves or other appropriate provisions, if any, as shall be required by GAAP shall have been made for any such contested amounts, or (iii) in an aggregate amount not to exceed the Threshold Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Liens incurred in the ordinary course of business in connection with workers' compensation, unemployment insurance and other types of social security legislation, health, disability or other employee benefits (other than any such Lien imposed pursuant to Section 430(k) of the Internal Revenue Code or ERISA or a violation of Section 436 of the Internal Revenue Code), or to secure the performance of tenders, statutory obligations, stay, customs, surety and appeal bonds, bids, leases, government contracts, trade contracts, performance and return-of-money bonds, performance and completion guarantees, agreements with utilities and other similar obligations (exclusive of obligations for the payment of borrowed money or other Indebtedness), so long as no foreclosure, sale or similar proceedings have been commenced with respect to any portion of the Collateral on account thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)easements, rights-of-way, servitudes, restrictions, protrusions, covenants, variations in area of measurement, encroachments, declarations on or with respect to the use of property, and other minor defects or irregularities in title, in each case which do not and will not interfere in any material respect with the ordinary conduct of the business of the Borrower or any of its Subsidiaries and do not secure any monetary obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)any interest or title of a lessor or sublessor under any lease which does not (i) interfere in any material respect with the business of the Borrower and its Subsidiaries, taken as a whole, or (ii) secure any Indebtedness for borrowed money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Liens solely on any cash earnest money deposits made by the Borrower or any of its Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal property entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)any zoning or similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any real property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)non-exclusive outbound licenses of patents, copyrights, trademarks and other intellectual property rights granted by the Borrower or any of its Subsidiaries in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)(i) Liens existing on the Effective Date, (ii) to the extent securing obligations in excess of $5,000,000, Liens described in Schedule 6.2 or (iii) Liens described on a title report delivered pursuant to <u>Section 5.11</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)Liens securing Indebtedness permitted pursuant to <u>Section 6.1(k)</u> (and any Permitted Refinancing thereof); <u>provided</u>, any such Lien shall encumber only the asset acquired with the proceeds of such Indebtedness and the proceeds thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)(i) Liens securing Indebtedness permitted by <u>Section 6.1(l)</u>, <u>provided</u> that any such Lien shall encumber only those assets which secured such Indebtedness at the time such assets were acquired by the Borrower or its Subsidiaries and (ii) Liens securing Indebtedness permitted by <u>Section 6.1(y)</u>; <u>provided</u> that any such Lien shall encumber only those assets which secure Indebtedness of non-Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)other Liens on assets securing Indebtedness or other obligations in an aggregate amount at any time outstanding not to exceed the greater of (x) $542,000,000 and (y) 100% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)Liens on property rented to, or leased by, the Borrower or any of its Subsidiaries pursuant to a Sale and Leaseback Transaction; <u>provided,</u> that (i) such Sale and Leaseback Transaction is permitted by <u>Section 6.10</u>, (ii) such Liens do not encumber any other property of the Borrower or its Subsidiaries, and (iii) such Liens secure only the Attributable Indebtedness incurred in connection with such Sale and Leaseback Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Liens on the Collateral securing Permitted First Priority Refinancing Debt (and any Permitted Refinancing thereof) and subject an Acceptable Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)Liens securing Additional Permitted Debt (and any Permitted Refinancing thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)Liens arising from judgments or orders for the payment of money (or appeal or other surety bonds relating thereto) not constituting an Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)Liens (i) of a collection bank arising under Section 4-208 of the UCC or similar provisions of applicable law on items in the course of collection, (ii) in favor of a banking or other financial institution arising as a matter of common or statutory law encumbering deposits or other funds maintained with a financial institution (including the right of setoff (A) relating to the establishment of depository

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relations with banks or other deposit-taking financial institutions in the ordinary course and not given in connection with the issuance of Indebtedness and (B) relating to pooled deposit, automatic clearinghouse accounts or sweep accounts of the Borrower or any of its Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower or any of its Subsidiaries); and (iii) in connection with cash management arrangements entered into in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)Liens consisting of an agreement to dispose of any property in a disposition permitted under <u>Section 6.8</u>, solely to the extent such disposition would been permitted on the date of the creation of such Lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Liens on property of a Subsidiary that is not a Credit Party in respect of Indebtedness permitted under <u>Section 6.1(m)</u> or <u>6.1(bb)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)(i) Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the Borrower or any of its Subsidiaries in the ordinary course of business and (ii) Liens or similar provisions of applicable law under Article 2 of the UCC or similar provisions of applicable law in favor of a seller or buyer of goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)with respect to any Foreign Subsidiary, other Liens and privileges arising as a matter of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)Liens created pursuant to Insurance Premium Financing Arrangements otherwise permitted under this Agreement, so long as such Liens attach only to gross unearned premiums for the insurance policies and related rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)customary rights of first refusal and tag, drag and similar rights in Joint Venture agreements entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Liens on cash and Cash Equivalents (which may be in the form of letters of credit or bank guarantees) securing Interest Rate Agreements and/or Currency Agreements (other than Hedge Agreements), in each case to the extent not consisting of part of the Obligations in an aggregate amount at any time outstanding not to exceed the greater of (x) $275,000,000 and (y) 50% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Liens on receivables and related assets in connection with a Permitted Receivables Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Liens securing Indebtedness permitted by <u>Section 6.1(aa)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Liens securing Indebtedness permitted by <u>Sections 6.1(z)</u>, <u>6.1(cc)</u> or <u>6.1(dd)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.** **[Reserved]**.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.** **Restricted Junior Payments**. No Credit Party shall, nor shall it permit any of its Restricted Subsidiaries through any manner or means or through any other Person to, directly or indirectly, declare, order, pay, make or set apart, or agree to declare, order, pay, make or set apart, any sum for any Restricted Junior Payment except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any Subsidiary of Borrower may declare and pay dividends or make other distributions ratably to its equity holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Holdings and its Subsidiaries may make payments in respect of Earn Out Indebtedness and Seller Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the Borrower may pay management fees, indemnification fees and expenses to Madison or its Affiliates pursuant to the Management Services Agreement; <u>provided</u> that upon the occurrence of an Event of Default under <u>Section 8.1(a)</u>, <u>(f)</u> or <u>(g)</u> and during the continuance thereof, no payment of any management fees or similar distributions to Madison or any of its Affiliates shall be permitted under this <u>Section 6.4(e)</u> (it being understood that indemnification fees and expenses (whether allocated or otherwise) shall still be permitted);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Holdings and its Subsidiaries may make other Restricted Junior Payments in an aggregate amount not to exceed the Cumulative Amount as in effect immediately prior to the making of such Restricted Junior Payment; <u>provided</u> that (other than with respect to usages of <u>clauses (i)</u>, <u>(iii)</u> or <u>(vii)</u> of Cumulative Amount) immediately prior to, and after giving effect thereto, no Event of Default shall have occurred and be continuing or would result therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Holdings and its Subsidiaries may make other Restricted Junior Payments in an aggregate amount not to exceed the Cumulative Equity Amount as in effect immediately prior to the making of such Restricted Junior Payment; <u>provided</u> that (A) Borrower shall have delivered to Administrative Agent an officer's certificate of an Authorized Officer, together with all relevant financial information reasonably requested by Administrative Agent, demonstrating in reasonable detail the calculation of the Cumulative Equity Amount immediately prior to the making of such Restricted Junior Payment and the amount thereof elected to be so applied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Holdings and its Subsidiaries may make regularly scheduled payments of interest in respect of any Subordinated Indebtedness in accordance with the terms of the subordination agreement applicable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)the Borrower may make payments to the direct parent company of the Borrower to permit such direct parent company of the Borrower to (i) repurchase or redeem Equity Interests of the Borrower or such direct parent company held by current officers, directors or employees or former officers, directors or employees (or their transferees, estates or beneficiaries under their estates) of the Borrower or any of its Subsidiaries, upon their death, disability, retirement, severance or termination of employment or service and to the extent such distributions result in taxes being incurred by any equityholder of the Borrower or such direct parent company, to pay such taxes or (ii) make payments on

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Indebtedness issued to repurchase such Equity Interests upon their death, disability, retirement, severance or termination of employment or service; <u>provided</u> that the aggregate cash consideration paid for all such redemptions and payments shall not exceed, in any Fiscal Year, $25,000,000 (when subsequent to a Qualified IPO shall increase to $50,000,000) (plus the proceeds of any key man life insurance policy); <u>provided</u>, <u>further</u>, that any amount not used in any Fiscal Year may be carried forward and used in succeeding Fiscal Years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)(A) with respect to any taxable period (or portion thereof) in which the Borrower and/or any of its Subsidiaries is a member of a consolidated, combined or similar income tax group of which a direct or indirect parent of the Borrower is the common parent (a "**Tax Group**"), the Borrower may make Restricted Junior Payments to Holdings and Holdings may make Restricted Junior Payments to its direct parent company to pay federal, foreign, state and local income or similar Taxes of such Tax Group (or any direct or indirect beneficial owners thereof) in an amount equal to the product of (i) the taxable income of the Borrower and/or its Subsidiaries multiplied by (ii) the maximum marginal Tax rate applicable to such income; provided, further, that the permitted payment pursuant to this clause (k) with respect to any Taxes attributable to any Unrestricted Subsidiary for any taxable period shall be limited to the amount actually paid with respect to such period by such Unrestricted Subsidiary to the Borrower or its Restricted Subsidiaries for the purposes of paying such consolidated, combined or similar income Taxes; and (B) for any taxable year (or portion thereof) ending after the Effective Date for which the Borrower is treated as a disregarded entity, partnership, or other flow-through entity for federal, state, provincial, territorial, and/or local income Tax purposes, the payment of dividends or other distributions to the Borrower's direct owner(s) to fund the income Tax liability of such owner(s) (or, if a direct owner is a pass-through entity, of the indirect owner(s)) for such taxable year (or portion thereof) attributable to the operations and activities of the Borrower and its direct and indirect Subsidiaries, in an aggregate amount not the exceed the product of (x) the highest combined marginal federal and applicable state, provincial, territorial, and/or local statutory income Tax rate (after taking into account the deductibility of U.S. state and local income Tax for U.S. federal income Tax purposes) and (y) the taxable income of the Borrower for such taxable year (or portion thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)the Borrower may make Restricted Junior Payments to the direct or indirect parent company of Borrower to permit such parent company to pay, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)ordinary course corporate operating and overhead expenses (including administrative, legal, accounting and similar expenses provided by third parties) and other fees and expenses required to maintain its or their corporate existence (including franchise and similar Taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)reasonable fees and expenses in connection with compliance with reporting obligations under, or connection with compliance with applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)cash, in lieu of issuing fractional shares, in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)reasonable directors fees and indemnification payments, in each case of such direct parent company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Public Company Costs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)the Borrower may prepay the principal of, premium, if any, and interest owing on, or pursuant to, any Subordinated Indebtedness in full or in part up to an amount equal to the greater of $275,000,000 and 50% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period *plus* any used portion of the General RP Basket and the General Investment Basket on the date of such payment (the "**General Subordinated Debt Payments Basket**") (which such amounts shall reduce the amount of the General Subordinated Debt Payments Basket);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)other Restricted Junior Payments in an aggregate amount not to exceed the greater of (x) $220,000,000 and (y) 40% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period provided that immediately prior to, and after giving effect thereto, *plus* any unused portion of the General Subordinated Debt Payments Basket on the date of such payment (the "**General RP Basket**") (which such amounts shall reduce the amount of the General RP Basket);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)other Restricted Junior Payments; <u>provided,</u> that (i) the Total Net Leverage Ratio does not exceed 5.55:1.00, calculated on a Pro Forma Basis as of the last day of the most recently ended Test Period and (ii) no Event of Default shall have occurred and be continuing or would result therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)the Borrower may prepay the principal of, premium, if any, and interest owing on, or pursuant to, any Subordinated Indebtedness in full or in part so long as (i) the Total Net Leverage Ratio does not exceed 5.55:1.00, calculated on a Pro Forma Basis as of the last day of the most recently ended Test Period and (ii) no Event of Default shall have occurred and be continuing or would result therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)the Borrower may prepay the principal of, premium, if any, and interest owing on, or pursuant to, any Subordinated Indebtedness in full or in part in an aggregate amount not to exceed the Cumulative Amount as in effect immediately prior to the making of such payment; <u>provided</u> that (other than with respect to usages of clauses (i), (iii) or (vii) of Cumulative Amount), immediately prior to, and after giving effect thereto, no Event of Default shall have occurred and be continuing or would result therefrom; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)following the consummation of a Qualified IPO, the declaration and payment of dividends on the Borrower's common stock (or the payment of dividends to any direct or indirect parent entity of the Borrower to fund a payment of dividends on such Person's common stock) in an aggregate amount per annum not to exceed the sum of (i) 6.00% of the aggregate net cash proceeds received by (or contributed to) the Borrower in or from such Qualified IPO (other than public offerings with respect to the Borrower's common stock registered on Form S-8) and (ii) 7.00% of the Borrower's Market Capitalization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5.** **Restrictions on Subsidiary Distributions**. Except as provided herein, no Credit Party shall, nor shall it permit any of its Restricted Subsidiaries to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Restricted Subsidiary of the Borrower to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)pay dividends or make any other distributions on any of such Subsidiary's Equity Interests owned by the Borrower or any other Subsidiary of the Borrower,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)repay or prepay any Indebtedness owed by such Subsidiary to the Borrower or any other Subsidiary of the Borrower,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)make loans or advances to the Borrower or any other Subsidiary of the Borrower, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)transfer, lease or license any of its property or assets to the Borrower or any other Subsidiary of the Borrower other than, in each case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)by reason of customary provisions restricting assignments, subletting or other transfers contained in leases, licenses, Joint Venture agreements and similar agreements entered into in the ordinary course of business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)described on Schedule 6.5,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)included in any Refinancing Indebtedness and any Additional Permitted Debt, in each case that impose restrictions that are no more onerous than the terms of this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)in any agreement, document, instrument or other arrangement that is assumed by the Borrower or any of its Subsidiaries (or existed at the time such Person was acquired) in connection with a Permitted Acquisition or other Investments permitted hereunder (and was not created in contemplation of such Permitted Acquisition or Investment),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business or arise in connection with cash or cash deposits permitted under <u>Section 6.2</u> and limited to such cash or cash deposit,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)imposed by any agreement relating to a Permitted Lien (<u>provided</u> that such restrictions shall only apply to the assets or property secured thereby), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)solely with regard to clause (d), transfers of property or assets pursuant to any Permitted Receivables Financings, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)agreements evidencing Indebtedness permitted by <u>Section 6.1(c)</u>, <u>(k)</u>, <u>(l)</u>, <u>(m)</u>, <u>(n)</u> and (y).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6.** **Investments**. No Credit Party shall, nor shall it permit any of its Restricted Subsidiaries to, directly or indirectly, make or own any Investment in any Person, including any Joint Venture, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Investments in Cash and Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(i) equity Investments owned as of the Effective Date in any Subsidiary or Unrestricted Subsidiary and any Joint Venture and (ii) Investments made after the Effective Date in (x) Holdings, the Borrower or any Restricted Subsidiary, (y) by any Subsidiary that is not a Credit Party in

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another Subsidiary that is not a Credit Party and (z) by any Subsidiary that is not a Credit Party in a Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Investments (i) in any Securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors and (ii) deposits, prepayments and other credits to suppliers made in the ordinary course of business consistent with the past practices of the Borrower and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Investments consisting of the purchase of the remaining Equity Interests in Joint Ventures in which the Borrower or a Restricted Subsidiary owned as of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)intercompany loans and guarantees to the extent permitted under <u>Sections 6.1(b)</u>, <u>6.1(i)</u>, <u>6.1(m)</u> and <u>6.1(n)</u> and other Investments in Subsidiaries which are not Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Consolidated Capital Expenditures with respect to the Borrower and the Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)loans and advances to directors, officers and employees of the Borrower and its Subsidiaries (i) made in the ordinary course of business in an aggregate principal amount not to exceed $25,000,000 and (ii) made in connection with such Person's purchase of Equity Interests of the Borrower or the direct parent of the Borrower (<u>provided</u> that such transaction is a non-cash transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Permitted Acquisitions permitted pursuant to <u>Section 6.8</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Investments described in Schedule 6.6 as of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Interest Rate Agreements and Currency Agreements which constitute Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)other Investments in an aggregate amount not to exceed the greater of (x) $275,000,000 and (y) 50% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period at any one time outstanding *plus* any unused amounts under the General RP Basket and the General Subordinated Debt Payments Basket as in effect immediately prior to the making of such Investment (the "**General Investment Basket**") (which such amounts shall reduce the amount of the General RP Basket and the General Subordinated Debt Payments Basket);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)other Investments in an aggregate amount not to exceed the Cumulative Amount as in effect immediately prior to the making of such Investment; <u>provided</u> that (other than with respect to usages of clauses (i), (iii) or (vii) of Cumulative Amount) immediately prior to, and after giving effect thereto, no Event of Default pursuant to <u>Section 8.1(a)</u>, <u>(f)</u> or <u>(g)</u> shall have occurred and be continuing or would result;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)other Investments in an aggregate amount not to exceed the Cumulative Equity Amount as in effect immediately prior to the making of such Investment; <u>provided</u> that the Borrower shall have delivered to Administrative Agent an officer's certificate of an Authorized Officer, together with all relevant financial information reasonably requested by Administrative Agent, demonstrating in reasonable detail the calculation of the Cumulative Equity Amount immediately prior to the making of such Investment and the amount thereof elected to be so applied;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Investments consisting of extensions of credit in the nature of accounts receivable or securities of trade creditors or customers that are received in settlement of bona fide disputes arising from the grant of trade credit in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)to the extent constituting Investments, Permitted Liens and Restricted Junior Payments permitted under <u>Section 6.4</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)guarantees of (i) leases (other than Capital Leases) or of other obligations that do not constitute Indebtedness, in each case entered into in the ordinary course of business, and (ii) Indebtedness to the extent permitted under <u>Section 6.1</u> and other obligations of Credit Parties not prohibited hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)promissory notes and other non-cash consideration that is permitted to be received in connection with dispositions permitted by <u>Section 6.8</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)loans and advances to the direct parent of the Borrower in lieu of, and not in excess of the amount of (after giving effect to any other loans, advances or Restricted Junior Payments in respect thereof), Restricted Junior Payments to the extent permitted to be made to such Person in accordance with <u>Section 6.4</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)advances of payroll payments to directors, officers, employees, members of management and consultants in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)Investments held by a Subsidiary acquired after the Effective Date or of a Person merged into, amalgamated with or consolidated into the Borrower or a Subsidiary in accordance with <u>Section 6.8</u> after the Effective Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)Indebtedness permitted by <u>Section 6.1(w)</u> and <u>6.1(r)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)additional Investments <u>provided</u> that (i) the Total Net Leverage Ratio does not exceed 6.30:1.00 on a Pro Forma Basis as of the last day of the most recently ended Test Period and (ii) no Event of Default under <u>Section 8.1(a)</u>, <u>(f)</u> or <u>(g)</u> shall have occurred and be continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)any Permitted Reorganization and any IPO Reorganization Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)Investments in Unrestricted Subsidiaries in an aggregate principal amount at any time outstanding not to exceed the greater of (x) $190,000,000 and (y) 35% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period (the "**Unrestricted Subsidiaries Investment Basket**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)Investments in Similar Businesses in an aggregate principal amount at any time outstanding not to exceed the greater of (x) $275,000,000 and (y) 50% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period.

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To the extent an Investment is permitted to be made by a Restricted Subsidiary directly in any Subsidiary or any other Person who is not a Credit Party (each such person, a "**Target Person**") under any provision of this <u>Section 6.6</u>, such Investment may be made by advance, contribution or distribution by a Credit Party to a Subsidiary or Holdings, which is further contemporaneously advanced or contributed to a Subsidiary for purposes of making the relevant Investment in the Target Person without such initial advance, contribution or distribution constituting an Investment for purposes of this <u>Section 6.6</u> (it being understood that such ultimate Investment in the Target Person must satisfy the requirements of, and shall count towards any thresholds in, a provision of this <u>Section 6.6</u> as if made by the applicable Subsidiary directly to the Target Person). For purposes of this <u>Section 6.6</u>, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment (including any write-downs or write-offs thereof) but giving effect to any cash returns or cash distributions received by such Person with respect thereto in an amount not to exceed the original amount of such Investment. Notwithstanding the foregoing, in no event shall any Credit Party make any Investment which results in or facilitates in any manner any Restricted Junior Payment not otherwise permitted under the terms of <u>Section 6.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7.** **Financial Covenant<u>.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u>. The**<u>Prior to the Sixth Amendment Effective Date, the</u>** Borrower will not permit the First Lien Net Leverage Ratio on a Pro Forma Basis as of the last day of any Fiscal Quarter ending on or after September 30, 2021 on which the aggregate outstanding principal amount of Revolving Loans, issued Letters of Credit and issued Bank Guarantees (excluding up to $25,000,000 (or, with respect to any undrawn Letters of Credit issued in an Alternative Currency, the Dollar Amount**<u>Equivalent</u>** equivalent) of undrawn Letters of Credit and undrawn Bank Guarantees) exceeds 35% of the aggregate amount of the Revolving Commitments, to exceed 7.50:1:00**<u>1.00</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** **<u>On and after the Sixth Amendment Effective Date, the</u> <u>Borrower will not permit the First Lien Net Leverage Ratio on a Pro Forma Basis</u>** <u>as of the last day of</u> **<u>any Fiscal Quarter ending on or after the Sixth Amendment</u> <u>Effective Date on which the aggregate outstanding principal amount of Revolving</u> <u>Loans, issued Letters of Credit and issued Bank Guarantees (excluding up to $25,000,000 (or, with respect to any undrawn Letters of Credit issued in an</u> <u>Alternative Currency, the Dollar Equivalent equivalent) of undrawn Letters of</u> <u>Credit and undrawn Bank Guarantees) exceeds 35% of the aggregate amount of</u> <u>the Revolving Commitments, to exceed 6.00:1.00.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8.** **Fundamental Changes; Disposition of Assets; Acquisitions**. No Credit Party shall, nor shall it permit any of its Restricted Subsidiaries to, enter into any transaction of merger or consolidation, or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease or license, exchange, transfer or otherwise dispose of, in one transaction or a series of transactions, all or any part of its business, assets or property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, whether now owned or hereafter acquired, leased or licensed, or acquire by purchase or otherwise (other than purchases or other acquisitions of inventory, materials and equipment and capital expenditures in the ordinary course of business) the business, property or fixed assets of, or stock or other evidence of beneficial ownership of, any Person or any division or line of business or other business unit of any Person, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrower or any of its Subsidiaries may be merged with or into the Borrower or any Credit Party, or be liquidated, wound up or dissolved, or all or any part of its business, property or assets may be conveyed, sold, leased, transferred or otherwise disposed of, in one transaction or a series

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of transactions, to the Borrower or any Credit Party; <u>provided</u>, in the case of such a merger, the Borrower or such Credit Party, as applicable shall be the continuing or surviving Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)sales or other dispositions of assets that do not constitute Asset Sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Asset Sales so long as (1) the consideration received for such assets shall be in an amount at least equal to the fair market value thereof (determined in good faith by the board of directors of the Borrower (or similar governing body)), (2) with respect to Asset Sales in excess of the greater of $85,000,000 and 15% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period, no less than either (A) 75% thereof or (B) 50% thereof, in each case, shall be paid in Cash and Cash Equivalents; provided that, any Designated Non-Cash Consideration received by the Borrower or a Restricted Subsidiary in such Asset Sale having an aggregate fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (c) that is at that time outstanding, not to exceed the greater of $85,000,000 and 15% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period; provided further that, solely with respect to clause (B), the reinvestment rights applicable pursuant to Section 2.14(a) shall not apply and (3) the Net Asset Sale Proceeds thereof shall be applied as required by <u>Section 2.14(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disposals of obsolete, worn out or surplus property and dispositions of property (including, for the avoidance of doubt, intellectual property) no longer used or useful in the conduct of the business of the Borrower and its Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Permitted Acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Investments made in accordance with <u>Section 6.6</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Borrower or any Subsidiary may merge with any other Person in order to effect the designation of a Restricted Subsidiary as an Unrestricted Subsidiary or an Unrestricted Subsidiary as a Restricted Subsidiary in accordance with <u>Section 5.14</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)other Permitted Acquisitions in an aggregate amount not to exceed the Cumulative Amount as in effect immediately prior to the making of such Permitted Acquisitions; <u>provided</u> that (A) immediately prior to, and after giving effect thereto, the Borrower and its Subsidiaries shall be in compliance on a Pro Forma Basis with the financial covenant set forth in <u>Section 6.7</u> (whether or not then in effect) as of the last day of the most recently ended Test Period, and (B) the Borrower shall have delivered to Administrative Agent an officer's certificate of an Authorized Officer, together with all relevant financial information reasonably requested by Administrative Agent, demonstrating in reasonable detail the calculation of the Cumulative Amount immediately prior to the making of such Permitted Acquisitions and the amount thereof elected to be so applied and evidencing compliance with <u>Section 6.7</u> (whether or not then in effect) as required under clause (A) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)other Permitted Acquisitions in an aggregate amount not to exceed the Cumulative Equity Amount as in effect immediately prior to the making of such Permitted Acquisitions; <u>provided</u> that the Borrower shall have delivered to Administrative Agent an officer's certificate of an Authorized Officer, together with all relevant financial information reasonably requested by Administrative Agent, demonstrating in reasonable detail the calculation of the Cumulative Equity Amount immediately prior to the making of such Permitted Acquisitions and the amount thereof elected to be so applied;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)dispositions of receivables and related assets pursuant to any Permitted Receivables Financing and the sale or discount of receivables and related assets in connection with a Permitted Receivables Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)any Subsidiary that is not a Credit Party may be merged with or into another Subsidiary that is not a Credit Party or be liquidated, wound up or dissolved, or all or any part of its business, property or assets may be conveyed, sold, leased, transferred or otherwise disposed of, in one transaction or a series of transactions, to a Subsidiary that is not a Credit Party (it being understood that for purposes of this <u>Section 6.8(k)</u> and <u>Section 6.6(b)(ii)</u>, any merger of a Subsidiary that is not a Credit Party with or into another Subsidiary that is not a Credit Party may alternatively be consummated by the sale, distribution or contribution (or a series of sales, distributions and/or contributions involving the Credit Parties and their subsidiaries) ultimately resulting in the transfer of the Equity Interests of a Subsidiary that is not a Credit Party to a Subsidiary that is not a Credit Party);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)dispositions of property to the extent that (x) such property is exchanged for credit against the purchase price of similar replacement property or (y) the proceeds of such disposition are promptly applied to the purchase price of such replacement property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)dispositions of property among the Borrower and/or its Subsidiaries; <u>provided</u> that if the transferor of such property is a Credit Party (i) the transferee thereof must be a Credit Party or (ii) such Investment must be a permitted Investment in accordance with <u>Section 6.6</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Permitted Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)Sale and Leaseback Transactions permitted by <u>Section 6.10</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)dispositions of Cash and Cash Equivalents in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)transfers of assets upon condemnation, the exercise of eminent domain or casualty events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)dispositions of Investments in Joint Ventures or any Subsidiary that is not wholly owned to the extent required by, or made pursuant to customary buy/sell arrangements between, the Joint Venture or similar parties set forth in joint venture arrangements and similar binding arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)dispositions or discounts without recourse of accounts receivable in connection with the compromise or collection thereof in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)the unwinding of any Interest Rate Agreements or Currency Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)any disposition by reason of the exercise of termination rights under any lease, sublease, license, sublicense, concession or other agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)leases and subleases of real or personal property and sales, licenses, transfers and sublicenses of intellectual property that do not materially interfere with the business of the Borrower and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)the Borrower and any Subsidiary may merge, amalgamate or consolidate with or into any other Subsidiary in order to effect an Investment permitted pursuant to <u>Section 6.6</u> or transaction

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permitted pursuant to <u>Section 6.8</u>; <u>provided</u> that if a Credit Party is a party to the transaction effected pursuant to this <u>clause (w)</u>, (i) such Credit Party shall be the continuing or surviving Person or the continuing or surviving Person shall expressly assume the obligations of such Credit Party under the Credit Documents in a manner reasonably acceptable to the Administrative Agent and (ii) such transaction shall not result in such Credit Party ceasing to be a Domestic Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)the forgiveness of loans permitted by <u>Section 6.6(g)(ii)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)any Permitted Reorganization and any IPO Reorganization Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9.** **Disposal of Subsidiary Interests**. Except for any sale of all of its interests in the Equity Interests of any of its Subsidiaries in compliance with the provisions of <u>Section 6.8</u> and except for Permitted Liens, no Credit Party shall, nor shall it permit any of its Restricted Subsidiaries to, (a) directly or indirectly sell, assign, pledge or otherwise encumber or dispose of any Equity Interests of any of its Restricted Subsidiaries, except to qualify directors if required by applicable law; or (b) permit any of its Restricted Subsidiaries directly or indirectly to sell, assign, pledge or otherwise encumber or dispose of any Equity Interests of any of its Restricted Subsidiaries, except to another Credit Party (subject to the restrictions on such disposition otherwise imposed hereunder), or to qualify directors if required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10.** **Sales and Lease-Backs**. No Credit Party shall, nor shall it permit any of its Restricted Subsidiaries to, directly or indirectly, become or remain liable as lessee or as a guarantor or other surety with respect to any lease of any property (whether real, personal or mixed), whether now owned or hereafter acquired, which such Credit Party (a) has sold or transferred or is to sell or to transfer to any other Person (other than the Borrower or any of its Subsidiaries), or (b) intends to use for substantially the same purpose as any other property which has been or is to be sold or transferred by such Credit Party to any Person (other than the Borrower or any of its Subsidiaries) in connection with such lease (any such transaction, a "**Sale and Leaseback Transaction**") unless (i) such Sale and Leaseback Transaction relates to a Real Estate Asset, (ii) the sale of such Real Estate Asset is made for cash consideration in an amount not less than the fair market value of such property, (iii) the proceeds from such Sale and Leaseback Transaction are prepaid or reinvested pursuant to <u>Section 2.14(a)</u>, (iv) such Sale and Leaseback Transaction is permitted by <u>Section 6.8</u> and is consummated within 180 days after the date on which such Real Estate Asset is sold or transferred, (v) any Liens arising in connection with its use of the property are permitted by <u>Section 6.2(p)</u>, and (vi) the Sale and Leaseback Transaction would be permitted under <u>Section 6.1</u>, assuming the Attributable Indebtedness with respect to the Sale and Leaseback Transaction constituted Indebtedness under <u>Section 6.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11.** **Permitted Activities**. Holdings shall not conduct, transact or otherwise engage in any business or operations other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 ownership and/or acquisition of the Equity Interests of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the maintenance of its legal existence, including the ability to incur fees, costs and expenses relating to such maintenance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)participating in tax, accounting and other administrative matters as owner of the Equity Interests of the Borrower and reporting related to such matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the performance of its obligations under and in connection with the Credit Documents, the Senior Unsecured Notes Indenture, the Senior Secured Notes Indenture, the Senior Unsecured

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Notes, the Senior Secured Notes and the related guarantees, any documentation governing Additional Permitted Debt, any refinancing thereof and the other agreements contemplated hereby and thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any public offering of its common stock or any other issuance or registration of its Equity Interests for sale or resale permitted by this <u>Section 6</u> (or that would be permitted by this <u>Section 6</u> to the extent that Holdings was considered to be the Borrower and/or a Restricted Subsidiary), including the ability to incur costs, fees and expenses related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)incurring fees, costs and expenses relating to overhead and general operating including professional fees for legal, tax and accounting matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)providing indemnification to officers and directors and as otherwise permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)activities incidental to the consummation of the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)financing activities, including the issuance of securities, incurrence of debt, payment of dividends, making contributions to the capital of the Borrower and guaranteeing the obligations of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)any other transaction permitted pursuant to this <u>Section 6</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)undertaking or consummating any Permitted Reorganization or IPO Reorganization Transactions or, in each case, any transaction related thereto or contemplated thereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)activities incidental to the businesses or activities described in clauses (i) through (xi) of this <u>Section 6.11</u>.

# SECTION 7. GUARANTY
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.** **Guaranty of the Obligations**. Subject to the provisions of <u>Section 7.2</u>, Guarantors jointly and severally hereby irrevocably and unconditionally guaranty to Administrative Agent, for the ratable benefit of the Beneficiaries, the due and punctual payment in full of all Obligations when the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)) (collectively, the "**Guaranteed Obligations**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.** **Contribution by Guarantors**. All Guarantors desire to allocate among themselves (collectively, the "**Contributing Guarantors**"), in a fair and equitable manner, their obligations arising under this Guaranty. Accordingly, in the event any payment or distribution is made on any date by a Guarantor (a "**Funding Guarantor**") under this Guaranty such that its Aggregate Payments exceeds its Fair Share as of such date, such Funding Guarantor shall be entitled to a contribution from each of the other Contributing Guarantors in an amount sufficient to cause each Contributing Guarantor's Aggregate Payments to equal its Fair Share as of such date. "**Fair Share**" means, with respect to a Contributing Guarantor as of any date of determination, an amount equal to (a) the ratio of (i) the Fair Share Contribution Amount with respect to such Contributing Guarantor to (ii) the aggregate of the Fair Share Contribution Amounts with respect to all Contributing Guarantors *multiplied by* (b) the aggregate amount paid or distributed on or before such date by all Funding Guarantors under this Guaranty in respect of the Guaranteed Obligations. "**Fair Share Contribution Amount**" means, with respect to a Contributing Guarantor as of any date of determination, the maximum aggregate amount of the

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obligations of such Contributing Guarantor under this Guaranty that would not render its obligations hereunder or thereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the United States Code or any comparable applicable provisions of state law; <u>provided</u>, solely for purposes of calculating the "**Fair Share Contribution Amount**" with respect to any Contributing Guarantor for purposes of this <u>Section 7.2</u>, any assets or liabilities of such Contributing Guarantor arising by virtue of any rights to subrogation, reimbursement or indemnification or any rights to or obligations of contribution hereunder shall not be considered as assets or liabilities of such Contributing Guarantor. "**Aggregate Payments**" means, with respect to a Contributing Guarantor as of any date of determination, an amount equal to (1) the aggregate amount of all payments and distributions made on or before such date by such Contributing Guarantor in respect of this Guaranty (including in respect of this <u>Section 7.2</u>), *minus* (2) the aggregate amount of all payments received on or before such date by such Contributing Guarantor from the other Contributing Guarantors as contributions under this <u>Section 7.2</u>. The amounts payable as contributions hereunder shall be determined as of the date on which the related payment or distribution is made by the applicable Funding Guarantor. The allocation among Contributing Guarantors of their obligations as set forth in this <u>Section 7.2</u> shall not be construed in any way to limit the liability of any Contributing Guarantor hereunder. Each Guarantor is a third party beneficiary to the contribution agreement set forth in this <u>Section 7.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.** **Payment by Guarantors**. Subject to <u>Section 7.2</u>, Guarantors hereby jointly and severally agree, in furtherance of the foregoing and not in limitation of any other right which any Beneficiary may have at law or in equity against any Guarantor by virtue hereof, that upon the failure of the Borrower to pay any of the Guaranteed Obligations when and as the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)), Guarantors will upon demand pay, or cause to be paid, in Cash, to Administrative Agent for the ratable benefit of Beneficiaries, an amount equal to the sum of the unpaid principal amount of all Guaranteed Obligations then due as aforesaid, accrued and unpaid interest on such Guaranteed Obligations (including interest which, but for the Borrower's becoming the subject of a case under the Bankruptcy Code, would have accrued on such Guaranteed Obligations, whether or not a claim is allowed against the Borrower for such interest in the related bankruptcy case) and all other Guaranteed Obligations then owed to Beneficiaries as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.** **Liability of Guarantors Absolute**. Each Guarantor agrees that its obligations hereunder are irrevocable, absolute, independent and unconditional and shall not be affected by any circumstance which constitutes a legal or equitable discharge of a guarantor or surety other than Payment in Full of the Guaranteed Obligations. In furtherance of the foregoing and without limiting the generality thereof, each Guarantor agrees 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)this Guaranty is a guaranty of payment when due and not of collectability. This Guaranty is a primary obligation of each Guarantor and not merely a contract of surety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Administrative Agent may enforce this Guaranty upon the occurrence and during the continuance of an Event of Default notwithstanding the existence of any dispute between the Borrower and any Beneficiary with respect to the existence of such Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the obligations of each Guarantor hereunder are independent of the obligations of the Borrower and the obligations of any other guarantor (including any other Guarantor) of the obligations of any the Borrower, and a separate action or actions may be brought and prosecuted against such Guarantor whether or not any action is brought against the Borrower or any of such other guarantors and whether or not the Borrower is joined in any such action or actions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)payment by any Guarantor of a portion, but not all, of the Guaranteed Obligations shall in no way limit, affect, modify or abridge any Guarantor's liability for any portion of the Guaranteed Obligations which has not been paid. Without limiting the generality of the foregoing, if Administrative Agent is awarded a judgment in any suit brought to enforce any Guarantor's covenant to pay a portion of the Guaranteed Obligations, such judgment shall not be deemed to release such Guarantor from its covenant to pay the portion of the Guaranteed Obligations that is not the subject of such suit, and such judgment shall not, except to the extent satisfied by such Guarantor, limit, affect, modify or abridge any other Guarantor's liability hereunder in respect of the Guaranteed Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)any Beneficiary, upon such terms as it deems appropriate, without notice or demand and without affecting the validity or enforceability hereof or giving rise to any reduction, limitation, impairment, discharge or termination of any Guarantor's liability hereunder, from time to time may (i) renew, extend, accelerate, increase the rate of interest on, or otherwise change the time, place, manner or terms of payment of the Guaranteed Obligations; (ii) settle, compromise, release or discharge, or accept or refuse any offer of performance with respect to, or substitutions for, the Guaranteed Obligations or any agreement relating thereto and/or subordinate the payment of the same to the payment of any other obligations; (iii) request and accept other guaranties of the Guaranteed Obligations and take and hold security for the payment hereof or the Guaranteed Obligations; (iv) release, surrender, exchange, substitute, compromise, settle, rescind, waive, alter, subordinate or modify, with or without consideration, any security for payment of the Guaranteed Obligations, any other guaranties of the Guaranteed Obligations, or any other obligation of any Person (including any other Guarantor) with respect to the Guaranteed Obligations; (v) enforce and apply any security now or hereafter held by or for the benefit of such Beneficiary in respect hereof or the Guaranteed Obligations and direct the order or manner of sale thereof, or exercise any other right or remedy that such Beneficiary may have against any such security, in each case as such Beneficiary in its discretion may determine consistent herewith or the applicable Hedge Agreement or the applicable Cash Management Services and any applicable security agreement, including foreclosure on any such security pursuant to one or more judicial or non-judicial sales, whether or not every aspect of any such sale is commercially reasonable, and even though such action operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Guarantor against any other Credit Party or any security for the Guaranteed Obligations; and (vi) exercise any other rights available to it under the Credit Documents, any Hedge Agreements or any Cash Management Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)this Guaranty and the obligations of Guarantors hereunder shall be valid and enforceable and shall not be subject to any reduction, limitation, impairment, discharge or termination for any reason (other than Payment in Full of the Guaranteed Obligations), including the occurrence of any of the following, whether or not any Guarantor shall have had notice or knowledge of any of them: (i) any failure or omission to assert or enforce or agreement or election not to assert or enforce, or the stay or enjoining, by order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or demand or any right, power or remedy (whether arising under the Credit Documents, any Hedge Agreements or any Cash Management Services, at law, in equity or otherwise) with respect to the Guaranteed Obligations or any agreement relating thereto, or with respect to any other guaranty of or security for the payment of the Guaranteed Obligations; (ii) any rescission, waiver, amendment or modification of, or any consent to departure from, any of the terms or provisions (including provisions relating to events of default) hereof, any of the other Credit Documents, any of the Hedge Agreements or any Cash Management Services or any agreement or instrument executed pursuant thereto, or of any other guaranty or security for the Guaranteed Obligations, in each case whether or not in accordance with the terms hereof or such Credit Document, such Hedge Agreement, such Cash Management Services or any

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agreement relating to such other guaranty or security; (iii) the Guaranteed Obligations, or any agreement relating thereto, at any time being found to be illegal, invalid or unenforceable in any respect; (iv) the application of payments received from any source (other than payments received pursuant to the other Credit Documents or any of the Hedge Agreements or any of the Cash Management Services or from the proceeds of any security for the Guaranteed Obligations, except to the extent such security also serves as collateral for indebtedness other than the Guaranteed Obligations) to the payment of indebtedness other than the Guaranteed Obligations, even though any Beneficiary might have elected to apply such payment to any part or all of the Guaranteed Obligations; (v) any Beneficiary's consent to the change, reorganization or termination of the corporate structure or existence of the Borrower or any of its Subsidiaries and to any corresponding restructuring of the Guaranteed Obligations; (vi) any failure to perfect or continue perfection of a security interest in any collateral which secures any of the Guaranteed Obligations; (vii) any defenses, set-offs or counterclaims which the Borrower may allege or assert against any Beneficiary in respect of the Guaranteed Obligations, including failure of consideration, breach of warranty, payment, statute of frauds, statute of limitations, accord and satisfaction and usury; and (viii) any other act or thing or omission, or delay to do any other act or thing, which may or might in any manner or to any extent vary the risk of any Guarantor as an obligor in respect of the Guaranteed Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5.** **Waivers by Guarantors**. Each Guarantor hereby waives, for the benefit of Beneficiaries: (a) any right to require any Beneficiary, as a condition of payment or performance by such Guarantor, to (i) proceed against the Borrower, any other guarantor (including any other Guarantor) of the Guaranteed Obligations or any other Person, (ii) proceed against or exhaust any security held from the Borrower, any such other guarantor or any other Person, (iii) proceed against or have resort to any balance of any Deposit Account or credit on the books of any Beneficiary in favor of any Credit Party or any other Person, or (iv) pursue any other remedy in the power of any Beneficiary whatsoever; (b) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of the Borrower or any other Guarantor including any defense based on or arising out of the lack of validity or the unenforceability of the Guaranteed Obligations or any agreement or instrument relating thereto or by reason of the cessation of the liability of the Borrower or any other Guarantor from any cause other than payment in full of the Guaranteed Obligations; (c) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; (d) any defense based upon any Beneficiary's errors or omissions in the administration of the Guaranteed Obligations, except behavior which amounts to bad faith; (e)(i) any principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms hereof and any legal or equitable discharge of such Guarantor's obligations hereunder, (ii) the benefit of any statute of limitations affecting such Guarantor's liability hereunder or the enforcement hereof, (iii) any rights to set-offs, recoupments and counterclaims, and (iv) promptness, diligence and any requirement that any Beneficiary protect, secure, perfect or insure any security interest or lien or any property subject thereto; (f) notices, demands, presentments, protests, notices of protest, notices of dishonor and notices of any action or inaction, including acceptance hereof, notices of default hereunder, the Hedge Agreements, the Cash Management Services or any agreement or instrument related thereto, notices of any renewal, extension or modification of the Guaranteed Obligations or any agreement related thereto, notices of any extension of credit to the Borrower and notices of any of the matters referred to in <u>Section 7.4</u> and any right to consent to any thereof; and (g) any defenses or benefits that may be derived from or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6.** **Guarantors' Rights of Subrogation, Contribution, Etc.** Until the Guaranteed Obligations shall have been Paid in Full, each Guarantor hereby waives any claim, right or remedy, direct or indirect, that such Guarantor now has or may hereafter have against the Borrower or any other Guarantor or any of its assets in connection with this Guaranty or the performance by such Guarantor of its obligations hereunder, in each case

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whether such claim, right or remedy arises in equity, under contract, by statute, under common law or otherwise and including (a) any right of subrogation, reimbursement or indemnification that such Guarantor now has or may hereafter have against the Borrower with respect to the Guaranteed Obligations, (b) any right to enforce, or to participate in, any claim, right or remedy that any Beneficiary now has or may hereafter have against the Borrower, and (c) any benefit of, and any right to participate in, any collateral or security now or hereafter held by any Beneficiary. In addition, until the Guaranteed Obligations shall have been Paid in Full, each Guarantor shall withhold exercise of any right of contribution such Guarantor may have against any other guarantor (including any other Guarantor) of the Guaranteed Obligations, including any such right of contribution as contemplated by <u>Section 7.2</u>. Each Guarantor further agrees that, to the extent the waiver or agreement to withhold the exercise of its rights of subrogation, reimbursement, indemnification and contribution as set forth herein is found by a court of competent jurisdiction to be void or voidable for any reason, any rights of subrogation, reimbursement or indemnification such Guarantor may have against the Borrower or against any collateral or security, and any rights of contribution such Guarantor may have against any such other guarantor, shall be junior and subordinate to any rights any Beneficiary may have against the Borrower, to all right, title and interest any Beneficiary may have in any such collateral or security, and to any right any Beneficiary may have against such other guarantor. If any amount shall be paid to any Guarantor on account of any such subrogation, reimbursement, indemnification or contribution rights at any time when all Guaranteed Obligations shall not have been finally and Paid in Full, such amount shall be held in trust for Administrative Agent on behalf of Beneficiaries and shall forthwith be paid over to Administrative Agent for the benefit of Beneficiaries to be credited and applied against the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7.** **Subordination of Other Obligations**. Any Indebtedness of the Borrower or any Guarantor now or hereafter held by any Guarantor (the "**Obligee Guarantor**") is hereby subordinated in right of payment to the Guaranteed Obligations, and any such Indebtedness collected or received by the Obligee Guarantor after an Event of Default has occurred and is continuing and so long as the Administrative Agent shall have notified such Guarantor to cease accepting payments thereunder, shall be held in trust for Administrative Agent on behalf of Beneficiaries and shall forthwith be paid over to Administrative Agent for the benefit of Beneficiaries to be credited and applied against the Guaranteed Obligations but without affecting, impairing or limiting in any manner the liability of the Obligee Guarantor under any other provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.8.** **Continuing Guaranty**. This Guaranty is a continuing guaranty and shall remain in effect until all of the Guaranteed Obligations shall have been Paid in Full. Each Guarantor hereby irrevocably waives any right to revoke this Guaranty as to future transactions giving rise to any Guaranteed Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.9.** **Authority of Guarantors or Borrower**. It is not necessary for any Beneficiary to inquire into the capacity or powers of any Guarantor or the Borrower or the officers, directors or any agents acting or purporting to act on behalf of any of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10.** **Financial Condition of Borrower**. Any Credit Extension may be made to the Borrower or continued from time to time, and any Hedge Agreements or Cash Management Services may be entered into from time to time, in each case without notice to or authorization from any Guarantor regardless of the financial or other condition of the Borrower at the time of any such grant or continuation or at the time such Hedge Agreement or Cash Management Service is entered into, as the case may be. No Beneficiary shall have any obligation to disclose or discuss with any Guarantor its assessment, or any Guarantor's assessment, of the financial condition of the Borrower. Each Guarantor has adequate means to obtain information from the Borrower on a continuing basis concerning the financial condition of the Borrower and its ability to perform its obligations under the Credit Documents, the Hedge Agreements and the Cash Management Services, and each Guarantor assumes the responsibility for being and keeping informed of the financial condition of the Borrower and of all circumstances

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bearing upon the risk of non-payment of the Guaranteed Obligations. Each Guarantor hereby waives and relinquishes any duty on the part of any Beneficiary to disclose any matter, fact or thing relating to the business, operations or conditions of the Borrower now known or hereafter known by any Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11.** **Bankruptcy, Etc.** (a) So long as any Guaranteed Obligations remain outstanding, no Guarantor shall, without the prior written consent of Administrative Agent acting pursuant to the instructions of Requisite Lenders, commence or join with any other Person in commencing any bankruptcy, reorganization or insolvency case or proceeding of or against the Borrower or any other Guarantor. The obligations of Guarantors hereunder shall not be reduced, limited, impaired, discharged, deferred, suspended or terminated by any case or proceeding, voluntary or involuntary, involving the bankruptcy, insolvency, receivership, reorganization, liquidation or arrangement of the Borrower or any other Guarantor or by any defense which the Borrower or any other Guarantor may have by reason of the order, decree or decision of any court or administrative body resulting from any such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Guarantor acknowledges and agrees that any interest on any portion of the Guaranteed Obligations which accrues after the commencement of any case or proceeding referred to in clause (a) above (or, if interest on any portion of the Guaranteed Obligations ceases to accrue by operation of law by reason of the commencement of such case or proceeding, such interest as would have accrued on such portion of the Guaranteed Obligations if such case or proceeding had not been commenced) shall be included in the Guaranteed Obligations because it is the intention of Guarantors and Beneficiaries that the Guaranteed Obligations which are guaranteed by Guarantors pursuant hereto should be determined without regard to any rule of law or order which may relieve the Borrower or any of its Subsidiaries of any portion of such Guaranteed Obligations. Guarantors will permit any trustee in bankruptcy, receiver, debtor in possession, assignee for the benefit of creditors or similar Person to pay Administrative Agent, or allow the claim of Administrative Agent in respect of, any such interest accruing after the date on which such case or proceeding is commenced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event that all or any portion of the Guaranteed Obligations are paid by the Borrower or any of its Subsidiaries, the obligations of Guarantors hereunder shall continue and remain in full force and effect or be reinstated, as the case may be, in the event that all or any part of such payment(s) are rescinded or recovered directly or indirectly from any Beneficiary as a preference, fraudulent transfer or otherwise, and any such payments which are so rescinded or recovered shall constitute Guaranteed Obligations for all purposes hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12.** **Discharge of Guaranty Upon Sale of Guarantor**. If (A) all of the Equity Interests of any Guarantor or any of its successors in interest hereunder shall be sold or otherwise disposed of (including by merger or consolidation) in accordance with the terms and conditions hereof or (B) if a Guarantor is designated as an Unrestricted Subsidiary in accordance with <u>Section 5.14</u>, then in the case of each of clauses (A) and (B), the Guaranty of such Guarantor or such successor in interest, as the case may be, hereunder shall automatically be discharged and released without any further action by any Beneficiary or any other Person effective as of the time of such event described in each of clauses (A) or (B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.13.** **Keepwell**. Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by any other Credit Party hereunder to honor all of such Credit Party's obligations under this Guaranty in respect of Swap Obligations (<u>provided</u>, <u>however</u>, that each Qualified ECP Guarantor shall only be liable under this <u>Section 7.13</u> for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this <u>Section 7.13</u>, or otherwise under this Guaranty, as it relates to such Credit Party, voidable under applicable law

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relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this <u>Section 7.13</u> shall remain in full force and effect until the Guaranteed Obligations shall have been indefeasibly Paid in Full. Each Qualified ECP Guarantor intends that this <u>Section 7.13</u> constitute, and this <u>Section 7.13</u> shall be deemed to constitute, a "keepwell, support, or other agreement" for the benefit of each other Credit Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

# SECTION 8. EVENTS OF DEFAULT
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.** **Events of Default**. If any one or more of the following conditions or events shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Failure to Make Payments When Due</u>. Failure by the Borrower to pay (i) when due any installment of principal of any Loan, whether at stated maturity, by acceleration, by mandatory prepayment or otherwise; (ii) when due any amount payable to Issuing Bank in reimbursement of any drawing under a Letter of Credit or a Bank Guarantee or, within three Business Days after the date due, any Cash Collateralization required pursuant to <u>Section 2.22(d)</u>; (iii) any interest on any Loan within three Business Days after the date due; or (iv) any fee or other amount due hereunder within five Business Days after the date due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Default in Other Agreements</u>. (i) Failure of any Credit Party or any of their respective Restricted Subsidiaries to pay when due any principal of or interest on or any other amount, including any payment in settlement, payable in respect of one or more items of Indebtedness (other than Indebtedness referred to in <u>Section 8.1(a)</u>) with an aggregate principal amount (or Net Mark-to-Market Exposure) in excess of the Threshold Amount or more beyond any applicable grace period, if any, provided therefor; or (ii) breach or default by any Credit Party with respect to any other material term of (1) one or more items of Indebtedness in the individual or aggregate principal amounts (or Net Mark-to-Market Exposure) referred to in clause (i) above or (2) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of Indebtedness, in each case beyond any applicable grace period, if any, provided therefor, if the effect of such breach or default is to cause, or to permit the holder or holders of that Indebtedness (or a trustee on behalf of such holder or holders), to cause, that Indebtedness to become or be declared due and payable (or subject to a compulsory repurchase or redemption) prior to its stated maturity or the stated maturity of any underlying obligation, as the case may be; <u>provided</u>, that clauses (i) and (ii) shall not apply (x) as the result of the failure of any Credit Party or any of their Restricted Subsidiaries to make any payment in respect of any Seller Note to the extent such Credit Party or Restricted Subsidiary is prohibited from doing so pursuant to the terms of the Credit Documents or the subordination agreement applicable to such Seller Note, or (y) for so long as the holders of any Seller Note either (A) are prohibited from taking any enforcement action with respect to such Seller Note pursuant to the terms of a subordination agreement applicable such Seller Note or (B) are not actively pursuing any enforcement action with respect to such Seller Note; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Breach of Certain Covenants</u>. Failure of any Credit Party to perform or comply with any term or condition contained in <u>Section 5.1(f)(i)</u>, <u>Section 5.2</u> (solely with respect to the existence of the Borrower), <u>Section 5.16</u> or <u>Section 6</u>; <u>provided</u> that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)with regard to the failure to comply with the financial covenant set forth in <u>Section 6.7</u> (a **"Financial Covenant Event of Default"**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)such shall constitute a Default (but not an Event of Default) until the expiration of the applicable Cure Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)such shall not constitute an Event of Default with respect to any Term Loans unless the Requisite Revolving Lenders have accelerated all Obligations in respect of Revolving Commitments and have terminated their respective Revolving Commitments thereunder as a result thereof (a **"Financial Covenant Cross Default"**); 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;(C)if the Lenders under any New Incremental Revolving Loan Commitment have agreed not to have the benefit of the covenant set forth in <u>Section 6.7</u>, such New Incremental Revolving Loan Commitments shall be disregarded for purposes of determining the Requisite Revolving Lenders and such New Incremental Revolving Loan Commitments shall be treated in the same manner as the Term Loans are treated pursuant to this proviso (such period commencing with a default under <u>Section 6.7</u> and ending on the date on which the Requisite Revolving Lenders terminate and accelerate the Revolving Loans); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)that the delivery of a notice of Default at any time will cure an Event of Default arising from the failure of the Borrower to timely deliver such notice of Default unless an Authorized Officer of Holdings or the Borrower had actual knowledge that such Default had occurred and was continuing and intentionally failed to give notice notwithstanding knowledge thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Breach of Representations, Etc.</u> Any representation, warranty, certification or other written statement of fact made or deemed made by any Credit Party in any Credit Document or in any statement or certificate at any time given by any Credit Party or any of its Restricted Subsidiaries in writing pursuant hereto or thereto or in connection herewith or therewith shall be false in any material respect as of the date made or deemed made and, to the extent capable of being cured, such incorrect representation or warranty shall remain incorrect for a period of 30 days after written notice thereof from the Administrative Agent to the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Other Defaults Under Credit Documents</u>. Any Credit Party shall default in the performance of or compliance with any covenant contained herein or any of the other Credit Documents, other than any such term referred to in any other paragraph of this <u>Section 8.1</u>, and such default shall not have been remedied or waived within thirty days after the date on which written notice thereof is delivered by the Administrative Agent to the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Involuntary Bankruptcy; Appointment of Receiver, Etc.</u> (i) A court of competent jurisdiction shall enter a decree or order for relief in respect of Holdings, the Borrower or any of its Restricted Subsidiaries (other than Immaterial Restricted Subsidiaries) in an involuntary case under any Debtor Relief Laws now or hereafter in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal or state law; or (ii) an involuntary case shall be commenced against Holdings, the Borrower or any of its Restricted Subsidiaries (other than Immaterial Restricted Subsidiaries) under any Debtor Relief Laws now or hereafter in effect; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over Holdings, the Borrower or any of its Restricted Subsidiaries (other than Immaterial Restricted Subsidiaries), or over all or a substantial part of

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its property, shall have been entered; or there shall have occurred the involuntary appointment of an interim receiver, trustee or other custodian of Holdings, the Borrower or any of its Restricted Subsidiaries (other than Immaterial Restricted Subsidiaries) for all or a substantial part of its property; or a warrant of attachment, execution or similar process shall have been issued against any substantial part of the property of Holdings, the Borrower or any of its Restricted Subsidiaries (other than Immaterial Restricted Subsidiaries), and any such event described in this clause (f) shall continue for sixty days without having been dismissed, bonded or discharged; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Voluntary Bankruptcy; Appointment of Receiver, Etc.</u> (i) Holdings, the Borrower or any of its Restricted Subsidiaries (other than Immaterial Restricted Subsidiaries) shall have an order for relief entered with respect to it or shall commence a voluntary case under any Debtor Relief Laws now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its property; or Holdings, the Borrower or any of its Restricted Subsidiaries (other than Immaterial Restricted Subsidiaries) shall make any assignment for the benefit of creditors; or (ii) Holdings, the Borrower or any of its Restricted Subsidiaries (other than Immaterial Restricted Subsidiaries) shall be unable, or shall fail generally, or shall admit in writing its general inability, to pay its debts as such debts become due; or the board of directors (or similar governing body) of Holdings, the Borrower or any of its Restricted Subsidiaries (other than Immaterial Restricted Subsidiaries) (or any committee thereof) shall adopt any resolution or otherwise authorize any action to approve any of the actions referred to in this <u>Section 8.1(g)</u> or in <u>Section 8.1(f)</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Judgments and Attachments</u>. Any money judgment, writ or warrant of attachment or similar process involving individually, or in the aggregate at any time, an amount in excess of the Threshold Amount (in either case to the extent not covered by insurance or reimbursement as to which a solvent and unaffiliated insurance company or third party has not denied coverage or payment, as applicable) shall be entered or filed against the Borrower or any of its Restricted Subsidiaries or any of their respective assets and shall remain undischarged, unsatisfied, unvacated, unbonded or unstayed for a period of sixty days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)[Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Employee Benefit Plans</u>. There shall occur one or more ERISA Events which individually or in the aggregate results in or would reasonably be expected to result in liability of the Borrower or any of its Restricted Subsidiaries which would reasonably be expected to result in a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Change of Control</u>. A Change of Control shall occur; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Guaranties, Collateral Documents and other Credit Documents</u>. At any time after the execution and delivery thereof, (i) the Guaranty for any reason, other than the Payment in Full of all Obligations, shall cease to be in full force and effect in any material respect (other than in accordance with its terms) or shall be declared to be null and void or any Guarantor shall repudiate its obligations thereunder in writing, (ii) this Agreement or any Collateral Document ceases to be in full force and effect (other than by reason of a release of Collateral in accordance with the terms hereof or thereof or the Payment in Full of the Obligations in accordance with the terms hereof) in any material respect or shall be declared null and void, or Collateral Agent shall not have or shall cease to have a valid and perfected

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Lien in a material portion of the Collateral purported to be covered by the Collateral Documents with the priority required by the relevant Collateral Document, in each case for any reason other than the failure of Collateral Agent or any Secured Party to take any action within its control or by reason of a release of Collateral in accordance with the terms hereof or thereof, or (iii) any Credit Party shall contest the validity or enforceability of any Credit Document in writing or deny in writing that it has any further liability, including with respect to future advances by Lenders, under any Credit Document to which it is a party or shall contest the validity or perfection of any Lien in any Collateral purported to be covered by the Collateral Documents;

**THEN**, (i)(1) upon the occurrence of any Event of Default described in <u>Section 8.1(f)</u> or <u>8.1(g)</u>, automatically, and (1) except as set forth in clause (ii) below, upon the occurrence and during the continuance of any other Event of Default, at the request of (or with the consent of) Requisite Lenders, upon notice to the Borrower by Administrative Agent, (A) the Revolving Commitments, if any, of each Lender having such Revolving Commitments and the obligation of Issuing Bank to issue any Letter of Credit or any Bank Guarantee shall immediately terminate; (B) each of the following shall immediately become due and payable, in each case without presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by each Credit Party: (I) the unpaid principal amount of and accrued interest and premium on the Loans, (II) an amount equal to the maximum amount that may at any time be drawn under all Letters of Credit or all Bank Guarantees then outstanding (regardless of whether any beneficiary under any such Letter of Credit or such Bank Guarantee shall have presented, or shall be entitled at such time to present, the drafts or other documents or certificates required to draw under such Letters of Credit or such Bank Guarantees), and (III) all other Obligations; <u>provided</u>, the foregoing shall not affect in any way the obligations of Lenders under <u>Section 2.4(e)</u>; (C) Administrative Agent may cause Collateral Agent to enforce any and all Liens and security interests created pursuant to Collateral Documents; and (D) Administrative Agent shall direct the Borrower to pay (and the Borrower hereby agrees upon receipt of such notice, or upon the occurrence of any Event of Default specified in <u>Sections 8.1(f)</u> and <u>(g)</u> to pay) to Administrative Agent such additional amounts of cash as reasonably requested by Issuing Bank, to be held as security for the Borrower's reimbursement obligations in respect of Letters of Credit or Bank Guarantees then outstanding or (ii) (1) upon the occurrence of a Financial Covenant Event of Default that has occurred and is continuing, the Requisite Revolving Lenders may take the actions specified in clause (i)(2) of this paragraph in respect of the Revolving Commitments, the Revolving Loans, Letters of Credit and Bank Guarantees and (2) upon the occurrence of a Financial Covenant Cross Default, the Requisite Lenders may take the actions specified in clause (i)(2) of this paragraph in respect of a Financial Covenant Event of Default that has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.** **Borrower's Right to Cure**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Notwithstanding anything to the contrary contained in <u>Section 8.1</u>, for purposes of determining whether an Event of Default has occurred under the financial covenant set forth in <u>Section 6.7</u>, any equity contribution (in the form of common equity or other equity having terms reasonably acceptable to Administrative Agent) made to the Borrower after the last day of any Fiscal Quarter and on or prior to the day that is fifteen (15) Business Days after the day on which financial statements are required to be delivered for that Fiscal Quarter (such period, to the extent the Borrower is permitted to make a request pursuant to the immediately-following proviso, the **"Cure Period"**) will, at the request of the Borrower, be included in the calculation of Consolidated Adjusted EBITDA solely for the purposes of determining compliance with the financial covenant set forth in <u>Section 6.7</u> at the end of such Fiscal Quarter and any subsequent period that includes such Fiscal Quarter (any such equity contribution, a **"Specified Equity Contribution"**); <u>provided</u> that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Borrower shall not be permitted to so request that a Specified Equity Contribution be included in the calculation of Consolidated Adjusted EBITDA with respect to any Fiscal Quarter unless, after giving effect to such requested Specified Equity Contribution, there shall be no more than two Fiscal Quarters in the four-Fiscal Quarter period ending on (and including) the Fiscal Quarter with respect to which a Specified Equity Contribution is made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the amount of any Specified Equity Contribution and the use of proceeds therefrom will be no greater than the amount required to cause the Borrower to be in compliance with the financial covenant set forth in <u>Section 6.7</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)during the term of this Agreement no more than five Specified Equity Contributions may be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)all Specified Equity Contributions and the use of proceeds therefrom will be disregarded for all other purposes under the Credit Documents (including calculating Consolidated Adjusted EBITDA for purposes of determining basket levels, Applicable Revolving Commitment Fee Percentage, and other items governed by reference to Consolidated Adjusted EBITDA, and for purposes of the Restricted Junior Payments covenant in <u>Section 6.4</u>); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)there shall be no pro forma or other reduction in Indebtedness with the proceeds of any Specified Equity Contribution for determining compliance with the financial covenant set forth in <u>Section 6.7</u> unless such proceeds are actually applied to prepay Indebtedness under the Credit Facilities prior to the end of the applicable Fiscal Quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Neither the Administrative Agent nor any Lender shall exercise the right to accelerate the Loans or terminate the Commitments and none of the Administrative Agent, any Lender or any other Secured Party shall exercise any right to foreclose on or take possession of the Collateral or exercise any other remedy prior to the expiration of the Cure Period solely on the basis of a Default or an Event of Default having occurred and being continuing with respect to the financial covenant set forth in <u>Section 6.7</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.** **Expired Default; Default Cure; Judicial Extension; Net Short Lenders**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Notwithstanding anything to the contrary contained herein or in any other Credit Document, no notice of a Default or an Event of Default may be given by the Administrative Agent or the Lenders with respect to any Default or Event of Default more than two years after the date on which (x) the facts giving rise to such Default or Event of Default are publicly announced or (y) the Administrative Agent or the Lenders shall have received notice from the Borrower of such Default or Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Default or Event of Default under this Agreement or similarly defined term under any other Credit Document (including, for the avoidance of doubt, any Default or Event of Default (or similar term) hereunder or under the other Credit Documents, resulting from a failure to provide notice of a Default or Event of Default (or similar term) unless an Authorized Officer of Holdings or the Borrower had actual knowledge that such Default or Event of Default had occurred and was continuing and intentionally failed to give notice notwithstanding knowledge thereof) shall be deemed not to "exist" or be "continuing" (or other similar expression with respect thereto) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the events, acts or conditions that gave rise to such Default or Event of Default have been remedied or cured (including by payment, notice, taking of any action or omitting to take any action) or have ceased to exist or if such Default or Event of Default shall have been waived; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)(x) with respect to any Default or Event of Default (or similar term) that occurs due to a failure by Holdings or any of its Subsidiaries to take any action (including taking any action by a specified time), Holdings or such Subsidiary takes such action or (y) with respect to any Default or Event of Default (or similar term) that occurs due to the taking of any action by Holdings or any of its Subsidiaries that is not then permitted by the terms of this Agreement or any other Credit Document, in each case on the earlier to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)the date on which such action would be permitted at such time to be taken under this Agreement and the other Credit Documents pursuant to an applicable amendment or waiver permitting such action, or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the date on which such action is unwound or otherwise modified to the extent necessary for such revised action to be permitted at such time by this Agreement and the other Credit Documents (including after giving effect to any amendments or waivers hereto or thereto); <u>provided</u> that, and notwithstanding anything to the contrary in this <u>clause (b)</u>, an Event of Default (the "<u>Initial Default</u>") may not be cured pursuant to this <u>clause (b)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)by any action of Holdings and the Restricted Subsidiaries (including a credit extension) that is itself prohibited hereunder on account of the existence of such Initial Default, if at the time of taking such prohibited action, Holdings and its Restricted Subsidiaries had actual knowledge for more than five (5) Business Days that such Initial Default had occurred and was continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)in the case of an Event of Default under <u>Section 8.1(f)</u> or <u>(g)</u> that results in material impairment of the rights and remedies of the Lenders and Agent under the Credit Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)in the case of an Event of Default under <u>Section 8.1(c)</u> for failure to perform or observe <u>Section 5.1(f)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any court of competent jurisdiction may (i) extend or stay any grace period set forth in this Agreement or any other Credit Document prior to when any actual or alleged Default becomes an actual or alleged Event of Default or (ii) stay the exercise of remedies by any Agent or any sub-agent thereof contemplated by this Agreement and the other Credit Documents or otherwise upon the occurrence of an actual or alleged Event of Default, in each case of <u>clauses (i)</u> and <u>(ii)</u>, in accordance with the applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding anything to the contrary herein, in connection with any determination as to whether the Requisite Lenders have (A) consented (or not consented) to any amendment or waiver of any provision of this Agreement or any other Credit Document or any departure by any Credit Party therefrom, (B) otherwise acted on any matter related to any Credit Document, or (C) directed or required the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Credit Document (each, a "**Lender Direction**" and each such Lender, a "**Directing Lender**"), any Lender (other than (x) any Lender that is a Regulated Bank or an Affiliate of a Regulated Bank or (y) any Revolving Lender as of the Effective Date or any Affiliate thereof) that, as a result of its interest in any total return swap, total rate of return swap, credit default swap or other derivative contract (other than any such total return swap, total rate of return swap, credit default swap or other derivative contract entered into pursuant to bona fide market making activities), has a net short position with respect to the Loans and/or Commitments (each, a "**Net Short Lender**") shall have no right to vote any of its Loans and Commitments and shall be deemed to have voted its interest as a Lender

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without discretion in the same proportion as the allocation of voting with respect to such matter by Lenders who are not Net Short Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)For purposes of determining whether a Lender has a "net short position" on any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)derivative contracts with respect to the Loans and Commitments and such contracts that are the functional equivalent thereof shall be counted at the notional amount thereof in Dollars,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the notional amounts in other currencies shall be converted to the dollar equivalent thereof by such Lender in a commercially reasonable manner consistent with generally accepted financial practices and based on the prevailing conversion rate (determined on a mid-market basis) on the date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)derivative contracts in respect of an index that includes any of the Borrower or other Credit Parties or any instrument issued or guaranteed by any of the Borrower or other Credit Parties shall not be deemed to create a short position with respect to the Loans and/or Commitments, so long as (x) such index is not created, designed, administered or requested by such Lender and (y) the Borrower and the other Credit Parties and any instrument

issued or guaranteed by any of the Borrower or other Credit Parties, collectively, shall represent less than five percent (5%) of the components of such index,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)derivative transactions that are documented using either the 2014 ISDA Credit Derivatives Definitions or the 2003 ISDA Credit Derivative Definitions (collectively, the "**ISDA CDS Definitions**") shall be deemed to create a short position with respect to the Loans and/or Commitments if such Lender is a protection buyer or the equivalent thereof for such derivative transaction and (x) the Loans or the Commitments are a "Reference Obligation" under the terms of such derivative transaction (whether specified by name in the related documentation, included as a "Standard Reference Obligation" on the most recent list published by Markit, if "Standard Reference Obligation" is specified as applicable in the relevant documentation or in any other manner), (y) the Loans or the Commitments would be a "Deliverable Obligation" under the terms of such derivative transaction or (z) any of the Borrower or other Credit Parties (or its successor) is designated as a "Reference Entity" under the terms of such derivative transaction, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)credit derivative transactions or other derivatives transactions not documented using the ISDA CDS Definitions shall be deemed to create a short position with respect to the Loans and/or Commitments if such transactions are functionally equivalent to a transaction that offers the Lender protection in respect of the Loans or the Commitments, or as to the credit quality of any of the Borrower or other Credit Parties other than, in each case, as part of an index so long as (x) such index is not created, designed, administered or requested by such Lender and (y) the Borrower and other Credit Parties and any instrument issued or guaranteed by any of the Borrower or other Credit Parties, collectively, shall represent less than five percent (5%) of the components of such index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)In connection with any such determination, each Lender (other than (x) any Lender that is a Regulated Bank or an Affiliate of a Regulated Bank or (y) any Revolving Lender as of the Effective Date or any Affiliate thereof) shall promptly notify the Administrative Agent in writing that it is a Net Short Lender, or shall otherwise be deemed to have represented and warranted to the Borrower and the Administrative Agent that it is not a Net Short Lender (a "**Position Representation**") (it being

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understood and agreed that (A) the Borrower and the Administrative Agent shall each be entitled to rely on each such representation and deemed representation and (B) the Administrative Agent shall have no duty to inquire as to or investigate the accuracy of any such notice or representation (or deemed representation), verify any statements in any notice or certificate delivered to it, or otherwise make any calculations, investigations or determinations with respect to any derivative instruments or transactions or the "net" position of any Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)In addition, each Directing Lender is deemed, at the time of providing a Lender Direction, to covenant to provide the Borrower with such other information as the Borrower may reasonably request from time to time in order to verify the accuracy of the Position Representation of such Lender within five Business Days of request therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)If, following the delivery of a Lender Direction, but prior to acceleration of the Obligations, the Borrower determines in good faith that there is a reasonable basis to believe a Directing Lender was, at any relevant time, in breach of its Position Representation and provides to the Administrative Agent a certificate of an Authorized Officer stating that the Borrower has initiated litigation in a court of competent jurisdiction seeking a determination that such Directing Lender was, at such time, in breach of its Position Representation, and seeking to invalidate any Default, Event of Default or acceleration (or notice thereof) that resulted from the applicable Lender Direction, and solely to the extent that any Lender Direction is not otherwise made or action by the Administrative Agent is not otherwise being taken in accordance with the Credit Documents without the applicable Lender participating in such Lender Direction, the cure period with respect to such Default shall be automatically stayed and the cure period with respect to such Default or Event of Default shall be automatically reinstituted and any remedy stayed until the earlier of (x) a final and non-appealable determination of a court of competent jurisdiction on such matter or (y) the Borrower has provided to the Administrative Agent a certificate of an Authorized Officer stating that the applicable Directing Lender has provided information verifying the accuracy of such Lender's deemed representation or warranty with respect to such Directing Lender not being a Net Short Lender. Following receipt of a certificate of an Authorized Officer pursuant to clause (y) of the preceding sentence, the Administrative Agent shall be permitted to act in accordance with such Lender Direction. Any determination by a court of competent jurisdiction that there was a breach of the Position Representation shall result in such Lender's participation in such Lender Direction being disregarded; and, if, without the participation of such Lender, the percentage of Obligations held by the remaining Lenders that provided such Lender Direction would have been insufficient to validly provide such Lender Direction, such Lender Direction shall be void ab initio, with the effect that any resulting acceleration shall be voided and the Administrative Agent shall be deemed not to have received such Lender Direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Notwithstanding anything in <u>clauses (d)</u> through <u>(h)</u> to the contrary, any Lender Direction delivered to the Administrative Agent during the pendency of an Event of Default under <u>Sections 8.1(f)</u> or <u>(g)</u> shall not require compliance with the foregoing paragraphs.

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# SECTION 9. AGENTS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.** **Appointment of Agents**. Each of Goldman Sachs, Citibank, N.A., CIBC Bank USA (solely with respect to the Term Loans hereunder) ("**CIBC Bank USA**"), CIBC World Markets Corp. (solely with respect to the Revolving Loans hereunder) ("**CIBC World Markets**" together with CIBC Bank USA, "**CIBC**"), Barclays Bank PLC**<u>Wells Fargo Securities, LLC,</u> <u>Barclays Bank PLC, Citibank, N.A., Goldman Sachs, Sumitomo Mitsui Banking</u> <u>Corporation</u>**, BofA Securities, Inc., HSBC Securities (USA) Inc., MUFG Union Bank, N.A**<u>CIBC World Markets Corp., Banco Santander, S.A., New York Branch, U.S. Bank</u> <u>National Association</u>**, Capital One, National Association, Golub Capital LLC and Stifel Nicolaus and Company, Incorporated**<u>Fifth Third Bank, National Association, PNC Bank,</u> <u>National Association and Truist Securities, Inc. is hereby appointed as a joint lead</u> <u>arranger</u>** (each, in such capacity, an "**Arranger**") and Joint Lead Bookrunners**<u>a joint lead</u> <u>bookrunner</u>** (each, in such capacity, a "**Bookrunner**") is hereby appointed an Arranger and a Bookrunner hereunder (including with respect to any amendments hereto), and each Lender hereby authorizes each of Goldman Sachs,**<u>Wells Fargo Securities, LLC, Barclays Bank PLC,</u>** Citibank, N.A., CIBC, Barclays Bank PLC**<u>Goldman Sachs, Sumitomo Mitsui Banking</u> <u>Corporation</u>**, BofA Securities, Inc., HSBC Securities (USA) Inc., MUFG Union Bank, N.A,**<u>CIBC World Markets Corp., Banco Santander, S.A., New York Branch, U.S. Bank</u> <u>National Association,</u>** Capital One, National Association, Golub Capital LLC and Stifel Nicolaus and Company, Incorporated**<u>Fifth Third Bank, National Association, PNC Bank,</u> <u>National Association and Truist Securities, Inc.</u>** to act as an Arranger and a Bookrunner in accordance with the terms hereof and the other Credit Documents (including with respect to any amendments hereto or thereto). Goldman Sachs**<u>. Wells Fargo</u>** is hereby appointed Administrative Agent and Collateral Agent hereunder and under the other Credit Documents and each Lender hereby authorizes Goldman Sachs**<u>Wells Fargo</u>** to act as Administrative Agent and Collateral Agent in accordance with the terms hereof and the other Credit Documents. Each Agent hereby agrees to act in its capacity as such upon the express conditions contained herein and the other Credit Documents, as applicable. The provisions of this Section 9**<u>Section 9</u>** are solely for the benefit of Agents and Lenders and no Credit Party**<u>neither Holdings nor any</u> <u>subsidiary thereof</u>** shall have any rights as a third party**<u>third-party</u>** beneficiary of any of the provisions thereof (except as provided under <u>Sections 9.7</u> and 9.8(d)**<u>9.9(d)</u>**). In performing its functions and duties hereunder, each Agent shall act solely as an agent of Lenders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for the Borrower or any of its Subsidiaries. As of the Effective Date, none of Goldman Sachs,**<u>Wells Fargo Securities, LLC, Barclays Bank PLC,</u>** Citibank, N.A., CIBC, Barclays Bank PLC**<u>Goldman Sachs, Sumitomo Mitsui Banking Corporation</u>**, BofA Securities, Inc., HSBC Securities (USA) Inc., MUFG Union Bank, N.A,**<u>CIBC World Markets</u> <u>Corp., Banco Santander, S.A., New York Branch, U.S. Bank National Association,</u>** Capital One, National Association, Golub Capital LLC and Stifel Nicolaus and Company, Incorporated**<u>Fifth Third Bank, National Association, PNC Bank, National Association or</u> <u>Truist Securities, Inc.</u>**, in their respective capacities as Arrangers or Bookrunners, shall have any obligations but shall be entitled to all benefits of this Section 9**<u>Section 9</u>**. Each of the Administrative Agent, the Bookrunners and any Agent described in clause (v) of the definition thereof may resign from such role at any time, with immediate effect, by giving prior written notice thereof to Administrative Agent and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.** **Powers and Duties**. Each Lender irrevocably authorizes each Agent to take such action on such Lender's behalf and to exercise such powers, rights and remedies hereunder and under the other Credit Documents as are specifically delegated or granted to such Agent by the terms hereof and thereof, together with such powers, rights and remedies as are reasonably incidental thereto. Each Agent shall have only those duties and responsibilities that are expressly specified herein and the other Credit Documents. Each Agent may exercise such powers, rights and remedies and perform such duties by or through its agents or employees. No Agent shall have, by reason hereof or any of the other Credit Documents, a fiduciary relationship in respect of any Lender or any other Person; and nothing herein or any of the other Credit Documents, expressed or implied, is intended to or

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shall be so construed as to impose upon any Agent any obligations in respect hereof or any of the other Credit Documents except as expressly set forth herein or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.** **General Immunity**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>No Responsibility for Certain Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(ii)</u>** **<u>For the avoidance of doubt, the Administrative Agent shall be</u> <u>deemed not to have knowledge of any Default or Event of Default unless and until notice</u> <u>describing such Default or Event of Default and indicating that such notice is a "Notice of</u> <u>Default" is given to the Administrative Agent by the Borrower, a Lender or an Issuing</u> <u>Bank. In determining compliance with any condition hereunder to the making of a Loan,</u> <u>or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must</u> <u>be fulfilled to the satisfaction of a Lender or an Issuing Bank, the Administrative Agent</u> <u>may presume that such condition is satisfactory to such Lender or such Issuing Bank</u> <u>unless the Administrative Agent shall have received notice to the contrary from such</u> <u>Lender or such Issuing Bank prior to the making of such Loan or the issuance of such</u> <u>Letter of Credit. The Administrative Agent may consult with legal counsel (who may be</u> <u>counsel for the Borrower), independent accountants and other experts selected by it, and</u> <u>shall not be liable for any action taken or not taken by it in accordance with the advice of</u> <u>any such counsel, accountants or experts. Each Lender or Issuing Bank that has signed</u> <u>this Agreement or a signature page to an Assignment Agreement or any other Credit</u> <u>Document pursuant to which it is to become a Lender or Issuing Bank hereunder shall be</u> <u>deemed to have consented to, approved and accepted and shall be deemed satisfied with</u> <u>each document or other matter required thereunder to be consented to, approved or</u> <u>accepted by such Lender or Issuing Bank or that is to be acceptable or satisfactory to such</u> <u>Lender or Issuing Bank.</u>** <u>Anything contained herein to the contrary notwithstanding,</u> <u>Administrative Agent shall not have any liability arising from confirmations of the amount of</u> <u>outstanding Loans or the Letter of Credit Usage or the component amounts thereof.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Exculpatory Provisions</u>. No Agent nor any of its officers, partners, directors, employees or agents shall be liable to Lenders for any action taken or omitted by any Agent under or in connection with any of the Credit Documents except to the extent caused by such Agent's gross negligence or willful misconduct, as determined by a final, non-appealable judgment of a court of competent jurisdiction. Each Agent shall be entitled to refrain from any act or the taking of any action (including the failure to take an action) in connection herewith or any of the other Credit Documents or from the exercise of any power, discretion or authority vested in it hereunder or thereunder unless and until such Agent shall have received instructions in respect thereof from Requisite Lenders (or such other Lenders as may be required to give such instructions under <u>Section 10.5</u>) and, upon receipt of such instructions from Requisite Lenders (or such other Lenders, as the case may be), such Agent shall be entitled to act or (where so instructed) refrain from acting, or to exercise such power, discretion or authority, in accordance with such instructions, including for the avoidance of doubt refraining from any action that, in its opinion or the opinion of its counsel, may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law. Without prejudice to the generality of the foregoing, (i) each Agent shall be entitled to rely, and shall be fully protected in relying, upon any communication, instrument or document believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons, and shall be entitled to rely and shall be protected in relying on opinions and judgments of attorneys (who may be attorneys for the Borrower and its Subsidiaries), accountants, experts and other professional advisors selected by it; and (ii) no Lender shall have any right of action whatsoever against any Agent as a result of such Agent acting or (where so instructed) refraining from acting hereunder or any of the other Credit Documents in accordance with the instructions of Requisite Lenders (or such other Lenders as may be required to give such instructions under <u>Section 10.5</u>).**<u>; (iii)</u> <u>no Agent, Arranger or their respective Related Parties shall have any duty to</u> <u>disclose, and shall not be liable for the failure to disclose to any Lender, any</u> <u>Issuing Bank or any other Person, any credit or other information concerning the</u> <u>business, prospects, operations, properties, assets, financial or other condition or</u> <u>creditworthiness of Holdings, the Borrower or any of their respective Subsidiaries</u> <u>or Affiliates that is communicated to, obtained by or otherwise in the possession of</u> <u>the Person serving as the Administrative Agent, the Arranger or their respective</u> <u>Related Parties in any capacity, except for notices, reports, and other documents</u> <u>that are required to be furnished by the Administrative Agent to the Lenders</u> <u>pursuant to the express provisions of this Agreement; (iv) no Agent, Arranger or</u> <u>their respective Related Parties shall be required to account to any Lender or any</u> <u>Issuing Bank for any sum or profit received by the Administrative Agent for its</u> <u>own account and (v) no Agent, Arranger or their respective Related Parties shall</u> <u>be subject to any agency, trust, fiduciary or other implied duties regardless of</u> <u>whether a Default or Event of Default has occurred and is continuing.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Delegation of Duties</u>. Administrative Agent may perform any and all of its duties and exercise its rights and powers under this Agreement or under any other Credit Document by or through any one or more sub-agents appointed by Administrative Agent. Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Affiliates. The exculpatory, indemnification and other provisions of this <u>Section 9.3</u> and of <u>Section 9.6</u> shall apply to any the Affiliates of Administrative Agent and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. All of the rights, benefits, and privileges (including the exculpatory and indemnification provisions) of this <u>Section 9.3</u> and of <u>Section 9.6</u> shall apply to any such sub-agent and to the Affiliates of any such sub-agent, and shall apply to their respective activities as sub-agent as if such sub-agent and Affiliates were named herein. Notwithstanding anything herein to the contrary, with respect to each sub-agent appointed by Administrative Agent, (i) such sub-agent shall be a third party beneficiary

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under this Agreement with respect to all such rights, benefits and privileges (including exculpatory rights and rights to indemnification) and shall have all of the rights and benefits of a third party beneficiary, including an independent right of action to enforce such rights, benefits and privileges (including exculpatory rights and rights to indemnification) directly, without the consent or joinder of any other Person, against any or all of Credit Parties and the Lenders, (ii) such rights, benefits and privileges (including exculpatory rights and rights to indemnification) shall not be modified or amended without the consent of such sub-agent, and (iii) such sub-agent shall only have obligations to Administrative Agent and not to any Credit Party, Lender or any other Person and no Credit Party, Lender or any other Person shall have any rights, directly or indirectly, as a third party beneficiary or otherwise, against such sub-agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Disqualified Institutions</u>. Any assignor of a Loan or seller of a participation hereunder shall be entitled to rely conclusively on a representation of the assignee Lender or purchaser of a participation in the relevant Assignment Agreement or participation agreement, as applicable, that such assignee or purchaser is not a Disqualified Institution. No Agent shall have any responsibility or liability for monitoring the list or identities of, or enforcing provisions relating to, Disqualified Institutions or Net Short Lenders. The Administrative Agent shall have the right to post the list of Disqualified Institutions (and any updates thereto from time to time) on the Platform. Notwithstanding the foregoing, each Credit Party and the Lenders acknowledge and agree that the Administrative Agent shall not have any responsibility or obligation to determine whether any Lender or potential Lender is a Disqualified Institution or a Net Short Lender and the Administrative Agent (in its capacity as such) shall not have liability with respect to any assignment made to a Disqualified Institution or a Net Short Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4.** **Agents Entitled to Act as Lender**. The agency hereby created shall in no way impair or affect any of the rights and powers of, or impose any duties or obligations upon, any Agent in its individual capacity as a Lender hereunder. With respect to its participation in the Loans, Bank Guarantees and the Letters of Credit, each Agent shall have the same rights and powers hereunder as any other Lender and may exercise the same as if it were not performing the duties and functions delegated to it hereunder, and the term "Lender" shall, unless the context clearly otherwise indicates, include each Agent in its individual capacity. Any Agent and its Affiliates may accept deposits from, lend money to, own securities of, and generally engage in any kind of banking, trust, financial advisory or other business with the Borrower or any of its Affiliates as if it were not performing the duties specified herein, and may accept fees and other consideration from the Borrower for services in connection herewith and otherwise without having to account for the same to Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.** **Lenders' Representations, Warranties and Acknowledgment**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Lender represents and warrants that it has made its own independent investigation of the financial condition and affairs of the Borrower and its Subsidiaries in connection with Credit Extensions hereunder and that it has made and shall continue to make its own appraisal of the creditworthiness of the Borrower and its Subsidiaries. No Agent shall have any duty or responsibility, either initially or on a continuing basis, to make any such investigation or any such appraisal on behalf of Lenders or to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before the making of the Loans or at any time or times thereafter, and no Agent shall have any responsibility with respect to the accuracy of or the completeness of any information provided to Lenders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Lender, by delivering its signature page to this Agreement, an Assignment Agreement or a Joinder Agreement and funding its Initial Term Loan and/or Revolving Loans on the Effective Date or by the funding of any New Term Loans or New Revolving Loans, as the case may be, shall be deemed to have acknowledged receipt of, and consented to and approved, each Credit Document and each other document required to be approved by any Agent, Requisite Lenders or Lenders, as applicable on the Effective Date or as of the date of funding of such New Term Loans and New Revolving Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Lender acknowledges that the Borrower and certain Affiliates of the Credit Parties, including Madison or entities controlled by Madison, are Eligible Assignees hereunder and may purchase Loans and/or Commitments hereunder from Lenders from time to time, subject to the restrictions set forth in the definition of "Eligible Assignee" and <u>Section 10.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6.** **Right to Indemnity**. Each Lender, in proportion to its Pro Rata Share, severally agrees to indemnify each Agent, to the extent that such Agent shall not have been reimbursed by any Credit Party, for and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including counsel fees and disbursements) or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against such Agent in exercising its powers, rights and remedies or performing its duties hereunder or under the other Credit Documents or otherwise in its capacity as such Agent in any way relating to or arising out of this Agreement or the other Credit Documents; <u>provided</u>, no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent's gross negligence or willful misconduct, as determined by a final, non-appealable judgment of a court of competent jurisdiction. If any indemnity furnished to any Agent for any purpose shall, in the opinion of such Agent, be insufficient or become impaired, such Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished; <u>provided</u>, in no event shall this sentence require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement in excess of such Lender's Pro Rata Share thereof; and <u>provided</u> <u>further</u>, this sentence shall not be deemed to require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement described in the proviso in the immediately preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7.** **Successor Administrative Agent and Collateral Agent**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **<u>(i)</u>** Administrative Agent shall have the right to resign at any time by giving prior written notice thereof to Lenders and the Borrower and **<u>(ii)</u>** Administrative Agent may be removed at any time with or without cause by an instrument or concurrent instruments in writing delivered to the Borrower and Administrative Agent and signed by Requisite Lenders. Administrative Agent shall have the right to appoint a financial institution to act as Administrative Agent and/or Collateral Agent hereunder, subject to the reasonable satisfaction of the Borrower and the Requisite Lenders, and Administrative Agent's resignation **<u>or any such removal</u>** shall become effective on the earliest of (i) 30 days after delivery of the notice of resignation (regardless of whether a successor has been appointed or not), (ii) the acceptance of such successor Administrative Agent by the Borrower and the Requisite Lenders or (iii) such other date, if any, agreed to by the Requisite Lenders. Upon any such notice of resignation or any such removal, if a successor Administrative Agent has not already been appointed by the retiring **<u>or removed</u>** Administrative Agent, Requisite Lenders shall have the right, upon five Business Days' notice to the Borrower and subject to the reasonable consent of the Borrower (such consent not to be unreasonably withheld or delayed; <u>provided</u> that such consent shall not be required after the occurrence and during the continuance of an Event of Default), to appoint a successor Administrative Agent. If neither Requisite

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Lenders nor Administrative Agent have appointed a successor Administrative Agent, Requisite Lenders shall be deemed to have succeeded to and become vested with all the rights, powers, privileges and duties of the retiring **<u>or removed</u>** Administrative Agent; <u>provided</u> that, until a successor Administrative Agent is so appointed by Requisite Lenders or Administrative Agent, any collateral security held by Administrative Agent in its role as Collateral Agent on behalf of the Lenders or Issuing Bank under any of the Credit Documents shall continue to be held by the retiring **<u>or removed</u>** Collateral Agent as nominee until such time as a successor Collateral Agent is appointed. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, that successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Administrative Agent and the retiring or removed Administrative Agent shall promptly (i) transfer to such successor Administrative Agent all sums, Securities and other items of Collateral held under the Collateral Documents, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Administrative Agent under the Credit Documents, and (ii) execute and deliver to such successor Administrative Agent such amendments to financing statements, and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Administrative Agent of the security interests created under the Collateral Documents, whereupon such retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder. Except as provided above, any resignation or removal of Goldman Sachs**<u>Wells Fargo</u>** or its successor as Administrative Agent pursuant to this <u>Section 9.7</u> shall also constitute the resignation or removal of Goldman Sachs**<u>Wells Fargo</u>** or its successor as Collateral Agent. After any retiring or removed Administrative Agent's resignation or removal hereunder as Administrative Agent, the provisions of this <u>Section 9</u> shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent hereunder. Any successor Administrative Agent appointed pursuant to this <u>Section 9.7</u> shall, upon its acceptance of such appointment, become the successor Collateral Agent for all purposes hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In addition to the foregoing, **<u>(i)</u>** Collateral Agent may resign at any time by giving prior written notice thereof to Lenders and the Grantors, and **<u>(ii)</u>** Collateral Agent may be removed at any time with or without cause by an instrument or concurrent instruments in writing delivered to the Grantors and Collateral Agent **<u>and</u>** signed by Requisite Lenders. Administrative Agent shall have the right to appoint a financial institution as Collateral Agent hereunder, subject to the reasonable satisfaction of the Borrower and the Requisite Lenders and Collateral Agent's resignation shall become effective on the earliest of (i) 30 days after delivery of the notice of resignation,(ii) the acceptance of such successor Collateral Agent by the Borrower and the Requisite Lenders or (iii) such other date, if any, agreed to by the Requisite Lenders. Upon any such notice of resignation or any such removal, Requisite Lenders shall have the right, upon five Business Days' notice to Administrative Agent and the Borrower and subject to the reasonable consent of the Borrower (such consent not to be unreasonably withheld or delayed; <u>provided</u> that such consent shall not be required after the occurrence and during the continuance of an Event of Default), to appoint a successor Collateral Agent. Until a successor Collateral Agent is so appointed by Requisite Lenders or Administrative Agent, any collateral security held by Collateral Agent on behalf of the Lenders or Issuing Bank under any of the Credit Documents shall continue to be held by the retiring **<u>or removed</u>** Collateral Agent as nominee until such time as a successor Collateral Agent is appointed. Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Collateral Agent under this Agreement and the Collateral Documents, and the retiring or removed Collateral Agent under this Agreement shall promptly (i) transfer to such successor Collateral Agent all sums, Securities and other items of Collateral held hereunder or under the Collateral Documents, together with all records and other documents

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necessary or appropriate in connection with the performance of the duties of the successor Collateral Agent under this Agreement and the Collateral Documents, and (ii) execute and deliver to such successor Collateral Agent or otherwise authorize the filing of such amendments to financing statements, and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Collateral Agent of the security interests created under the Collateral Documents, whereupon such retiring or removed Collateral Agent shall be discharged from its duties and obligations under this Agreement and the Collateral Documents. After any retiring or removed Collateral Agent's resignation or removal hereunder as the Collateral Agent, the provisions of this Agreement and the Collateral Documents shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement or the Collateral Documents while it was the Collateral Agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.8.** **<u>Exclusive Right to Enforce Rights and Remedies.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **<u>Notwithstanding anything to the contrary contained herein or</u> <u>in any other Credit Document, the authority to enforce rights and remedies</u> <u>hereunder and under the other Credit Documents against the Credit Parties or any</u> <u>of them shall be vested exclusively in, and all actions and proceedings at law in</u> <u>connection with such enforcement shall be instituted and maintained exclusively</u> <u>by, the Administrative Agent in accordance with the Credit Documents for the</u> <u>benefit of all the Secured Parties; provided that the foregoing shall not prohibit:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u>**<u>the Administrative Agent from exercising on its own behalf the</u> <u>rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent)</u> <u>hereunder and under the other Credit Documents; or</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u>**<u>the Issuing Bank from exercising the rights and remedies that</u> <u>inure to its benefit (solely in its capacity as Issuing Bank) hereunder and under the other</u> <u>Credit Documents.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **<u>In furtherance of the foregoing, each Lender, whether or not a</u> <u>party hereto, agrees that it shall not, and hereby expressly and irrevocably waives</u> <u>any right to, take or institute any actions or proceedings, judicial or otherwise, for</u> <u>any right or remedy or assert any other Cause of Action against any Credit Party</u> <u>(including the exercise of any right of setoff, rights on account of any banker's lien</u> <u>or similar claim or other rights of self-help), or institute any actions or proceedings</u> <u>or any other Cause of Action, or otherwise commence any remedial procedures,</u> <u>against Holdings, the Borrower and/or any of their respective Subsidiaries or</u> <u>parent companies with respect to the Loans or any Collateral or any other</u> <u>property of any such Person, without the prior written consent of the (x)</u> <u>Administrative Agent and/or Collateral Agent and (y) the Requisite Lenders</u> <u>and/or Requisite Revolving Lenders (as applicable), including any actions,</u> <u>proceedings or any other Cause of Action</u>**; provided that, for the avoidance of doubt**, <u>this sentence may be enforced against any Lender by the Administrative Agent,</u> <u>Collateral Agent or the Borrower (or any of its Affiliates) and each Lender, the</u> <u>Administrative Agent and the Collateral Agent expressly acknowledge that this</u> <u>sentence shall be available as a defense of the Borrower (or any of its Affiliates) in</u> <u>any action, proceeding, Cause of Action or remedial procedure. In the event of a</u> <u>foreclosure by the Administrative Agent and/or Collateral Agent on any of the</u> <u>Collateral pursuant to a public or private sale or other disposition, the</u> <u>Administrative Agent, Collateral Agent or any Lender may be the purchaser or</u> <u>licensor of any or all of such Collateral at any such sale or other disposition, and</u> <u>the Administrative Agent and/or Collateral Agent, as agent for and representative</u>** 

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**<u>of the Lenders (but not any Lender or Lenders in its or their respective individual</u> <u>capacities unless Requisite Lenders shall otherwise agree in writing) shall be</u> <u>entitled, for the purpose of bidding and making settlement or payment of the</u> <u>purchase price for all or any portion of the Collateral sold at any such public sale,</u> <u>to use and apply any of the Obligations as a credit on account of the purchase price</u> <u>for any collateral payable by the Administrative Agent and/or Collateral Agent on</u> <u>behalf of the Lenders at such sale or other disposition. Each Lender, whether or</u> <u>not a party hereto, will be deemed, by its acceptance of the benefits of the</u> <u>Collateral and of the Guaranties of the Obligations, to have agreed to the foregoing</u> <u>provisions.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.9.** **9.8. Collateral Documents and Guaranty**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Agents under Collateral Documents and Guaranty</u>. Each Secured Party hereby further authorizes Administrative Agent or Collateral Agent, as applicable, on behalf of and for the benefit of Secured Parties, to be the agent for and representative of Secured Parties with respect to the Guaranty, the Collateral and the Collateral Documents; <u>provided</u> that neither Administrative Agent nor Collateral Agent shall owe any fiduciary duty, duty of loyalty, duty of care, duty of disclosure or any other obligation whatsoever to any holder of Obligations with respect to any Hedge Agreement or any Cash Management Services. Subject to <u>Section 10.5</u>, without further written consent or authorization from any Secured Party, Administrative Agent or Collateral Agent, as applicable may execute any documents or instruments necessary to(i) in connection with a sale or disposition of assets permitted by this Agreement, release any Lien encumbering any item of Collateral that is the subject of such sale or other disposition of assets or to which Requisite Lenders (or such other Lenders as may be required to give such consent under <u>Section 10.5</u>) have otherwise consented or(ii) release any Guarantor from the Guaranty pursuant to <u>Section 7.12</u> or with respect to which Requisite Lenders (or such other Lenders as may be required to give such consent under <u>Section 10.5</u>) have otherwise consented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Right to Realize on Collateral and Enforce Guaranty</u>. Anything contained in any of the Credit Documents to the contrary notwithstanding, the Borrower, Administrative Agent, Collateral Agent and each Secured Party hereby agree that (i) no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce the Guaranty, it being understood and agreed that all powers, rights and remedies hereunder and under any of the Credit Documents may be exercised solely by Administrative Agent or Collateral Agent, as applicable, for the benefit of the Secured Parties in accordance with the terms hereof and thereof and all powers, rights and remedies under the Collateral Documents may be exercised solely by Collateral Agent for the benefit of the Secured Parties in accordance with the terms thereof, and (ii) in the event of a foreclosure or similar enforcement action by Collateral Agent on any of the Collateral pursuant to a public or private sale or other disposition (including, without limitation, pursuant to Section 363(k), Section 1129(b)(2)(a)(ii) or otherwise of the Bankruptcy Code), Collateral Agent (or any Lender, except with respect to a "credit bid" pursuant to Section 363(k), Section 1129(b)(2)(a)(ii) or otherwise of the Bankruptcy Code) may be the purchaser or licensor of any or all of such Collateral at any such sale or other disposition and Collateral Agent, as agent for and representative of Secured Parties (but not any Lender or Lenders in its or their respective individual capacities) shall be entitled, upon instructions from Requisite Lenders, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such sale or disposition, to use and apply any of the Obligations as a credit on account of the purchase price for any collateral payable by Collateral Agent at such sale or other disposition.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Rights under Hedge Agreements and Cash Management Services</u>. No Hedge Agreement or Cash Management Services will create (or be deemed to create) in favor of any Lender Counterparty or Cash Management Bank that is a party thereto any rights in connection with the management or release of any Collateral or of the obligations of any Guarantor under the Credit Documents except as expressly provided in <u>Section 10.5(c)(v)</u> of this Agreement and Section 9.2 of the Pledge and Security Agreement. By accepting the benefits of the Collateral, such Lender Counterparty and such Cash Management Bank shall be deemed to have appointed Collateral Agent as its agent and agreed to be bound by the Credit Documents as a Secured Party, subject to the limitations set forth in this clause (c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Release of Collateral and Guaranties, Termination of Credit</u> <u>Documents</u>. Notwithstanding anything to the contrary contained herein or any other Credit Document, when all Obligations have been Paid in Full, upon request of the Borrower, Administrative Agent shall (without notice to, or vote or consent of, any Lender, or any affiliate of any Lender that is a party to any Hedge Agreement or Cash Management Services) take such actions as shall be required to release its security interest in all Collateral, and to release all guarantee obligations provided for in any Credit Document, whether or not on the date of such release there may be outstanding Obligations in respect of Hedge Agreements or Cash Management Services. Any such release of guarantee obligations shall be deemed subject to the provision that such guarantee obligations shall be reinstated if after such release any portion of any payment in respect of the Obligations guaranteed thereby shall be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such payment had not been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Collateral Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Collateral Agent's Lien thereon, or any certificate prepared by any Credit Party in connection therewith, nor shall the Collateral Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Lenders hereby irrevocably agree that the Liens granted to the Collateral Agent by the Credit Parties on any Collateral shall be automatically released (i) in full, upon the Payment in Full of the Obligations, (ii) upon the sale or other disposition of such Collateral (including as part of or in connection with any other sale or other disposition permitted hereunder) to any Person other than another Credit Party, to the extent such sale or other disposition is made in compliance with the terms of this Agreement (and the Collateral Agent may rely conclusively on a certificate to that effect provided to it by any Credit Party upon its reasonable request without further inquiry),(iii) to the extent such Collateral is comprised of property leased to a Credit Party, upon termination or expiration of such lease, (iv) if the release of such Lien is approved, authorized or ratified in writing by the Requisite Lenders (or such other percentage of the Lenders whose consent may be required in accordance with this Section 9.8), (v) to the extent the property constituting such Collateral is owned by any Guarantor, upon the release of such Guarantor from its obligations under the applicable Guaranty (in accordance with the second following sentence), (vi) as required to effect any sale or other disposition of Collateral in connection with any exercise of remedies of the Collateral Agent pursuant to the Collateral Documents, and (vii) if such assets constitute Excluded Collateral. Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those being released) upon (or obligations (other than those being released) of the Credit Parties in respect of) all interests retained by the Credit Parties, including the

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proceeds of any sale, all of which shall continue to constitute part of the Collateral except to the extent otherwise released in accordance with the provisions of the Credit Documents. Additionally, the Lenders hereby irrevocably agree that any Restricted Subsidiary that is a Guarantor shall be released from the Guaranteed Obligations upon consummation of any transaction not prohibited hereunder resulting in such Subsidiary ceasing to constitute a Restricted Subsidiary. The Lenders hereby authorize the Administrative Agent and the Collateral Agent, as applicable, to execute and deliver any instruments, documents, and agreements necessary or desirable to evidence and confirm the release of any Guarantor or Collateral pursuant to the foregoing provisions of this paragraph, all without the further consent or joinder of any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.10.** **9.9. Withholding Taxes**. To the extent required by any applicable law, Administrative Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax. If the Internal Revenue Service or any other Governmental Authority asserts a claim that Administrative Agent did not properly withhold Tax from amounts paid to or for the account of any Lender because the appropriate form was not delivered or was not properly executed or because such Lender failed to notify Administrative Agent of a change in circumstance which rendered the exemption from, or reduction of, withholding Tax ineffective or for any other reason, or if Administrative Agent reasonably determines that a payment was made to a Lender pursuant to this Agreement without deduction of applicable withholding tax from such payment, such Lender shall indemnify Administrative Agent fully for all amounts paid, directly or indirectly, by Administrative Agent as Tax or otherwise, including any penalties or interest and together with all expenses (including legal expenses, allocated internal costs and out-of-pocket expenses) incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11.** **9.10. Administrative Agent May File Bankruptcy Disclosure and Proofs of Claim**. In case of the pendency of any proceeding under any Debtor Relief Laws relative to any Credit Party, Administrative Agent (irrespective of whether the principal of any Loan or Obligation under a Letter of Credit or a Bank Guarantee shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)to file a verified statement pursuant to rule 2019 of the Federal Rules of Bankruptcy Procedure that, in its sole opinion, complies with such rule's disclosure requirements for entities representing more than one creditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, Issuing Bank and Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of Administrative Agent and its respective agents and counsel and all other amounts due Administrative Agent under <u>Sections 2.4</u>, <u>2.11</u>, <u>10.2</u> and <u>10.3</u>) allowed in such judicial proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and Issuing Bank to make such payments to Administrative Agent and, in the event that Administrative Agent shall consent to the making of such payments directly to the Lenders and Issuing Bank, to pay to Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of Administrative Agent and its agents and counsel, and any other amounts due Administrative Agent under <u>Sections 2.11</u>, <u>10.2</u> and <u>10.3</u>. To the extent that the payment of any such compensation,

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expenses, disbursements and advances of Administrative Agent, its agents and counsel, and any other amounts due Administrative Agent under <u>Sections 2.11</u>, <u>10.2</u> and <u>10.3</u> out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Lenders or Issuing Banks may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Nothing contained herein shall be deemed to authorize Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.12.** **9.11. Certain ERISA Matters**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Arrangers, and the Administrative Agent and Collateral Agent and their respective Affiliates and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that at least one of the following is and will be true:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)such Lender is not using "plan assets" (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans (as defined below) in connection with the Loans, the Letters of Credit or**,** the Commitments **<u>and this</u> <u>Agreement</u>**,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable, with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)(A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of the Arrangers and the Administrative Agent and Collateral Agent and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that neither of the Arrangers or the Administrative Agent and Collateral Agent or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Credit Document or any documents related to hereto or thereto).

For purposes of this <u>Section</u> 9.11**<u>9.12</u>**, the following definitions apply to each of the capitalized terms below:

"**Benefit Plan**" means any of (a) an "employee benefit plan" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan".

"**PTE**" means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.13.** **9.12. Acknowledgement Regarding any Supported QFCs**. (a) To the extent that the Credit Documents provide support, through a guarantee or otherwise, for swap contracts or any other agreement or instrument that is a QFC (such support "**QFC Credit Support**" and each such QFC a "**Supported QFC**"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "**U.S. Special Resolution Regime**") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Credit Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event a QFC covered entity that is party to a Supported QFC (each, a "**Covered Party**") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC that: Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, default rights under the Credit Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such default rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Credit Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party

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with respect to a Supported QFC or any QFC Credit Support. As used in this <u>Section</u> 9.12**<u>9.13</u>**, "**BHC Act Affiliate**" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.14.** **9.13. Erroneous Payment**. Each Lender and each Issuing Bank hereby agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If the Administrative Agent notifies a Lender, Issuing Bank or Secured Party, or any Person who has received funds on behalf of a Lender, Issuing Bank or Secured Party such Lender or Issuing Bank (any such Lender, Issuing Bank, Secured Party or other recipient, a "**Payment Recipient**") that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b) that any funds received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Issuing Bank, Secured Party or other Payment Recipient on its behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "**Erroneous Payment**") and demands the return of such Erroneous Payment (or a portion thereof) (<u>provided</u> that, without limiting any other rights or remedies (whether at law or in equity), the Administrative Agent may not make any such demand under this clause (a) with respect to an Erroneous Payment unless such demand is made within ten (10) Business Days of the date of receipt of such Erroneous Payment by the applicable Payment Recipient), such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and such Lender, Issuing Bank or Secured Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds**<u>Same Day Funds</u>** (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds**<u>Same Day Funds</u>** at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Without limiting immediately preceding clause (a), each Lender, Issuing Bank or Secured Party, or any Person who has received funds on behalf of a Lender, Issuing Bank or Secured Party such Lender or Issuing Bank, hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Lender, Issuing Bank or Secured Party, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in each case:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)(A) in the case of immediately preceding clauses (x) or (y), an error shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)such Lender, Issuing Bank or Secured Party shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this <u>Section</u> 9.13(b)**<u>9.14(b)</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Lender, Issuing Bank or Secured Party hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Lender, Issuing Bank or Secured Party under any Credit Document, or otherwise payable or distributable by the Administrative Agent to such Lender, Issuing Bank or Secured Party from any source, against any amount due to the Administrative Agent under immediately preceding clause (a) or under the indemnification provisions of this Agreement (it being understood that nothing herein shall require reimbursement by the Borrower unless it is otherwise required under the Credit Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding clause (a), from any Lender or Issuing Bank that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an "**Erroneous Payment Return Deficiency**"), upon the Administrative Agent's notice to such Lender or Issuing Bank at any time, (i) such Lender or Issuing Bank shall be deemed to have assigned its Loans (but not its Commitments) of the relevant Class with respect to which such Erroneous Payment was made (the "**Erroneous Payment Impacted Class**") in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the "**Erroneous Payment Deficiency Assignment**") at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment Agreement (or, to the extent applicable, an agreement incorporating an Assignment Agreement by reference pursuant to a Platform as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender or Issuing Bank shall deliver any Notes evidencing such Loans to the Borrower or the Administrative Agent, (ii) the Administrative Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender or Issuing Bank, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender or assigning Issuing Bank shall cease to be a Lender or Issuing Bank, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender or assigning Issuing Bank and (iv) the Administrative Agent may reflect in the Register its ownership interest in the Loans subject to the Erroneous Payment Deficiency Assignment. The Administrative Agent may, in its discretion, sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender or Issuing Bank shall be reduced by the net proceeds of the sale of such Loan (or portion

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thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender or Issuing Bank (and/or against any recipient that receives funds on its respective behalf). For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender or Issuing Bank and such Commitments shall remain available in accordance with the terms of this Agreement. In addition, each party hereto agrees that, except to the extent that the Administrative Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether the Administrative Agent may be equitably subrogated, the Administrative Agent shall be contractually subrogated to all the rights and interests of the applicable Lender, Issuing Bank or Secured Party under the Credit Documents with respect to each Erroneous Payment Return Deficiency (the "**Erroneous Payment Subrogation Rights**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Credit Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Credit Party for the purpose of making such Erroneous Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including without limitation waiver of any defense based on "discharge for value" or any similar doctrine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Each party's obligations, agreements and waivers under this <u>Section 9.13</u> shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender or Issuing Bank, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.15.** **<u>Non-Reliance on Administrative Agent and Other Lenders. Each Lender and</u> <u>each Issuing Bank expressly acknowledges that none of the Administrative Agent, the</u> <u>Arrangers or any of their respective Related Parties have made any representations or</u> <u>warranties to it and that no act taken or failure to act by the Administrative Agent, the</u> <u>Arranger or any of their respective Related Parties, including any consent to, and</u> <u>acceptance of any assignment or review of the affairs of Holdings, the Borrower and their</u> <u>Subsidiaries or Affiliates shall be deemed to constitute a representation or warranty of the</u> <u>Administrative Agent, Arrangers or any of their respective Related Parties to any Lender,</u> <u>any Issuing Bank or any other Secured Party as to any matter, including whether the</u> <u>Administrative Agent, the Arrangers or any of their respective Related Parties have</u> <u>disclosed material information in their (or their respective Related Parties') possession.</u> <u>Each Lender and each Issuing Bank expressly acknowledges, represents and warrants to</u> <u>the Administrative Agent and the Arrangers that (a) the Credit Documents set forth the</u> <u>terms of a commercial lending facility, (b) it is engaged in making, acquiring, purchasing</u> <u>or holding commercial loans in the ordinary course and is entering into this Agreement</u> <u>and the other Credit Documents to which it is a party as a Lender for the purpose of</u> <u>making, acquiring, purchasing and/or holding the commercial loans set forth herein as</u> <u>may be applicable to it, and not for the purpose of making, acquiring, purchasing or</u> <u>holding any other type of financial instrument, (c) it is sophisticated with respect to</u> <u>decisions to make, acquire, purchase or hold the commercial loans applicable to it and</u> <u>either it or the Person exercising discretion in making its decisions to make, acquire,</u> <u>purchase or hold such commercial loans is experienced in making, acquiring, purchasing</u> <u>or holding commercial loans, (d) it has,</u>**

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**<u>independently and without reliance upon the</u> <u>Administrative Agent, the Arranger, any other Lender or any of their respective Related</u> <u>Parties and based on such documents and information as it has deemed appropriate, made</u> <u>its own credit analysis and appraisal of, and investigations into, the business, prospects,</u> <u>operations, property, assets, liabilities, financial and other condition and creditworthiness</u> <u>of Holdings, the Borrower and their Subsidiaries, all applicable bank or other regulatory</u> <u>laws relating to the Transactions and the transactions contemplated by this Agreement and</u> <u>the other Credit Documents and (e) it has made its own independent decision to enter into</u> <u>this Agreement and the other Credit Documents to which it is a party and to extend credit</u> <u>hereunder and thereunder. Each Lender and each Issuing Bank also acknowledges that (i)</u> <u>it will, independently and without reliance upon the Administrative Agent, the Arranger or</u> <u>any other Lender or any of their respective Related Parties (A) continue to make its own</u> <u>credit analysis, appraisals and decisions in taking or not taking action under or based upon</u> <u>this Agreement, any other Credit Document or any related agreement or any document</u> <u>furnished hereunder or thereunder based on such documents and information as it shall</u> <u>from time to time deem appropriate and its own independent investigations and (B)</u> <u>continue to make such investigations and inquiries as it deems necessary to inform itself as</u> <u>to Holdings, the Borrower and their Subsidiaries and (ii) it will not assert any claim in</u> <u>contravention of this Section 9.15.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.16.** **<u>No Other Duties, Etc. Anything herein to the contrary notwithstanding, none</u> <u>of the syndication agents, documentation agents, co-agents, arrangers or bookrunners</u> <u>listed on the cover page hereof shall have any powers, duties or responsibilities under this</u> <u>Agreement or any of the other Credit Documents, except in its capacity, as applicable, as</u> <u>the Administrative Agent, a Lender or an Issuing Bank hereunder, but each such Person</u> <u>shall have the benefit of the indemnities and exculpatory provisions hereof.</u>**

# SECTION 10. MISCELLANEOUS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.** **Notices**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Notices Generally</u>. Any notice or other communication herein required or permitted to be given to a Credit Party, Collateral Agent, Administrative Agent or Issuing Bank, shall be sent to such Person's address as set forth on Appendix B or in the other relevant Credit Document, and in the case of any Lender, the address as indicated on Appendix B or otherwise indicated to Administrative Agent in writing. Except as otherwise set forth in <u>Section 3.2(b)</u> or paragraph (b) below, each notice hereunder shall be in writing and may be personally served or sent by facsimile (except for any notices sent to Administrative Agent) or United States mail or courier service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of facsimile, or three Business Days after depositing it in the United States mail with postage prepaid and properly addressed; <u>provided</u>, no notice to any Agent shall be effective until received by such Agent; <u>provided</u> <u>further</u>, any such notice or other communication shall at the request of Administrative Agent be provided to any sub-agent appointed pursuant to <u>Section 9.3(c)</u> as designated by Administrative Agent from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Electronic Communications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Notices and other communications to any Agent, Lenders and Issuing Bank hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites, including the Platform) pursuant to procedures approved by Administrative Agent, <u>provided</u> that the foregoing shall not apply to notices to any Agent, any Lender or any applicable Issuing Bank pursuant to <u>Section</u> 

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<u>2</u> if such Person has notified Administrative Agent that it is incapable of receiving notices under such Section by electronic communication. Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, <u>provided</u> that approval of such procedures may be limited to particular notices or communications. Unless Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgment from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgment), <u>provided</u> that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Each Credit Party understands that the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution and agrees and assumes the risks associated with such electronic distribution, except to the extent caused by the willful misconduct, bad faith or gross negligence of Administrative Agent, as determined by a final, non-appealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Platform and any Approved Electronic Communications are provided "as is" and "as available." None of the Agents or any of their respective officers, directors, employees, agents, advisors or representatives (the "**Agent Affiliates**") warrant the accuracy, adequacy, or completeness of the Approved Electronic Communications or the Platform and each expressly disclaims liability for errors or omissions in the Platform and the Approved Electronic Communications. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other code defects is made by the Agent Affiliates in connection with the Platform or the Approved Electronic Communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Each Credit Party, each Lender, Issuing Bank and each Agent agrees that Administrative Agent may, but shall not be obligated to, store any Approved Electronic Communications on the Platform in accordance with Administrative Agent's customary document retention procedures and policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Any notice of Default or Event of Default may be provided by telephone if confirmed promptly thereafter by delivery of written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Private Side Information Contacts</u>. Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the "Private Side Information" or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender's compliance procedures and applicable law, including United States federal and state securities laws, to make reference to information that is not made available through the "Public-Side Information" portion of the Platform and that may contain Private-Side Information. In the event that any Public Lender has determined for itself to not access any information disclosed through the Platform or otherwise, such Public Lender acknowledges that (i) other Lenders may have availed themselves of such information and (ii) neither the Borrower nor Administrative Agent has any responsibility for such Public Lender's decision to limit the scope of the information it has obtained in connection with this Agreement and the other Credit Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.** **Expenses**. The Borrower agrees (i) to pay or reimburse each of the Agents for all their reasonable and documented out-of-pocket costs and expenses (without duplication) incurred in connection with the development, preparation, execution and delivery of, and any amendment, restatement, supplement, modification to, waiver and/or enforcement this Agreement and the other Credit Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including the reasonable fees, disbursements and other charges of Milbank LLP (or such other counsel as may be agreed by the Administrative Agent and the Borrower), one counsel in each relevant local jurisdiction with the consent of the Borrower (such consent not to be unreasonably withheld or delayed) and (ii) to pay or reimburse each Agent for all their reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Credit Documents and any such other documents, including the reasonable fees, disbursements and other charges of one firm or counsel to the Administrative Agent and the Collateral Agent, and, to the extent required, one firm or local counsel in each relevant local jurisdiction with the Borrower's consent (such consent not to be unreasonably withheld or delayed (which may include a single special counsel acting in multiple jurisdictions)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.** **Indemnity**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrower agrees to pay, indemnify and hold harmless each Lender, each Agent, each Arranger, each Bookrunner and each Issuing Bank and their respective Related Parties (without duplication) (the "**Protected Persons**") from and against any and all losses, claims, damages and liabilities of any kind or nature whatsoever (and the reasonable and documented out-of-pocket fees, expenses, disbursements and other charges of one firm of counsel for all Protected Persons, taken as a whole (and, in the case of an actual or perceived conflict of interest where the Protected Person affected by such conflict notifies the Borrower of any existence of such conflict and in connection with the investigating or defending any of the foregoing (including the reasonable fees) has retained its own counsel, of another firm of counsel for such affected Protected Person), and to the extent required, one firm or local counsel in each relevant jurisdiction (which may include a single special counsel acting in multiple jurisdictions)) of any such Protected Person arising out of or relating to any action, claim, litigation, investigation or other proceeding (regardless of whether such Protected Person is a party thereto or whether or not such action, claim, litigation or proceeding was brought by the Borrower, any of its Subsidiaries or any other Person), arising out of, or with respect to the Transactions or to the execution, enforcement, delivery, performance and administration of this Agreement, the other Credit Documents (all the foregoing in this clause (a), collectively, the "Indemnified Liabilities"); provided that the Borrower shall have no obligation hereunder to any Protected Person with respect to Indemnified Liabilities to the extent arising from (i) the gross negligence, bad faith or willful misconduct of such Protected Person or any of its Related Parties as determined in a final and non-appealable judgment of a court of competent jurisdiction, (ii) a material breach of the obligations of such Protected Person or any of its Related Parties under the terms of this Agreement by such Protected Person or any of its Related Parties as determined in a final and non-appealable judgment of a court of competent jurisdiction or (iii) any proceeding between and among Protected Persons that does not involve an act or omission by the Borrower or any of its Subsidiaries; provided, further, that the Agents, to the extent acting in their capacity as such, shall remain indemnified in respect of such proceeding, to the extent that neither of the exceptions set forth in clause (i) or (ii) of the immediately preceding proviso applies to such person at such time. The agreements in this <u>Section 10.3</u> shall survive repayment of the Loans and all other amounts payable hereunder. This <u>Section 10.3</u> shall not apply with respect to Taxes, other than any Taxes that represent losses, claims, damages, liabilities, obligations, penalties, actions, judgments, suits, costs, expenses or disbursements arising from any non-Tax claim.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)No Credit Party or any Protected Person shall have any liability for any special, punitive, indirect or consequential damages resulting from this Agreement or any other Credit Document or arising out of its activities in connection herewith or therewith (whether before or after the Effective Date); <u>provided</u> that the foregoing shall not limit the Borrower's indemnification obligations to the Protected Persons pursuant to <u>Section 10.3(a)</u> in respect of damages incurred or paid by an Protected Person to a third party. No Protected Person shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby, except to the extent that such damages have resulted from the willful misconduct, bad faith or gross negligence of any Protected Person or any of its Related Parties as determined by a final and non-appealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.** **Set-Off**. In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, upon the occurrence and during the continuance of any Event of Default each Lender and Issuing Bank is hereby authorized by each Credit Party at any time or from time to time subject to the consent of Administrative Agent (such consent not to be unreasonably withheld or delayed), without notice to any Credit Party or to any other Person (other than Administrative Agent), any such notice being hereby expressly waived, to set off and to appropriate and to apply any and all deposits (general or special, including Indebtedness evidenced by certificates of deposit, whether matured or unmatured, but not including trust accounts, payroll accounts, employee benefits accounts, tax withholding accounts or other similar fiduciary accounts) and any other Indebtedness at any time held or owing by such Lender or Issuing Bank to or for the credit or the account of any Credit Party against and on account of the obligations and liabilities of any Credit Party to such Lender or Issuing Bank hereunder, the Letters of Credit, Bank Guarantees and participations therein and under the other Credit Documents, including all claims of any nature or description arising out of or connected hereto, the Letters of Credit, Bank Guarantees and participations therein or with any other Credit Document, but solely to the extent the Obligations are due and owing; <u>provided</u> that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to Administrative Agent for further application in accordance with the provisions of <u>Sections 2.17</u> and <u>2.22</u> and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of Administrative Agent, the Issuing Banks, and the Lenders, and (y) the Defaulting Lender shall provide promptly to Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, Issuing Bank and their respective Affiliates under this <u>Section 10.4</u> are in addition to other rights and remedies (including other rights of setoff) that such Lender, such Issuing Bank or their respective Affiliates may have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5.** **Amendments and Waivers**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Requisite Lenders' Consent</u>. No amendment, modification, termination or waiver of any provision of the Credit Documents, or consent to any departure by any Credit Party therefrom, shall in any event be effective without the written concurrence of Requisite Lenders and the Borrower; <u>provided</u> that (i) Administrative Agent may, with the consent of the Borrower only, amend, modify or supplement this Agreement or any other Credit Document to cure any ambiguity, omission, defect or inconsistency (as reasonably determined by Administrative Agent), so long as such amendment, modification or supplement does not adversely affect the rights of any Lender (or Issuing Bank, if applicable) or the Lenders shall have received at least five Business Days' prior written notice thereof and Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Requisite Lenders stating that the Requisite Lenders object to such amendment,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) solely the consent of the Requisite Revolving Lenders shall be required to amend, modify, terminate or waive any provision of <u>Section 6.7</u> (and any defined terms as used therein), the definition of "Requisite Revolving Lenders" or any other provision of any Credit Document that has been added solely for the benefit of the Revolving Commitments (as may be agreed between the Requisite Revolving Lenders and the Borrower), and (iii) notwithstanding the terms of this <u>Section 10.5</u>, this Agreement may be amended (or amended and restated) pursuant to <u>Sections 2.24</u> and <u>2.25</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Affected Lenders' Consent</u>. Without the written consent of each Lender that would be directly and adversely affected thereby (but not the Requisite Lender consent required by Section 10.5(a) other than with respect to clauses (viii) and (ix)), no amendment, modification, termination, or consent shall be effective if the effect thereof would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)extend the scheduled final maturity of any Loan or Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)waive, reduce or postpone any scheduled repayment (but not prepayment) of principal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)extend the expiration date of any Letter of Credit or any Bank Guarantee beyond the Revolving Commitment Termination Date, unless such Letter of Credit or any Bank Guarantee is Cash Collateralized in accordance with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)reduce the rate of interest on any Loan (other than any waiver of any increase in the interest rate applicable to any Loan pursuant to <u>Section 2.10</u>) or any fee or any premium payable hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)extend the time for payment of any such interest, fees or premium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)reduce the principal amount of any Loan or any reimbursement obligation in respect of any Letter of Credit or any Bank Guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)amend, modify, terminate or waive any provision of this <u>Section 10.5(b)</u>, <u>Section 10.5(c)</u> or any other provision of this Agreement that expressly provides that the consent of all or all directly affected Lenders is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)amend the definition of "Class", "Requisite Lenders" or "Pro Rata Share" or <u>Section 2.17</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)release all or substantially all of the Collateral or all or substantially all of the Guarantors from the Guaranty except as expressly provided in the Credit Documents and except in connection with a "credit bid" undertaken by the Collateral Agent at the direction of the Requisite Lenders pursuant to Section 363(k), Section 1129(b)(2)(a)(ii) or otherwise of the Bankruptcy Code or other sale or disposition of assets in connection with an enforcement action with respect to the Collateral permitted pursuant to the Credit Documents (in which case only the consent of the Requisite Lenders will be needed for such release);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)consent to the assignment or transfer by the Borrower of any of its rights and obligations under any Credit Document (except as permitted by <u>Sections 6.8(a)</u>, <u>(g)</u> and <u>(w)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)subordinate the Term Loans to any other Indebtedness or subordinate the Lien securing the Term Loans to any other Lien securing any other Indebtedness, in each case, except in the case of,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Indebtedness that is expressly permitted by this Agreement to be senior to the Obligations hereunder (if any) and/or be secured by a Lien that is senior to the Lien securing the Obligations (including waivers, amendments or modifications to upsize capacity under this Agreement for such Indebtedness),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)any "debtor in-possession" facility (or similar financing under applicable law),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)any Indebtedness incurred pursuant to an asset-based loan facility, factoring, securitization or other similar facility the incurrence of which is otherwise approved by the Requisite Lenders, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)any other Indebtedness so long as the opportunity to participate in such Indebtedness is offered ratably to all directly and adversely affected Term **<u>Loan</u>** Lenders (other than the right to receive customary administrative agency fees, arranging fees, underwriting fees, backstop fees, counsel fee and expense reimbursement, and other similar fees and expenses).

<u>provided</u> that, for the avoidance of doubt, all Lenders shall be deemed directly affected thereby with respect to any amendment described in clauses (vii), (viii), (ix) and (x).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Other Consents</u>. No amendment, modification, termination or waiver of any provision of the Credit Documents, or consent to any departure by any Credit Party therefrom, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)increase the aggregate amount of the Commitments of any Lender or extend the Commitments of any Lender without the consent of such Lender; <u>provided</u>, no amendment, modification or waiver of any condition precedent, covenant, Default or Event of Default shall constitute an increase in any Revolving Commitment of any Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)amend, modify or waive any condition precedent to the Revolving Lenders' obligations to make Revolving Loans without the written consent of the Requisite Revolving Lenders (but not the Requisite Lender consent required by <u>Section 10.5(a)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)alter the required application of any repayments or prepayments as between Classes pursuant to <u>Section 2.15</u> without the consent of Lenders holding more than 50% of the aggregate Initial Term Loan Exposure of all Lenders, Revolving Exposure of all Lenders or New Term Loan Exposure of all Lenders, as applicable, of each Class which is being allocated a lesser repayment or prepayment as a result thereof; <u>provided</u>, Requisite Lenders may waive, in whole or in part, any prepayment so long as the application, as between Classes, of any portion of such prepayment which is still required to be made is not altered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)amend, modify, terminate or waive any obligation of Lenders relating to the purchase of participations in Letters of Credit or Bank Guarantees as provided in <u>Section 2.4(e)</u> without the written consent of Administrative Agent and of Issuing Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)amend, modify or waive this Agreement or the Pledge and Security Agreement so as to alter the ratable treatment of Obligations arising under the Credit Documents and Obligations arising under Hedge Agreements and Cash Management Obligations or the definition of "Lender Counterparty," "Cash Management Bank," "Hedge Agreement," "Cash Management Services," "Obligations," "Cash Management Obligations," or "Secured Obligations" (as defined in any applicable Collateral Document) in each case in a manner adverse to any Lender Counterparty or Cash Management Bank (as applicable) with Obligations then

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outstanding (as compared to any other Lender) without the written consent of any such Lender Counterparty or Cash Management Bank (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)amend, modify, terminate or waive any provision of the Credit Documents in a manner that affects the rights or obligations of any member of a Class differently than any other member of the Class, without the written consent of each Lender directly and adversely affected thereby (other than with respect to fees paid to Lenders as consideration for consenting to an amendment of the Credit Documents); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)amend, modify, terminate or waive any provision of the Credit Documents as the same applies to any Agent or the Arrangers, or any other provision hereof as the same applies to the rights or obligations of any Agent or the Arrangers, in each case without the consent of such Agent or the Arrangers, as applicable.**<u>; or</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(viii)** **<u>amend the definition of "Alternative Currency" or "Currencies" or Section 1.10 without the written consent of each Revolving Lender.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Execution of Amendments, Etc.</u> Administrative Agent may, but shall have no obligation to, with the concurrence of any Lender, execute amendments, modifications, waivers or consents on behalf of such Lender. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given. No notice to or demand on any Credit Party in any case shall entitle any Credit Party to any other or further notice or demand in similar or other circumstances. Any amendment, modification, termination, waiver or consent effected in accordance with this <u>Section 10.5</u> shall be binding upon each Lender at the time outstanding, each future Lender and, if signed by a Credit Party, on such Credit Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6.** **Successors and Assigns; Participations**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Generally</u>. This Agreement shall be binding upon the parties hereto and their respective successors and assigns and shall inure to the benefit of the parties hereto and the successors and assigns of Lenders. No Credit Party's rights or obligations hereunder nor any interest therein may be assigned or delegated by any Credit Party (except as permitted by <u>Sections 6.8(a)</u>, <u>(g)</u> and <u>(w)</u>) without the prior written consent of all Lenders directly affected thereby. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, Affiliates of each of the Agents and Lenders and other indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Register</u>. The Borrower, Administrative Agent and Lenders shall deem and treat the Persons listed as Lenders in the Register as the holders and owners of the corresponding Commitments and Loans listed therein for all purposes hereof, and no assignment or transfer of any such Commitment or Loan shall be effective, in each case, unless and until recorded in the Register following receipt of a fully executed Assignment Agreement effecting the assignment or transfer thereof, together with the required forms and certificates regarding tax matters and any fees payable in connection with such assignment, in each case, as provided in <u>Section 10.6(d)</u>. Each assignment shall be recorded in the Register promptly following receipt by Administrative Agent of the fully executed Assignment Agreement and all other necessary documents and approvals, prompt notice thereof shall be provided to the Borrower and a copy of such Assignment Agreement shall be maintained, as applicable. The date of such recordation of a transfer shall be referred to herein as the "**Assignment Effective Date.**" Any request, authority or

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consent of any Person who, at the time of making such request or giving such authority or consent, is listed in the Register as a Lender shall be conclusive and binding on any subsequent holder, assignee or transferee of the corresponding Commitments or Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Right to Assign</u>. Each Lender shall have the right at any time to sell, assign or transfer all or a portion of its rights and obligations under this Agreement, including all or a portion of its Commitment or Loans owing to it or other Obligations (<u>provided</u>, <u>however</u>, that pro rata assignments shall not be required and each assignment shall be of a uniform, and not varying, percentage of all rights and obligations under and in respect of any applicable Loan and any related Commitments; <u>provided</u>, <u>further</u>, that no assignments shall be made to Defaulting Lenders or Disqualified Institutions) with the prior written consent (not to be unreasonably withheld, conditioned or delayed) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Borrower (not to be unreasonably withheld, conditioned or delayed); <u>provided</u> that no consent of the Borrower shall be required (1) for an assignment of Term Loans to (X) a Lender, (Y) an Affiliate of a Lender, or (Z) a Related Fund, (2) for an assignment of Loans or Commitments to any assignee if an Event of Default under <u>Section 8.1(a)</u>, <u>8.1(f)</u> or <u>(g)</u> (with respect to the Borrower) has occurred and is continuing, (3) for an assignment of Revolving Loans or Revolving Commitments to (X) another Revolving Lender or (Y) an Affiliate of a Revolving Lender or (4) with respect to the Term Loans only, unless the Borrower has already objected thereto by delivering written notice to the Administrative Agent within ten (10) Business Days after the receipt of a written request for consent thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Administrative Agent (not to be unreasonably withheld or delayed) and, with respect to Revolving Commitments and Revolving Loans only, the Issuing Banks (not to be unreasonably withheld, conditioned or delayed); <u>provided</u> that no consent of the Administrative Agent shall be required (1) for an assignment of any Term Loan to a Lender, an Affiliate of a Lender or a Related Fund or (2) for an assignment of Revolving Loans or Revolving Commitments to (X) another Revolving Lender or (Y) an Affiliate of a Revolving Lender;

Provided that, each such assignment pursuant to this <u>Section 10.6(c)</u> shall be in an aggregate amount of not less than (w)(I) $5,000,000 with respect to the assignment of the Revolving Commitments and the Revolving Loans and (II) $1,000,000 (or, with respect to any assignment of any Loans denominated in an Alternative Currency, the Dollar Amount**<u>Equivalent</u>** equivalent) with respect to the assignment of the Initial Term Loans and New Term Loans, (x) such lesser amount as agreed to by the Borrower and Administrative Agent, (y) the aggregate amount of the Loans of the assigning Lender with respect to the Class being assigned or (z) the amount assigned by an assigning Lender to an Affiliate under common control with such Lender or Related Fund of such Lender; <u>provided</u> that simultaneous assignments to or from two or more Related Funds shall be aggregated for purposes of determining compliance with this <u>Section 10.6(c)(ii)</u>.

Notwithstanding the foregoing, no such assignment shall be made to (i) a natural Person, Disqualified Institution or Defaulting Lender and (ii) with respect to the Revolving Commitments, Holdings, the Borrower or any of their Subsidiaries or any Madison Affiliated Lender. For the avoidance of doubt, (x) assignments shall only be made to Eligible Assignees and (y) the Administrative Agent shall bear no responsibility or liability for monitoring and enforcing the list of Persons who are Disqualified Institutions (or who are Net Short Lenders) at any time.

Notwithstanding the forgoing, no consent of the Borrower, the Administrative Agent or the Issuing Banks shall be required for any assignment of Commitments or Loans between Goldman Sachs Bank USA and Goldman Sachs Lending Partners LLC.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Mechanics</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Assignments and assumptions of Loans and Commitments by Lenders shall be effected by manual execution and delivery to Administrative Agent of an Assignment Agreement. Assignments made pursuant to the foregoing provision shall be effective as of the Assignment Effective Date. In connection with all assignments there shall be delivered to Administrative Agent such forms, certificates or other evidence, if any, with respect to United States federal income tax withholding matters as the assignee under such Assignment Agreement may be required to deliver pursuant to <u>Section 2.20(c)</u>, together with payment to Administrative Agent of a registration and processing fee of $3,500 (except that no such registration and processing fee shall be payable (y) in connection with an assignment by or to Goldman Sachs or any Affiliate thereof or (z) in the case of an assignee which is already a Lender or is an Affiliate or Related Fund of a Lender or a Person under common management with a Lender); <u>provided</u> that only one fee shall be payable for simultaneous assignments to or from two or more Related Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to Administrative Agent in an aggregate amount sufficient, upondistribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and Administrative Agent, the applicable Pro Rata Share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to Administrative Agent, Issuing Bank and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full Pro Rata Share of all Loans and participations in Letters of Credit and Bank Guarantees. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Representations and Warranties of Assignee</u>. Each Lender, upon execution and delivery hereof or upon succeeding to an interest in the Commitments and Loans, as the case may be, represents and warrants as of the Effective Date or as of the Assignment Effective Date that (i) it is an Eligible Assignee; (ii) it has experience and expertise in the making of or investing in commitments or loans such as the applicable Commitments or Loans, as the case may be; (iii) it will make or invest in, as the case may be, its Commitments or Loans for its own account in the ordinary course and without a view to distribution of such Commitments or Loans within the meaning of the Securities Act or the Exchange Act or other federal securities laws (it being understood that, subject to the provisions of this <u>Section 10.6</u>, the disposition of such Commitments or Loans or any interests therein shall at all times remain within its exclusive control); and (iv) it will not provide any information obtained by it in its capacity as a Lender to Madison or any Affiliate of Madison.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Effect of Assignment</u>. Subject to the terms and conditions of this <u>Section 10.6</u>, as of the Assignment Effective Date (i) the assignee thereunder shall have the rights and obligations of a "Lender" hereunder to the extent of its interest in the Loans and Commitments as reflected in the Register and shall thereafter be a party hereto and a "Lender" for all purposes hereof; (ii) the assigning Lender thereunder shall, to the extent that rights and obligations hereunder have been assigned to the assignee, relinquish its rights (other than any rights which survive the termination hereof under <u>Section 10.8</u>) and be released from its obligations hereunder (and, in the case of an assignment covering all or the remaining portion of an assigning Lender's rights and obligations hereunder, such Lender shall cease to be a party hereto on the Assignment Effective Date;

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<u>provided</u>, anything contained in any of the Credit Documents to the contrary notwithstanding, (y) Issuing Bank shall continue to have all rights and obligations thereof with respect to such Letters of Credit or such Bank Guarantees until the cancellation or expiration of such Letters of Credit with no pending drawings or such Bank Guarantees and the reimbursement of any amounts drawn thereunder and (z) such assigning Lender shall continue to be entitled to the benefit of all indemnities hereunder as specified herein with respect to matters arising out of the prior involvement of such assigning Lender as a Lender hereunder); (iii) the Commitments shall be modified to reflect any Commitment of such assignee and any Revolving Commitment of such assigning Lender, if any; and (iv) if any such assignment occurs after the issuance of any Note hereunder, the assigning Lender shall, upon the effectiveness of such assignment or as promptly thereafter as practicable, surrender its applicable Notes to Administrative Agent for cancellation, and thereupon the Borrower shall issue and deliver new Notes, if so requested by the assignee and/or assigning Lender, to such assignee and/or to such assigning Lender, with appropriate insertions, to reflect the new Revolving Commitments and/or outstanding Loans of the assignee and/or the assigning Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Participations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Each Lender shall have the right at any time to sell one or more participations to any Person (other than a Disqualified Institution, the Borrower, any of its Subsidiaries or any of its Affiliates) in all or any part of its Commitments, Loans or in any other Obligation. Each Lender that sells a participation pursuant to this <u>Section 10.6(g)</u> shall, acting solely for U.S. federal income tax purposes as an agent of the Borrower, maintain a register on which it records the name and address of each participant and the principal amounts of (and stated interest on) each participant's participation interest with respect to the Term Loan (each, a "**Participant Register**"); <u>provided</u> that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any participant or any information relating to a participant's interest in any Commitments, Loans or its other obligations under this Agreement) except to the extent that the relevant parties, acting reasonably and in good faith, determine that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Treasury Regulation Section 5f.103-1 and Proposed Treasury Regulation Section 1.163-5(b) and within the meaning of Section 163(f), 871(h)(2) and 881(c)(z) of the Code. Unless otherwise required by the Internal Revenue Service, any disclosure required by the foregoing sentence shall be made by the relevant Lender directly and solely to the Internal Revenue Service. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of a participation with respect to the Term Loan for all purposes under this Agreement, notwithstanding any notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The holder of any such participation, other than an Affiliate of the Lender granting such participation, shall not be entitled to require such Lender to take or omit to take any action hereunder except with respect to any amendment, modification or waiver that would (A) extend the final scheduled maturity of any Loan, Note, Letter of Credit or Bank Guarantee (unless such Letter of Credit or such Bank Guarantee is not extended beyond the Revolving Commitment Termination Date) in which such participant is participating, or reduce the rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of applicability of any post-default increase in interest rates) or reduce the principal amount thereof, or increase the amount of the participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default or of a mandatory reduction in the Commitment shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without the consent of any participant if the participant's participation is not increased as a result thereof), (B) consent to the assignment or transfer by any Credit Party of any of its rights and obligations under this Agreement (except as permitted by <u>Sections 6.8(a)</u>, <u>(g)</u> and <u>(w)</u>) or (C) release all or substantially all of the Collateral under the Collateral

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Documents or all or substantially all of the Guarantors from the Guaranty (in each case, except as expressly provided in the Credit Documents) supporting the Loans hereunder in which such participant is participating.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Borrower agrees that each participant shall be entitled to the benefits of <u>Sections 2.18(c)</u>, <u>2.19</u> and <u>2.20</u> to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (c) of this <u>Section 10.6</u>; <u>provided</u>, a participant shall not be entitled to receive any greater payment under <u>Section 2.19</u> or <u>2.20</u> than the applicable Lender would have been entitled to receive with respect to the participation sold to such participant, unless the sale of the participation to such participant is made with the Borrower's prior written consent (not to be unreasonably withheld or delayed). To the extent permitted by law, each participant also shall be entitled to the benefits of <u>Section 10.4</u> as though it were a Lender, <u>provided</u> such participant agrees to be subject to <u>Section 2.17</u> as though it were a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Certain Other Assignments and Participations</u>. In addition to any other assignment or participation permitted pursuant to this <u>Section 10.6</u> any Lender may assign, pledge and/or grant a security interest in (other than to a Disqualified Institution) all or any portion of its Loans, the other Obligations owed by or to such Lender, and its Notes, if any, to secure obligations of such Lender including, without limitation, any Federal Reserve Bank as collateral security pursuant to Regulation A of the Board of Governors and any operating circular issued by such Federal Reserve Bank or any central bank having jurisdiction over such Lender in accordance with applicable law; <u>provided</u>, that no Lender, as between the Borrower and such Lender, shall be relieved of any of its obligations hereunder as a result of any such assignment and pledge, and <u>provided further</u>, that in no event shall the applicable Federal Reserve Bank, central bank, pledgee or trustee, be considered to be a "Lender" or be entitled to require the assigning Lender to take or omit to take any action hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Assignments to the Borrower</u>. Notwithstanding anything to the contrary contained in this <u>Section 10.6</u> or any other provision of this Agreement, so long as no Default or Event of Default has occurred and is continuing or would result therefrom, each Lender shall have the right at any time to sell, assign or transfer all or a portion of its Term Loan Commitment or Term Loans owing to it to the Borrower on a non-pro rata basis through open market purchases and/or Dutch auctions (as described below) (<u>provided</u>, <u>however</u>, that each assignment shall be of a uniform, and not varying, percentage of all rights and obligations under and in respect of any applicable Term Loan and any related Term Loan Commitments), subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Borrower may conduct one or more modified Dutch auctions (each, an "**Auction**") to repurchase all or any portion of the Term Loans, <u>provided</u> that, (A) notice of the Auction shall be made to all Term Loan Lenders and (B) the Auction shall be conducted pursuant to such procedures as the Auction Manager may establish which are consistent with this <u>Section 10.6(i)</u> and the Modified Dutch Auction Procedures set forth on <u>Exhibit L</u> and are otherwise reasonably acceptable to the Borrower, the Auction Manager and Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)With respect to all repurchases made by the Borrower pursuant to this <u>Section 10.6(i)</u>, (A) the Borrower shall deliver to the Auction Manager a certificate of an Authorized Officer stating that no Default or Event of Default has occurred and is continuing or would result from such repurchase, (B) no Borrower shall use the proceeds of any Revolving Loans to acquire such Term Loans, and (C) the assigning Lender and the Borrower shall execute and deliver to the Auction Manager an Affiliate Assignment Agreement that includes a waiver of any potential claims arising from the Borrower being in possession of undisclosed information that may be material to a decision by any Lender to enter into any Affiliate Assignment Agreement or any of the transactions contemplated thereby; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Following repurchase by the Borrower pursuant to this <u>Section 10.6(i)</u>, the Term Loans so repurchased shall, without further action by any Person, be deemed cancelled for all purposes and no longer outstanding (and may not be resold by the Borrower), for all purposes of this Agreement and all other Credit Documents, including, but not limited to (A) the making of, or the application of, any payments to the Lenders under this Agreement or any other Credit Document, (B) the making of any request, demand, authorization, direction, notice, consent or waiver under this Agreement or any other Credit Document or (C) the determination of Requisite Lenders, or for any similar or related purpose, under this Agreement or any other Credit Document. In connection with any Term Loans repurchased and cancelled pursuant to this <u>Section 10.6(i)</u>, Administrative Agent is authorized to make appropriate entries in the Register to reflect any such cancellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Assignments to Madison Affiliated Lenders</u>. So long as no Default or Event of Default has occurred and is continuing or would result therefrom, each Lender shall have the right at any time to sell, assign or transfer all or a portion of its Term Loan Commitment or Term Loans owing to it (<u>provided</u>, <u>however</u>, that each assignment shall be of a uniform, and not varying, percentage of all rights and obligations under and in respect of any applicable Term Loan and any related Term Loan Commitments) to any Madison Affiliated Lender on a non-pro rata basis through (x) Auctions (<u>provided</u> that, (A) notice of the Auction shall be made to all Term Loan Lenders and (B) the Auction shall be conducted pursuant to such procedures as the Auction Manager may establish which are consistent with the Modified Dutch Auction Procedures set forth on <u>Exhibit L</u> and are otherwise reasonably acceptable to the Madison Affiliated Lender, the Borrower, the Auction Manager, and Administrative Agent)) or (y) open market purchases, in each case subject to the following additional limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 aggregate principal amount of Term Loans purchased by assignment pursuant to this <u>Section 10.6(j)(i)</u> and held at any one time by Madison Affiliated Lenders may not exceed 25% of the outstanding principal amount of all Term Loans at the time of such purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the assigning Lender and the Madison Affiliated Lender purchasing such Lender's Term Loans shall execute and deliver to the Auction Manager or Administrative Agent, as applicable, an Affiliate Assignment Agreement that includes a waiver of any potential claims arising from the Madison Affiliated Lender and the Borrower being in possession of undisclosed information that may be material to a decision by any Lender to enter into any Affiliate Assignment Agreement or any of the transactions contemplated thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)each Madison Affiliated Lender, solely in its capacity as a Lender, hereby agrees, and each Affiliate Assignment Agreement shall provide, that such Madison Affiliated Lender shall have no right whatsoever so long as such Person is a Madison Affiliated Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)to vote with respect to any amendment, modification, waiver, consent or other such action with respect to any of the terms of this Agreement or any other Credit Document and that it shall be deemed to have voted its interest as a Lender without discretion in the same proportion as the allocation of voting with respect to such matter by Lenders who are not Madison Affiliated Lenders; <u>provided</u> that, notwithstanding the foregoing, (x) such assignee shall be permitted to vote if such amendment, modification, waiver, consent or other such action disproportionately affects such Madison Affiliated Lender in its capacity as a Lender as compared to other Lenders, (y) no amendment, modification, waiver, consent or other action shall, without the consent of the Madison Affiliated Lender, deprive any Madison Affiliated Lender of its share of any payments which the Lenders are entitled to share on a pro rata basis hereunder and (z) such assignee shall be permitted to vote if such amendment, modification, waiver, consent or other such action would increase the commitment of the relevant Madison Affiliated Lender, extend or postpone the final maturity or scheduled date of amortization, reduce the

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principal, interest or fees or release all or substantially all the value of the Guaranties or to release liens on all or substantially all of the collateral; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)to attend (or receive any notice of) any meeting, conference call or correspondence with Administrative Agent or any Lender or receive any information from Administrative Agent or any other Lender (other than notices of borrowings**<u>Borrowings</u>**, prepayments and other administrative notices in respect of its Loans or Commitments required to be delivered to Lenders pursuant to <u>Section 2</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)each Madison Affiliated Lender, solely in its capacity as a Lender, hereby further agrees, and each Affiliate Assignment Agreement shall provide a confirmation, that if any Credit Party shall be subject to any voluntary or involuntary proceeding commenced under any Debtor Relief Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)each Madison Affiliated Lender shall not take any step or action (whether directly or indirectly) in such proceeding to object to, impede, or delay the exercise of any right or the taking of any action by Administrative Agent (or the taking of any action by a third party that to which Administrative Agent has consented with respect to any disposition of assets by the Borrower or any equity or debt financing to be made to the Borrower), including, without limitation, the filing of any pleading by Administrative Agent in (or with respect to any matters related to) the proceeding so long as Administrative Agent is not taking any action to treat such Madison Affiliated Lender's Loans in a manner that is less favorable to such Madison Affiliated Lender in any material respect than the proposed treatment of similar Obligations held by other Lenders (including, without limitation, objecting to any debtor-in-possession financing, use of cash collateral, grant of adequate protection, sale or disposition, compromise or plan of reorganization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the provisions set forth in this <u>Section 10.6(j)</u>, and the related provisions set forth in each Affiliate Assignment Agreement, constitute an irrevocable voting proxy coupled with a pledge in favor of Administrative Agent with respect to voting obligations set forth in this <u>Section 10.6(j)</u>, and the related provisions set forth in each Affiliate Assignment Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)each Madison Affiliated Lender shall support and shall not object to (x) any use of cash collateral (including, without limitation, any and all terms of any cash collateral order) and/or any debtor-in-possession financing (including, without limitation, any and all terms of any financing agreement, related documents and financing order) that is supported by or consented to by Administrative Agent and (y) any sale of any assets of the Credit Parties, whether under Section 363 of the Bankruptcy Code or otherwise, that is supported by or consented to by Administrative Agent (including, without limitation, the terms and conditions of any bidding procedures orders, sale orders and any and all purchase and sale agreements and related documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)each Madison Affiliated Lender shall be deemed to have voted in such proceedings in the same proportion as the allocation of voting with respect to such matter by those Lenders who are not Madison Affiliated Lenders, except to the extent that any plan under the Bankruptcy Code proposes to treat the Obligations held by such Madison Affiliated Lender in a manner that is less favorable to such Madison Affiliated Lender in any material respect than the proposed treatment of similar Obligations held by other Lenders. For the avoidance of doubt, except to the extent that any plan under the Bankruptcy Code proposes to treat the Obligations held by a Madison Affiliated Lender in a manner that is less favorable to such Madison Affiliated Lender in any material respect than the proposed treatment of similar Obligations held by other Lenders, the Administrative Agent is hereby irrevocably authorized and empowered (in the name of such Madison Affiliated Lender) to vote on behalf of such Madison Affiliated Lender or consent on behalf of such Madison Affiliated Lender in any such proceedings with respect to any and all claims of such Madison Affiliated Lender relating to the Obligations. Each Madison Affiliated Lender agrees and acknowledges that the foregoing constitutes an irrevocable proxy in

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favor of the Administrative Agent to vote or consent on behalf of such Madison Affiliated Lender in any proceeding in the manner set forth above and that such Madison Affiliated Lender shall be irrevocably bound to any such votes made or consents given and further shall not challenge or otherwise object to such votes or consents and shall not itself vote or provide consents in the proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)each Madison Affiliated Lender hereby expressly and irrevocably waives, for the benefit of the Administrative Agent and the Lenders any principles or provisions of law (including as set forth in any Debtor Relief Law, statutory or otherwise) which are or might be in conflict with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any such Loans acquired by a Madison Affiliated Lender may, with the consent of the Borrower, be contributed to the Borrower and exchanged for debt or equity securities that are otherwise permitted to be issued at such time (and such Loans and Commitments shall be retired and cancelled promptly).

Notwithstanding anything to the contrary herein, in connection with any amendment, modification, waiver or other action requiring the consent or approval of Requisite Lenders, Lenders that are Madison Debt Fund Affiliates shall not be permitted, in the aggregate, to account for more than 49.9% of the amounts actually included in determining whether the threshold in the definition of "Requisite Lenders" has been satisfied. The voting power of each Lender that is a Madison Debt Fund Affiliate shall be reduced, pro rata, to the extent necessary in order to comply with the immediately preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Assignments by Madison Affiliated Lenders</u>. In connection with any sale, assignment or transfer of Term Loans by a Madison Affiliated Lender, the Madison Affiliated Lender selling Term Loans and such assignee shall execute and deliver to Administrative Agent an Affiliate Assignment Agreement that includes a waiver of any potential claims arising from the Madison Affiliated Lender and the Borrower being in possession of undisclosed information that may be material to a decision by any Lender to enter into any Affiliate Assignment Agreement or any of the transactions contemplated thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7.** **Independence of Covenants**. All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.8.** **Survival of Representations, Warranties and Agreements**. All representations, warranties and agreements made herein shall survive the execution and delivery hereof and the making of any Credit Extension. Notwithstanding anything herein or implied by law to the contrary, the agreements of each Credit Party set forth in <u>Sections 2.18(c)</u>, <u>2.19</u>, <u>2.20</u>, <u>10.2</u> and <u>10.3</u> and the agreements of Lenders set forth in <u>Sections 2.17</u>, <u>9.3(b)</u> and <u>9.6</u> shall survive the payment of the Loans, the cancellation or expiration of the Letters of Credit, the cancellation or expiration of the Bank Guarantees and the reimbursement of any amounts drawn thereunder, and the termination hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.9.** **No Waiver; Remedies Cumulative**. No failure or delay on the part of any Agent or any Lender in the exercise of any power, right or privilege hereunder or under any other Credit Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other power, right or privilege. The rights, powers and remedies given to each Agent and each Lender hereby are cumulative and shall be in addition to and independent of all rights, powers and remedies existing by virtue of any statute or rule of law or in any of the other Credit Documents, any of the Hedge Agreements or any Cash

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Management Services. Any forbearance or failure to exercise, and any delay in exercising, any right, power or remedy hereunder shall not impair any such right, power or remedy or be construed to be a waiver thereof, nor shall it preclude the further exercise of any such right, power or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10.** **Marshalling; Payments Set Aside**. Neither any Agent nor any Lender shall be under any obligation to marshal any assets in favor of any Credit Party or any other Person or against or in payment of any or all of the Obligations. To the extent that any Credit Party makes a payment or payments to Administrative Agent, Issuing Bank or Lenders (or to Administrative Agent, on behalf of Lenders or Issuing Bank), or any Agent, Issuing Bank or Lender enforces any security interests or exercises any right of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, any other state or federal law, common law or any equitable cause, then, to the extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor or related thereto, shall be revived and continued in full force and effect as if such payment or payments had not been made or such enforcement or setoff had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11.** **Severability**. In case any provision in or obligation hereunder or under any other Credit Document shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.12.** **Obligations Several; Independent Nature of Lenders' Rights**. The obligations of Lenders hereunder are several and no Lender shall be responsible for the obligations or Commitment of any other Lender hereunder. Nothing contained herein or in any other Credit Document, and no action taken by Lenders pursuant hereto or thereto, shall be deemed to constitute Lenders as a partnership, an association, a Joint Venture or any other kind of entity. The amounts payable at any time hereunder to each Lender shall be a separate and independent debt, and each Lender shall be entitled to protect and enforce its rights arising out hereof and it shall not be necessary for any other Lender to be joined as an additional party in any proceeding for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.13.** **Headings**. Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.14.** **APPLICABLE LAW**. **THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING, WITHOUT LIMITATION, ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.15.** **CONSENT TO JURISDICTION. SUBJECT TO CLAUSE (E) OF THE FOLLOWING SENTENCE, ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO OR ANY OTHER CREDIT DOCUMENTS, OR ANY OF THE OBLIGATIONS, SHALL BE BROUGHT IN ANY FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN THE BOROUGH OF MANHATTAN OR, IF THAT COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION, IN ANY STATE COURT LOCATED IN THE CITY AND COUNTY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY HERETO, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE (SUBJECT TO CLAUSE (E) BELOW) JURISDICTION AND VENUE OF SUCH COURTS; (B) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (C) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH <u>SECTION 10.1</u> OR THE APPLICABLE ASSIGNMENT AGREEMENT; (D) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (C) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (E) EACH CREDIT PARTY AGREES THAT AGENTS AND LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY CREDIT PARTY IN THE COURTS OF ANY OTHER JURISDICTION IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER ANY CREDIT DOCUMENT OR AGAINST ANY COLLATERAL OR THE ENFORCEMENT OF ANY JUDGMENT, AND HEREBY SUBMITS TO THE JURISDICTION OF, AND CONSENTS TO VENUE IN, ANY SUCH COURT.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.16.** **WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER CREDIT DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION OR THE LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS <u>SECTION 10.16</u> AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER CREDIT DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.**

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**10.17.** **Confidentiality**. Each Agent and each Lender (which term shall for the purposes of this <u>Section 10.17</u> include the Issuing Bank) shall hold all non-public information regarding the Borrower and its Subsidiaries, Affiliates and their businesses and obtained by such Agent or such Lender pursuant to the requirements hereof in accordance with such Agent's and such Lender's customary procedures for handling confidential information of such nature, it being understood and agreed by the Borrower that, in any event, Administrative Agent may disclose such information to the Lenders and each Agent and each Lender and each Agent may make (i) disclosures of such information to Affiliates of such Lender or Agent and to their respective officers, directors, partners, employees, legal counsel, independent auditors and other advisors, experts or agents who need to know such information in connection with the Transactions and who are informed of the confidential nature of such information and who are subject to customary confidentiality obligations of professional practice or who agree to be bound by the terms of this <u>Section 10.17</u> (or language substantially similar) (with each such Person, to the extent within its control, responsible for such Person's compliance with this paragraph), (ii) disclosures of such information to any potential or prospective Lenders, hedge providers (or other derivative transaction counterparties) (any such person, a "**Derivative Counterparty**") participants or assignees, in each case who agree (pursuant to customary syndication practice) to be bound by the terms of this <u>Section 10.17</u> (or confidentiality provisions at least as restrictive as those set forth in this <u>Section 10.17</u>); provided that (x) the disclosure of any such information to any Lenders, Derivative Counterparties or prospective Lenders, Derivative Counterparties or participants or prospective participants referred to above shall be made subject to the acknowledgment and acceptance by such Lender, Derivative Counterparty or prospective Lender or participant or prospective participant that such information is being disseminated on a confidential basis (on substantially the terms set forth in this <u>Section 10.17</u> or confidentiality provisions at least as restrictive as those set forth in this <u>Section 10.17</u>) in accordance with the standard syndication processes of such Person or customary market standards for dissemination of such type of information, which shall in any event require "click through" or other affirmative actions on the part of recipient to access such information and (y) no such disclosure shall be made by any Person to whom a list of Disqualified Institutions has been made available to any Person that is at such time a Disqualified Institution, (iii) disclosure to any rating agency when required by it, <u>provided</u> that, prior to any disclosure, such rating agency shall undertake in writing to preserve the confidentiality of any confidential information relating to Credit Parties received by it from any Agent or any Lender, (iv) [Reserved]**<u>to the extent required by a</u> <u>potential or actual insurer or reinsurer in connection with providing insurance,</u> <u>reinsurance or credit risk mitigation coverage under which payments are to be made or</u> <u>may be made by reference to this Agreement</u>**, (v) [Reserved], (vi) disclosures made pursuant to the order of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process (in which case such Person agrees (except with respect to any routine or ordinary course audit or examination conducted by bank accountants or any governmental, bank regulatory or self-regulatory authority licensing examination or regulatory authority) to inform the Borrower promptly thereof to the extent practicable and not prohibited by law), (vii) disclosures made upon the request or demand of any regulatory or quasi-regulatory authority (including any self-regulatory authority) purporting to have jurisdiction over such Person or any of its Affiliates (in which such Person agrees to inform the Borrower promptly thereof (except with respect to any routine or ordinary course audit or examination conducted by bank accountants or any governmental bank regulatory or self-regulatory authority exercising examination or regulatory authority) to the extent practicable and not prohibited by applicable law) and (viii) to the extent that such information becomes publicly available other than by reason of improper disclosure by such Person or any of its Affiliates or any Related Parties thereto in violation of any confidentiality obligations owing under this <u>Section 10.17</u>, (ix) to the extent that such information is received by such Person from a third party that is not, to such Person's knowledge, subject to confidentiality obligations owing to any Credit Party, the Target, the Investors or any of their respective Subsidiaries or Affiliates, (x) to the extent that such information was already in the possession of the Persons prior to any duty or other undertaking of confidentiality or is independently developed by such Persons without

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the use of such information and (xi) for purposes of establishing a "due diligence" defense. In addition, each Agent and each Lender may disclose the existence of this Agreement and the information about this Agreement to market data collectors, similar services providers to the lending industry, and service providers to the Agents and the Lenders in connection with the administration and management of this Agreement and the other Credit Documents. **<u>For the avoidance of doubt,</u> <u>nothing herein prohibits any individual from communicating or disclosing information</u> <u>regarding suspected violations of laws, rules or regulations to a governmental, regulatory</u> <u>or self-regulatory authority without any notification to any Person.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.18.** **Usury Savings Clause**. Notwithstanding any other provision herein, the aggregate interest rate charged with respect to any of the Obligations, including all charges or fees in connection therewith deemed in the nature of interest under applicable law shall not exceed the Highest Lawful Rate. If the rate of interest (determined without regard to the preceding sentence) under this Agreement at any time exceeds the Highest Lawful Rate, the Outstanding Amount of the Loans made hereunder shall bear interest at the Highest Lawful Rate until the total amount of interest due hereunder equals the amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect. In addition, if when the Loans made hereunder are repaid in full the total interest due hereunder (taking into account the increase provided for above) is less than the total amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect, then to the extent permitted by law, the Borrower shall pay to Administrative Agent an amount equal to the difference between the amount of interest paid and the amount of interest which would have been paid if the Highest Lawful Rate had at all times been in effect. Notwithstanding the foregoing, it is the intention of Lenders and the Borrower to conform strictly to any applicable usury laws. Accordingly, if any Lender contracts for, charges, or receives any consideration which constitutes interest in excess of the Highest Lawful Rate, then any such excess shall be cancelled automatically and, if previously paid, shall at such Lender's option be applied to the Outstanding Amount of the Loans made hereunder or be refunded to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.19.** **Effectiveness; Counterparts**. This Agreement shall become effective upon the execution of a counterpart hereof by each of the parties hereto and receipt by the Borrower and Administrative Agent of written notification of such execution and authorization of delivery thereof. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in electronic format (i.e., "pdf" or "tif" shall be effective as delivery of a manually executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.20.** **Entire Agreement.** All of the Borrower's and each of the Arrangers and their respective Affiliates obligations under the Commitment Letter shall terminate and be superseded by the Credit Documents and the Borrower, each of the Arrangers and their respective Affiliates shall be released from all liability in connection therewith, including any claim for injury or damages, whether consequential, special, direct, indirect, punitive or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.21.** **PATRIOT Act**. Each Lender and Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Credit Party that pursuant to the requirements of the PATRIOT Act and the Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies each Credit Party, which information includes the name and address of each Credit Party and other information that will allow such Lender or Administrative Agent, as applicable, to identify such Credit Party in accordance with the PATRIOT Act and the Beneficial Ownership Regulation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.22.** **Electronic Execution of Assignments and Certain Other Documents**. The words "execution," "signed," "signature," and words of like import in any Credit Document, any Assignment Agreement, any Funding Notice or any amendment or other modification hereof or thereof (including waivers and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.23.** **No Fiduciary Duty**. Each Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the **"Lenders"**), may have economic interests that conflict with those of the Credit Parties, their stockholders and/or their affiliates. Each Credit Party agrees that nothing in the Credit Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and such Credit Party, its stockholders or its affiliates, on the other. The Credit Parties acknowledge and agree that (i) the transactions contemplated by the Credit Documents (including the exercise of rights and remedies hereunder and thereunder) are arm's-length commercial transactions between the Lenders, on the one hand, and the Credit Parties, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of any Credit Party, its stockholders or its affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise any Credit Party, its stockholders or its Affiliates on other matters) or any other obligation to any Credit Party except the obligations expressly set forth in the Credit Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of any Credit Party, its management, stockholders, creditors or any other Person. Each Credit Party acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. Each Credit Party agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such Credit Party, in connection with such transaction or the process leading thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.24.** **Intercreditor Agreement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Administrative Agent and the Collateral Agent are authorized to enter into any Acceptable Intercreditor Agreement and/or any other intercreditor arrangements entered into in connection herewith (and any amendments, amendments and restatements, restatements or waivers of or supplements to or other modifications to, such agreements in connection with the incurrence by any Credit Party of the Senior Secured Notes, any Permitted First Priority Refinancing Debt, any Permitted Second Priority Refinancing Debt, any Additional Permitted Debt or other applicable Indebtedness (or any Refinancing Indebtedness of the foregoing) in order to permit such Indebtedness to be secured by a valid and enforceable lien (with such priority as may be designated by the Borrower or relevant Subsidiary, to the extent such priority is permitted by the Credit Documents)), and the parties hereto acknowledge that any Acceptable Intercreditor Agreement (if entered into) and/or any other intercreditor arrangements entered into in connection herewith, will be binding upon them. Each Lender (a) hereby agrees that it will be bound by and will take no actions contrary to the provisions of any Acceptable Intercreditor Agreement (if entered into) and/or any other intercreditor arrangements entered into in connection herewith and (b) hereby authorizes and instructs the Administrative Agent and Collateral Agent to enter into, if applicable, any Acceptable Intercreditor Agreement and/or any other intercreditor arrangements entered into in connection herewith (and any amendments, amendments and restatements, restatements or waivers of or supplements to or other modifications to, such agreements in connection with the incurrence by any Credit

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Party of any Permitted First Priority Refinancing Debt, any Permitted Second Priority Refinancing Debt, any Additional Permitted Debt or other applicable Indebtedness (or any Refinancing Indebtedness of the foregoing) in order to permit such Indebtedness to be secured by a valid and enforceable lien (with such priority as may be designated by the Borrower or relevant Subsidiary, to the extent such priority is permitted by the Credit Documents)), and to subject the Liens on the Collateral securing the Obligations to the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each person that is secured hereunder or under any other Credit Document, by accepting the benefits of the security provided hereby and by any other Credit Documents, hereby (i) consents (or is deemed to consent), to the priority of Liens provided for in the Intercreditor Agreement, (ii) agrees (or is deemed to agree) that it will be bound by, and will take no actions contrary to, the provisions of the Intercreditor Agreement, (iii) authorizes (or is deemed to authorize) the Collateral Agent on behalf of such Person to enter into, and perform under, the Intercreditor Agreement and (iv) acknowledges (or is deemed to acknowledge) that a copy of the Intercreditor Agreement was delivered, or made available, to such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding any other provision contained herein, this Agreement, the Liens created hereby and the rights, remedies, duties and obligations provided for herein are subject in all respects to the provisions of the Intercreditor Agreement and, to the extent provided therein, the applicable First Lien Security Documents (as defined in the Intercreditor Agreement). In the event of any conflict or inconsistency between the provisions of this Agreement and the Intercreditor Agreement, the provisions of the Intercreditor Agreement shall control.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.25.** **Acknowledgement and Consent to Bail-In of Affected Financial Institutions**. Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an Affected Financial Institution arising under any Credit Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledge and agree to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the effects of any Bail-In Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a conversion of all, or a portion of, such liability into shares or other

instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Credit Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority.

**[**Remainder of page intentionally left blank**]**

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## Exhibit 23.1

**Exhibit 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Registration Statement on Form S-1 of Madison Industries IAQ Solutions Corporation of our report dated March 9, 2026 relating to the financial statements of Madison Industries IAQ Solutions Corporation, which appears in this Registration Statement. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

April 6, 2026

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## Exhibit 23.2

**Exhibit 23.2**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Registration Statement on Form S-1 of Madison Air Solutions Corporation of our report dated March 9, 2026 relating to the financial statements of Madison Air Solutions Corporation, which appears in this Registration Statement. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP<br>Chicago, Illinois<br>April 6, 2026

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## Exhibit 23.3

**Exhibit 23.3**

**Consent of Independent Auditor**

We consent to the use in this Amendment No. 2 to the Registration Statement (No. 333-294156) on Form S-1 of Madison Air Solutions Corporation of our report dated February 7, 2025, except for the Company's election to change its method of accounting to eliminate Private Company Council elections, as described in Note 2 as to which the date is December 12, 2025, relating to the consolidated financial statements of Research Products Corporation and Subsidiaries, appearing in the Prospectus, which is part of this Registration Statement.

We also consent to the reference of our firm under the heading "Experts" in such Registration Statement.

/s/ RSM US LLP

Madison, Wisconsin

April 6, 2026

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Madison Air Solutions Corp**  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Class A common stock, par value 0.0000001 per share | 457(a) | 91392451 | $27.00 | $2467596177.00 | 0.0001381 | $340775.03 |
| Fees Previously Paid | 2 | Equity | Class A common stock, par value 0.0000001 per share | 457(a) | 3703703 | $27.00 | $99999981.00 |  | $13810.00 |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $2567596158.00  |  | $354585.03  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  |  | $13810.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $340775.03  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&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>1</sup> (1) (a) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(a) under the Securities Act of 1933, as amended (the "Securities Act"). (b) Includes the aggregate offering price of additional shares that the underwriters have the option to purchase. (2) (a) The Registrant previously paid a registration fee of $13,810.00 in connection with the initial filing of the Registration Statement on Form S-1 on March 9, 2026. The fee was estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(o) under the Securities Act. This Maximum Aggregate Offering Price was originally registered under 457(o) and is now converted to 457(a). (b) See note 1(b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&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>2</sup> (1) (a) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(a) under the Securities Act of 1933, as amended (the "Securities Act"). (b) Includes the aggregate offering price of additional shares that the underwriters have the option to purchase. (2) (a) The Registrant previously paid a registration fee of $13,810.00 in connection with the initial filing of the Registration Statement on Form S-1 on March 9, 2026. The fee was estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(o) under the Securities Act. This Maximum Aggregate Offering Price was originally registered under 457(o) and is now converted to 457(a). (b) See note 1(b) above.

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| |
|:---|
| |
| **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims |
| Fee Offset Sources |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

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